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When it comes to retirement planning, simply knowing where to start can be a challenge. With an individual retirement account (IRA), you can start building your retirement savings right now. Traditional and Roth IRAs are designed with tax benefits to help you save more for retirement. We recommend that you consult with a professional tax advisor to find out which IRA is best for you. Once you choose your IRA, you can invest the money in a savings account or IRA savings certificate with Honda Federal Credit Union.

Traditional IRA


With a traditional IRA, the money you contribute may be tax-deductible (i.e., you get a tax break when the money goes in). A traditional IRA may be a good option if you need to roll over assets from an employer-sponsored retirement plan. See a professional tax advisor to determine deductibility in your situation.*

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Roth IRA


One advantage of a Roth IRA is the potential for tax-free withdrawals in retirement (i.e., you get a tax break when you take the money out). A Roth IRA may be preferable if you want the flexibility to withdraw your contributions without paying taxes and penalties. See a tax advisor for details.*

See Current Interest Rates

* Note: Withdrawal of IRA earnings prior to age 59½ may be subject to ordinary income tax and a 10% tax penalty.

man with his kids

Open an IRA

We’re happy to help you learn more about IRA contribution limits and open an IRA. Contact Honda Federal Credit Union at 1-800-634-6632.

More Ways You Can Save

Savings Certificates

Step up your savings and earn higher interest rates with a certificate of deposit. Choose a fixed term of 6 months, 1 year, 2 years, 3 years or 5 years. Read more

Money Market Accounts

Earn high-yield money market rates while maintaining easy access to your funds when you open a money market account. Read more

Education Savings

Start saving early for a child or grandchild’s future. Read more

Your Funds Are Insured
The National Credit Union Administration (NCUA), an agency of the federal government, insures funds deposited at Honda FCU up to $250,000. Honda FCU insures an additional $250,000 through the American Share Insurance (ASI), a private insurance company.
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