If you receive a call or text from someone claiming to be from GenFed requesting personal information, do not respond or provide information.  GenFed will never call or text members to ask for personal information.  Always call your local branch to verify.  More Info.

Close mobile menu
Online Banking Login
mastercard logo MasterCard Login
Apply for a Loan
Open an Account
Interior Hero Desktop Test
Interior Hero Mobile Test


Home > Bank > IRAs

caption curve


The earlier you can start saving money for retirement, the better. Your tax-deferred savings will grow quickly with a GenFed IRA Certificate.  Available in 12, 18, 24, 36, 48, 60 month and other special terms, these high-yield certificates can give you retirement peace of mind.  GenFed can help you start saving for retirement at any age!

IRA Account Options

We offer Certificate options for Traditional IRAs, Roth IRAs, and Education IRAs (also called Coverdell Education Savings Accounts). We can also help you save for your IRA Certificate with an Accumulator Savings account.

Choosing an IRA

When you’re ready to start saving for retirement, you’ll need to decide which IRA option is best for you. Here are a few of the basic differences between Traditional and Roth IRAs.

Description Traditional IRA Roth IRA
Income requirement Must have earned income Earned income must be within qualifying limits
Contributions May be tax deductible Not tax deductible
Age when contributing Contribute at any age
Earnings growth Tax deferred Tax deferred
Distributions Taxable Tax free (certain criteria must be met)
Distribution penalties
Mandatory distributions Not required until Roth IRA owner dies

Learn more about our IRAs here or by calling one of our branches.

Opening an IRA Certificate or Accumulator Savings account with GenFed can help you earn more! If you don’t have enough saved up for the $1,000 minimum for a certificate, open our new IRA Accumulator account that allows you to put aside a smaller amount each week or month until you have enough saved to be able to open an account.

Call or visit your local branch to open an IRA account or learn more.