Individual retirement accounts (IRAs) are one of the most viable answers to the question of how to assure a secure retirement. Diamond offers Traditional and Roth IRAs.

Traditional IRA – Traditional IRAs allow tax-deductible contributions and the amount in your IRA can grow tax-free.  Your contributions and gains are taxed when distributed. Anyone under age 70 who has earned income, or is filing jointly with a spouse who has earned income, may contribute.

Roth IRA – Roth IRA contributions are not tax-deductible, however, all withdrawals, including earnings, are generally tax-free if the account has been open for at least five years and the account holder is 59½ or older.  You can also use your contribution (but not your earnings) anytime, tax-free and with no penalty.

Contribution Limits – For either a Traditional IRA or Roth IRA, your contribution limit is $5,500 per year or $6,500 if you’re age 50 or older by the end of the year.

What You Should Know About IRAs

  • Share Certificates and Money Market IRAs available.
  • Earn a market-leading interest rate.
  • Tax deferred; no risk to your principal.
  • Your funds are federally insured up to $250,000.
  • Choose the IRA investment option(s) that suit your needs.
  • Use the IRA Accumulation Account to accumulate deposits. Invest in an IRA Certificate or Money Market account at a better rate when you’ve reached your desired amount.

Deposit Disclosure


Have you set up your Individual Retirement Account? If not, contact Diamond Credit Union and speak with our financial experts who can assist you with retirement planning.