Retirement Accounts

Retirement Accounts


Heritage Valley offers a variety of IRA accounts. An Individual Retirement Account (IRA) is a special savings plan authorized by the Federal government to help you accumulate funds for your retirement.
  • IRA terms range from 12 months to 60 months

  • Low minimum balances

  • 10 day grace period after maturity

  • Dividends are compounded monthly

  • Auto renewal

  • Penalty for early withdrawal

For more detailed information on any of our IRAs, please Contact Us
Options to Consider

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All earnings you accumulate in this IRA remain tax-sheltered until withdrawn.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


IRA Savings

We also offer an IRA 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, Contact Us.


IRA Certificate

We also offer an IRA Certificate account: 

  • Terms ranging from 90 days to 60 months

  • Low minimum balances

  • 10-day grace period after maturity

  • Dividends are compounded monthly

  • Automatic renewal

  • Penalty for early withdrawal



Helpful Resources

Traditional & Roth IRA Deductibility of Contributions

Deductibility of Contributions
Traditional IRA Roth IRA
Single Taxpayer
2017: $62,000
Deduction is phased out for income between $62,000 - $72,000

2018: $63,000
Deduction is phased out for income between $63,000 - $73,000
Contributions are not tax-deductible
Married Taxpayer
Active Participant
2017: $99,000
Deduction is phased out for income between
 $99,000 - $119,000

2018: $101,000
Deduction is phased out for income between
$101,000 - $121,000
Contributions are not tax-deductible
Spouse of Active Participant
2017: $186,000
Deduction is phased out for income between
$186,000 - $196,000

2018: $189,000
Deduction is phased out for income between
$189,000 - $199,000
Contributions are not tax-deductible

Traditional & Roth IRA Income Limits for Participation

Income Limits for Participation
Traditional IRA Roth IRA
Single Taxpayer:
No limits for participation 2017:
Contribution is phased out between $118,000 - $133,000

2018:
Contribution is phased out between $120,000 - $135,000
Married Taxpayer:
2017: 
Contribution is phased out between $186,000 - $196,000

2018:
Contribution is phased out between $189,000 - $199,000
Contribution Limits
$5,500
Age 50+ $6,500
$5,500
Age 50+ $6,500