open an ira savings account

IRA Savings Account

Our members work hard. We want them to save smart. With a PenFed IRA Savings Account, you can start contributing to your retirement with as little as $25.


Every PenFed member owns a stake in our credit union so we are actively committed to seeing you increase your wealth. A low-risk savings plan for a comfortable retirement is just one of the many ways we help you do it.


%* Annual Percentage Yield (APY)

$25 minimum balance to open
Consult with a tax advisor.

For members that reside in Puerto Rico, please contact PenFed Wealth Management at 1-800-732-8022 to discuss the IRS’ retirement plan qualifications and their applicability to IRAs opened in Puerto Rico.

Features & Benefits

  • Your IRA, your choice
  • Liquid investment benefits
  • Prepare for retirement
  • High-yield returns
  • Available for Traditional, Roth and SEP IRAs

Federally insured to at least $250,000 and backed by the full faith and credit of the U.S. Government.

Give us a call or visit a branch today!

CALL US: (800) 247-5626
Find a Branch »


Annual Percentage Yield (APY) is accurate as of and is subject to change at any time. Fees may reduce earnings. Rates could change after account opening.

*Refer to a qualified tax advisor

IRA Premier

A $10,000 account balance must be maintained to receive this higher rate. Account balances below $10,000 earn a lower return. Call for details.

Rates could change after account opening.

Roth IRA

Rates could change after account opening.

To take a qualified distribution, and avoid any tax liabilities, you must wait until after the five-taxable-year period beginning with the taxable year in which you first contributed to a Roth IRA.

IRA Certificates

Rates are subject to change monthly and are fixed for the term of the certificate. Certificates dividends compound daily. The minimum balance to open a certificate is $1,000.

Partial withdrawals for members over the age 59 1/2 (including Required Minimum Distributions) and qualified distributions regardless of age (including Disability) may be processed from IRA certificates without incurring an early redemption penalty.

Early Redemption Penalties

Penalties are imposed for early redemption of certificates. You must provide your request in writing.

If the certificate is redeemed within the first year, all dividends will be forfeited.

If after the first year, but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, not to exceed total dividends earned.


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Daily Compounded Dividends

Your dividends will be compounded daily and paid monthly for maximum returns.

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Liquid Investment Flexibility

Readily withdraw from your PenFed Premier Account and invest in other PenFed IRA products*.

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Low Minimum Balance to Open

Start your retirement savings with as little as $25. Saving doesn’t have to be hard. PenFed will help you start wherever you can.

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Available Three Ways

Choose from a Traditional, Roth or SEP IRA for maximum benefits. Decide when to pay taxes and how much to put away, depending on the plan you choose.

How To Open

PenFed Members:

1. Download and Print Forms (PDF)

2. Complete Your Application

3. Return Application to PenFed

Download Forms

Not A Member Yet?

Becoming a member is simple

(and no military affiliation is required).


Join PenFed    Learn More


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Attention: IRA Department

PO Box 68124-7009

Omaha, NE 68124


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Savings federally insured to $250,000 and backed by the full faith and credit of the United States Government: Please visit the National Credit Union Administration’s (NCUA) Share Insurance Estimator to compute the amount of NCUA coverage available under different account scenarios.