Individual Retirement Account

Plan now so that you're set later!

Plant the seeds for your future with a savings account designed for your golden years.


Texas Bay offers 4 Individual Retirement Accounts (IRAs) with different benefits, so you can choose the one that fits your retirement plans. Together, we will help you manage your IRA to fit your personal goals.

Any individual who has not reached the age of 70 and 1/2 prior to the end of the taxable year and who has earned income is eligible for an IRA. Compare your options, and of course, if you have any questions, we're always here to help!

Traditional IRA


Contributions you make to a traditional IRA are tax-deductible, making it a great way to maximize your contributions now. However, you owe taxes on any earnings once you begin withdrawing at retirement. Think of it as the "save now, pay a bit later" plan.

  • Open your IRA with just a $1,000 deposit
  • No setup or maintenance fees
  • Easy rollovers from other plans
  • Investments insured up to $500,000
  • Deductible from taxable gross income each year (talk to your Tax Advisor for qualification rules)

Roth IRA


The ideal IRA for those who want penalty-free and tax-free access to their funds and don't need a tax break.

  • Open your IRA with just a $1,000 deposit
  • Contributions are made with after-tax dollars
  • Withdrawals after retirement may be tax-free
  • You can open a Traditional IRA and a Roth IRA at the same time - contribution limits are combined.
  • Investments insured up to $500,000

Coverdell Education Savings Accounts


Are you looking for options to save for your child's higher education? As the name implies, this investment is designed for any qualified education expense. Like the Roth IRA, contributions are not tax-deductible.

  • Open your CESA with just a $1,000 deposit
  • Total contributions cannot exceed $2,000 per year, per child
  • Contribute until the child reaches 18; the child has up until the age of 30 to use the funds.
  • Contributions are made with after-tax dollars
  • Withdrawals after retirement may be tax-free
  • Investments insured up to $500,000

Traditional IRA - SEP Contributions


This type of IRA is the same as your standard Traditional IRA, but fits a more select group of individuals. The SEP-IRA may be best if you are; self-employed, an employer with few or no employees, or an employer who wants to make high contributions to their own account and the accounts of partners or employees.

Contributions you make to a traditional IRA are tax-deductible, making it a great way to maximize your contributions now. However, you owe taxes on any earnings once you begin withdrawing at retirement. Think of it as the "save now, pay a bit later" plan.

  • Open your IRA with just a $1,000 deposit
  • No setup or maintenance fees
  • Easy rollovers from other plans
  • Investments insured up to $500,000
  • Deductible from taxable gross income each year (talk to your Tax Advisor for qualification rules)














Your funds are secure with Texas Bay

Texas Bay Credit Union is federally insured by the National Credit Union Administration (NCUA), which is backed by the full faith and credit of the U.S. Government.  Your deposit/shares at Texas Bay are insured up to $250,000, an amount equal to the insurance protection offered by the FDIC. Generally, if a credit union member has more than one account in the same insured Credit Union, those accounts are added together and are issued up to $250,000; however, there are exceptions.

Protecting your savings with the highest level of security available is one of Texas Bay Credit Union’s major objectives. That is why we combine your federal deposit insurance coverage with excess deposit insurance protection from Excess Share Insurance (Opens in a new Window)(ESI).

In addition to your accounts being covered by the NCUA to a limit of $250,000, ESI provides an additional $250,000 of savings protection to each qualifying account.