Planning for retirement starts with choosing the right savings strategy. At Velocity Credit Union, we offer Traditional, SEP*, and Roth IRA Savings Accounts as well as IRA Certificates designed to help you grow your retirement savings with competitive rates and the security of federally insured deposits.
Whether you’re opening your first IRA, rolling over funds from another retirement account, or looking for a higher-yield savings option, we’re here to help you build your financial future.
Open an IRA
To open an IRA Savings Account, enter your contact information in this form and we will send you an invitation to our IRA portal where you can fund and manage your assets. You can also call us at 512.469.7000.
COMPLETE THIS FORM TO OPEN AN IRA
We’ll send you an invitation with next steps.
Traditional IRA vs. Roth IRA: What’s the Difference?
Traditional and Roth IRAs both offer tax advantages for retirement savings, but each provides those benefits in different ways. Understanding the differences between these accounts can help you choose the option that best aligns with your financial goals and retirement needs.
Not sure which retirement option aligns with your goals? Use the comparison below to explore your choices or consult your tax advisor for personalized guidance. The best approach depends on your unique financial situation and long-term objectives.
Traditional IRA
A Traditional IRA may allow eligible contributions to be tax-deductible in the year they’re made. Your savings grow tax-deferred, and you’ll generally pay taxes when you withdraw funds during retirement. This option may make sense if you expect to be in a lower tax bracket after you retire.
Roth IRA
Roth IRA contributions are made with after-tax dollars, so they aren’t tax-deductible today. However, qualified withdrawals in retirement, including earnings, may be tax-free if IRS requirements are met. A Roth IRA can be a good choice for those who expect their tax rate to be higher in retirement or who value tax-free income later in life.
IRA Savings and IRA Certificates
Velocity offers two ways to grow your retirement savings, giving you flexibility based on your goals.
IRA Savings Accounts
An IRA Savings Account provides easy access for making ongoing retirement contributions while earning dividends on your balance. It offers the flexibility to add funds as you go while helping your retirement savings grow.
Velocity IRA Savings Accounts have:
- No minimum balance
- No monthly fees
- Dividends paid quarterly
- Convenient transaction processing through the member portal
IRA Certificates
If you’re looking to maximize earnings on retirement funds you won’t need right away, you can add an IRA Certificate to your IRA Savings Account and earn a higher dividend rate on those funds.
With an IRA Certificate, you lock in a competitive dividend rate for a fixed term—from one to five years, providing predictable growth without worrying about changing market conditions. It’s an excellent option for retirement savers who want:
- Higher dividend rates than a standard IRA savings account
- Guaranteed returns for the certificate term
- Protection from market volatility
- Multiple term options to fit your retirement timeline
Many members choose to combine both options—using an IRA Savings Account for ongoing contributions while placing longer-term retirement funds into IRA Certificates to earn higher returns.
Velocity IRA Certificates have:
- Minimum opening deposit $1,000
- Certificate terms from 1 – 5 years
- Dividends paid quarterly
Need Help Choosing?
Whether you’re opening your first IRA, rolling over an existing retirement account, or deciding between a Traditional IRA and Roth IRA, our team is here to help.
Compare Your IRA Options
| Feature | Traditional IRA | Roth IRA | IRA Certificate |
| Tax Treatment | Contributions may be tax-deductible if you qualify; withdrawals are generally taxed in retirement. | Contributions are made with after-tax dollars; qualified withdrawals are generally tax-free. | Available to add to existing Traditional or Roth IRA Savings, with funds invested in a fixed-term certificate. Tax treatment follows the IRA type selected. |
| Best For | Those who may benefit from a tax deduction today. | Those who expect to be in a higher tax bracket during retirement or want tax-free qualified withdrawals. | Members with a Traditional or Roth IRA seeking guaranteed returns and higher dividend rates on retirement funds they won’t need immediately. |
| Growth | Tax-deferred. | Tax-free qualified growth. | Earns a fixed dividend rate for the selected term, providing predictable growth. |
| Access to Funds | Subject to IRS rules and possible penalties for early withdrawals. | Subject to IRS rules and possible penalties on certain early withdrawals. | Subject to IRS withdrawal rules for the IRA type selected, plus certificate early withdrawal penalties if funds are accessed before maturity. |
| Contribution Flexibility | Make eligible annual contributions up to IRS limits. | Make eligible annual contributions up to IRS limits. | Funded through eligible contributions, transfers, or rollovers into a Traditional or Roth IRA Certificate. Additional contributions can be made to the IRA Savings Account and deposited into a new certificate when eligible. |
| Why Choose It? | Potential tax savings today with retirement-focused growth. | Tax-free retirement income for qualified withdrawals. | Add a certificate to your Traditional or Roth IRA to lock in competitive rates and enjoy predictable, guaranteed earnings with terms ranging from 1 to 5 years. |
Consult your tax advisor to discuss which IRA option best fits your needs. We can answer your questions, explain your options, and help you create a retirement savings strategy with confidence.
Let us help you get started!
Opening a Velocity IRA for the first time or have questions?
Step 1: Have an active Velocity membership savings account.
Step 2: Fill out the form above, or call us at 512.469.7000 to get started.
Already have an IRA with Velocity?
You can access our IRA Member Portal to:
- Perform select IRA transactions
- Update IRA Beneficiaries
- View and download or print IRA Tax Forms
Make the Most of Your Membership
Pair Your IRA with Rewards Checking
Your retirement plan works even harder when your everyday banking does too. Velocity’s Rewards Checking helps you earn more from your day-to-day finances while enjoying valuable perks that can help you save money throughout the year.
Planning for Your Next Home?
Whether you’re buying your first home, refinancing, or planning your forever home, Velocity offers competitive mortgage solutions and local lending expertise to help you move forward with confidence.