Heritage Valley offers a variety IRA accounts. An IRA is a special savings plan authorized by the Federal government to help you accumulate funds for your retirement.

Traditional: All earnings you accumulate in this IRA remain tax-sheltered until withdrawn. Contributions are tax deductible.

Roth: Contributions to this IRA are non-deductible but all withdrawals, including earnings, are tax-free if the account has been opened for five years and the account holder is 59-1⁄2 or older.

Coverdell: (formerly known as the Education Savings Account or ESA). This type of tax advantaged savings account was created by the Taxpayer Relief Act of 1997 specifically for paying qualified higher education expenses.

IRA Money Market: Our IRA Money Market Account is great as a temporary place for accumulating IRA funds from direct transfers. You get the flexibility, higher interest rates and the safety of principal you need. You have immediate access to move your IRA funds into an IRA CD or other IRA custodian account with no credit union-imposed withdrawal penalties.

• Minimum balance to earn dividends is $2,500
• A limit of three (3) withdrawal transactions permitted each month; includes withdrawals and transfers
• Interest rate is based on tiered balance
• Access to Telephone Banking and Online Banking

We also offer an IRA share savings account which is an easy way to accumulate funds through payroll deductions, up to the contribution limits. This type of IRA is available for Traditional, Roth, and Coverdell IRAs. For more detailed information on any of our IRAs stop in or call one of our member service representatives today.

Current IRA rates

• IRA terms range from 12 months to 60 months
• Low minimum balances
• 10 day grace period after maturity
• Dividends are compounded monthly
• Penalty for early withdrawal