Invest
Individual Retirement Accounts (IRAs)
When it comes to your retirement, there is no better time to start saving than right now. Whether you’re rolling over an existing plan or starting a new investment, now is the time to take advantage of our extremely competitive rates on our Traditional, ROTH, and Educational IRA’s.
Traditional IRA’s
Each year you may contribute all or part of your compensation up to a maximum of $7,000 if you are under age 50 (over age 50 the maximum is $8,000) subject to certain income limitations. These maximum limits change each year. All or a portion of your IRA contribution may be tax deductible based on your income and active participation in employer-sponsored retirement plans. Anyone may make a non-deductible contribution to help save for retirement. All earnings on your IRA are tax-deferred until you make withdrawals from your account. This means you earn more and your money grows faster because of the added benefit of compounding.
ROTH IRA’s
You may make annual contributions up to a maximum of $7,000 if you are under age 50 (over age 50 the maximum is $8,000). These maximum limits change each year. Unlike Traditional IRAs, Roth IRAs do not have a Required Minimum Distribution once you have attained a certain age set by IRS guidelines and requirements.
Contributions to ROTH IRA’s are non-deductible from Federal Income Tax. But, as with Traditional IRA accounts, earnings accumulated are tax-deferred. Once the account has been opened for five consecutive tax years, owners may take tax-free distributions if they meet certain criteria.
Education IRA’s
The Education IRA’s sole purpose is to help you pay for your child’s qualified education expenses such as tuition, room and board and books. You may contribute up to $2,000 per year, per child until the child is age 18, if you meet certain income requirements. Unlike Tradition IRA’s, your contributions to an Education IRA area never tax-deductible. However, an Education IRA offers you the potential for tax-free withdrawals, including earnings.
For additional information specific to your needs, please visit one of our statewide locations, or call 401-397-1900 or 877-397-1900 and speak to a Member Service Representative or an IRA Specialist.
IRA Savings Accounts
It’s never too early to start saving for your future.
Individual Retirement Account Rates
| Product | Term | APY* | Interest Rate | Interest Paid | Minimum Opening Deposit |
|---|---|---|---|---|---|
| Traditional Share | None | 0.03% | 0.02999% | Monthly | $5.00 |
| Roth | None | 0.03% | 0.02999% | Monthly | $5.00 |
| Education | None | 0.03% | 0.02999% | Monthly | $5.00 |
*APY = Annual Percentage Yield
A penalty may be imposed for early withdrawal.
IRA Certificate of Deposit (CD) Accounts
Ocean State Credit Union offers a variety of savings certificates to meet your financial needs.
- Easy to open and maintain.
- Choose your term and earn a fixed rate of return.
- The minimum balance requirement for an IRA CD is only $500.
- Withdraw your Required Minimum Distribution each year without penalty from age 73.
- All Certificates are subject to penalties for early withdrawals or close-outs.
- All Certificates will renew as a new CD of the same type unless otherwise stated.
IRA Certificate of Deposit Rates
| Account Type | Term | APY* | Interest Rate | Interest Paid | Minimum Deposit to earn APY |
|---|---|---|---|---|---|
| 1 Year IRA * | 12 Months | 3.85% | 3.79563% | Quarterly | $500 |
| 18 Month IRA * | 18 Months | 3.75% | 3.69839% | Quarterly | $500 |
| 2 Year IRA * | 24 Months | 3.25% | 3.21113% | Quarterly | $500 |
| 3 Year IRA * | 36 Months | 3.50% | 3.45498% | Quarterly | $500 |
| 5 Year IRA ** | 60 Months | 3.50% | 3.45498% | Quarterly | $500 |
Rates effective as of January 1, 2025
*APY = Annual Percentage Yield
A penalty may be imposed for early withdrawal.
Products in italics have a special rate.
Rates are subject to change at anytime without notice.
How Your Funds are Federally Insured
The National Credit Union Administration (NCUA) is the federal agency that administers the National Credit Union Share Insurance Fund (NCUSIF). The NCUSIF, like the FDIC’s Deposit Insurance Fund, is a federal insurance fund backed by the full faith and credit of the U.S. Government. The NCUSIF insures member savings in federally insured credit unions, which account for approximately 98 percent of all credit unions. All federal credit unions and the vast majority of state-chartered credit unions are covered by NCUSIF insurance protection. Click here to learn more about how your accounts are federally insured.