Salal Credit Union

IRA Savings and Certificates

These low-risk investments take a conservative approach to saving for retirement or education, and are a great option if you’re concerned with safety and stability.

We offer traditional, Roth and Education IRAs to be invested in IRA savings or certificates, combining tax advantages with the guarantee of NCUA insurance.

To open an IRA, call our Virtual Branch at 800.562.5515 or visit your nearest branch.

Traditional IRA

With a traditional IRA, your contributions aren’t taxed until you withdraw funds at retirement. Then, any money you withdraw will be taxed as income at your ordinary income tax rate.

  • Annual contributions are potentially tax deductible.
  • Withdrawals can be made without penalty once your reach age 59 1/2.
  • Mandatory withdrawals begin when you reach age 70 ½.
  • There are some exemptions to early withdrawal penalties, including first-time homebuyer costs, or higher education expenses.


Roth IRA

With a Roth IRA, your savings account grows tax free because you’re investing with your after-tax income.  This means when you’re ready to withdraw, you pay no income tax on your earnings.

  • Contributions are not tax deductible.
  • You may withdraw contributed funds at any time without penalty.
  • Earnings can be withdrawn penalty-free at age 59 ½.
  • No mandatory withdrawals at age 70 ½.
  • You may continue to make contributions beyond age 70 ½.


Education IRA/Coverdell Education Savings Account

Help pay for a child’s educational expenses with a Coverdell ESA. Contribute up to $2,000 per year and let your money grow free federal income tax. Withdrawals are tax-free as well, when used for qualified education expenses such as tuition, books, supplies and more.*

  • Beneficiary does not have to be a relative
  • Beneficiary must be under 18 at the time of opening and must use the funds by age 30
  • Can be used for public and private schools
  • Can be used for elementary, secondary and postsecondary schools (college, vocational school, etc.)
*Consult with your tax advisor for eligibility requirements and contribution limits on IRAs.


APY = Annual Percentage Yield. Rates are current as of September 29th, 2023, and are subject to change after the account is opened.

IRA Savings

Minimum Daily Balance RequirementInterest RateAPY
No minimum balance required. Fees could reduce earnings on the account.


IRA Certificates of Deposit

Minimum Daily Balance Requirementw/ Salal Rewards Points*w/o Salal Rewards Points
6 mo.**
9 mo.$1,000–$2,4990.35%0.35%0.10%0.10%
12 mo.$1,000–$2,4990.60%0.60%0.35%0.35%
18 mo.**$1,000–$2,499N/AN/A4.88%5.00%
24 mo.$1,000–$2,4990.40%0.40%0.15%0.15%
30 mo.$1,000–$2,4990.40%0.40%0.15%0.15%
36 mo.$1,000–$2,4990.45%0.45%0.20%0.20%
48 mo.$1,000–$2,4990.50%0.50%0.25%0.25%
These certificates may be used for Roth, Traditional, or Education IRA accounts. A penalty may be imposed for early withdrawal. $1,000 minimum opening balance. Interest is compounded and credited monthly. Fees could reduce earnings on the account.

*2,500 Salal Rewards Points must be redeemed at time of application or request to receive the 0.25% increase.

**6-month and 18-month IRA CDs are not eligible for Salal Rewards Points.