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Individual Retirement Accounts (IRAs)

It’s never too early or too late to start saving for your retirement. Whether you want a Traditional or a Roth IRA, EFCU Financial offers both investment choices to give you the highest rate of return to meet your individual needs.  If you are looking for a way to save for your child's education, you may want to consider a Coverdale Education IRA. Be sure to consult with your tax professional to ensure maximum tax benefits.

At EFCU Financial, we are ready to help you set up a new IRA or to assist you with the rollover of an existing IRA. Check out our great IRA rates or contact our IRA Specialist at (225) 214-6800 for more information.


The Traditional IRA offers several tax advantages to qualified members:

  • Contributions may be fully tax-deductible
  • Earnings grow tax-deferred until withdrawn
  • Early withdrawals may be made penalty-free for qualifying reasons, such as higher education expenses, first-time home purchases, qualifying medical expenses and more
  • Distributions begin when you reach age 70½


A Roth IRA allows you to invest after-tax dollars today.  When you retire, you pay no taxes on qualified withdrawals.

  • Contributions are not tax-deductible, but may be withdrawn tax and penalty-free in most cases
  • Earnings may be withdrawn penalty-free for the same qualifying reasons as Traditional IRA’s
  • Earnings may be tax-free if the account has been open for five years and withdrawn for a qualified reason
  • Distributions are not required to begin at age 70½

Coverdell Education

With a Coverdell Education IRA, you can make after-tax contributions for a child until he or she reaches 18 years of age.  Earnings may be tax-free if used to pay for eligible education expenses. 

  • Contribute up to $2,000 per year on a child’s behalf
  • Contributions are not tax-deductible, but may be withdrawn tax-free and penalty-free for qualified higher education expenses
  • Funds may be transferred from one child’s account to another in the family

Give us a call at (225) 214-6800 or stop by a branch location to get started.


IRA Frequently Asked Questions and Direct Transfer Form


Tax situations vary. Consult with a tax adviser for additional information.