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Do your future self a favor. Start saving for retirement with an easy, free Maroon Financial IRA.

Key Features

Online Banking

Mobile Banking

Shared Branches

  • Competitive dividend rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,500 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs or can be kept liquid in a Money Market Account
  • No minimum deposit to open
  • IRAs receive an additional $250,000 of NCUA insurance

*Consult a tax advisor.

When do you want to enjoy your tax advantage? A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions may be tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½ 

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

***Consult a tax advisor.

Serving the University of Chicago community since 1957