Invest in a comfortable retirement

A Traditional IRA will help you save for retirement with tax-deferred growth.

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The Run Down
  • Great interest rates — consistently among the best in the country
  • No minimum deposit. No maintenance fee
  • No fee to transfer funds in and out of Alliant
  • At age 73, automatically distribute your IRS required minimum distributions
  • Deposit is insured up to $250,000 by NCUA33
  • Dividends compounded every month
  • Contributions may be tax deductible, helping you to reduce your taxes now
3.10 %
3.06 %
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Traditional IRA accounts 101

Traditional IRA accounts are a special type of investment vehicle that allow your earnings to grow tax-deferred. In your Traditional IRA account, you can invest up to $6,500 per year for 2023 and up to $7,000 per year for 2024 (or if you're 50 or older, up to $7,500 for 2023 and up to $8,000 for 2024).  

You are eligible for penalty-free withdrawals from your Traditional IRA once you are age 59½ or older. Once you reach age 73, you must take a required minimum distribution (RMD) every year. 

Learn more about traditional IRA account contributions and withdrawals.

Learn about the differences between IRA types.


Traditional IRA tax advantages

Your contributions to a Traditional IRA are tax deductible based on your income73. Your earnings also grow tax-deferred, meaning you only pay tax when you make a withdrawal.

Thus, Traditional IRA accounts may be the best option if you need to reduce your current tax liability and think you’ll be in a lower tax bracket when you eventually withdraw money from the account.

Annual Contribution Limits

  Under age 50 Age 50 and over*
2023 $6,500 $7,500*


$7,000 $8,000*

*Catch-up contribution eligibility begins on January 1 of the calendar year of contributor's fiftieth birthday.

Open your Alliant Traditional IRA in two easy steps:

  1. Log in to your account through online banking.

  2. Select "open an account" to open a traditional IRA.

    Not yet a member? Join today

Three ways to build your Alliant Traditional IRA

1. Traditional IRA shares

We offer a great savings rate for members who want to grow their money but still have easy access to it.

Federally insured by the NCUA.

2. Traditional IRA certificates

For members planning on a longer horizon for letting their nest egg grow, we offer outstanding certificate rates with terms from 12-60 months. 

Federally insured by the NCUA.

3. Investment alternative

Alternative IRA investment options are also available through the Alliant Retirement and Investment Services Program.31 Contact a representative today for a no-cost, no-obligation retirement savings analysis that can help you determine which IRA is right for you.

Non-deposit investment products and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution.

Compare Alliant Credit Union IRAs

No matter which type of IRA you select, you'll reduce your taxes and keep more of your money. We’re always here to help. Call an Alliant member consultant at 800-328-1935. We’ll help guide you toward the right IRA for your situation12. Ready to get started? You can open a Traditional IRA account by logging in to Alliant Online Banking.

Traditional IRA

Consider If

You would like to reduce your taxable income now, and you don’t plan on making withdrawals until retirement.

Consider If

You would like more flexibility for withdrawals, want to reduce your taxable income or are planning to work past age 70.

Consider If

You are self-employed or are a small business owner.

Traditional IRA Rates

3.10 %
3.06 %

Traditional IRA FAQs

Where do I send checks for deposit to my Alliant IRA account?

Mailing Address 
Alliant Credit Union
Attn: IRA Dept.
P.O. Box 66945
Chicago, IL 60666-0945

Overnight Service
Alliant Credit Union
Attn: IRA Dept.
11545 W. Touhy Avenue
Chicago, IL 60666

Is there a penalty for withdrawing from my Traditional IRA before I retire?

The purpose of an IRA is to save for retirement, so this tax-advantaged savings vehicle is specifically designed to discourage investors from withdrawing funds before turning age 59½. If you do so, the IRS imposes a 10 percent penalty on top of the income taxes you pay on the withdrawal. There are some exceptions that allow early withdrawal without penalty, so please see a tax professional for more detailed tax advice or visit the IRS website

I make too much money to qualify for an IRA tax deduction. Can I contribute to my traditional IRA?

Yes. There are no income limits to make contributions to a traditional IRA. Your ability to make deductions may be affected by filing status and your participation in an employer retirement plan.

When am I required to begin withdrawing money from my traditional IRA?

You must begin to annually withdraw a required minimum distribution (RMD) from your IRA once you turn 73 years of age. RMD guidelines, set by the IRS, ensure that investors don't use an IRA as a permanent shelter from income taxes.

Can I name a beneficiary for my IRA?

Yes. There are specific rules and forms to ensure that your IRA funds are dispersed to your intended beneficiary, in case of death. You can use the Individual Retirement Account Beneficiary Designation/Change form to select your beneficiary.

Is there a limit on the number of IRA rollovers that can be done?

Yes. Effective January 1, 2015, the IRS imposed the new IRA Rollover rule which stipulates that an IRA owner may complete only one IRA-to-IRA rollover per 365 days, regardless of how many IRAs you own, without differentiating between Traditional, Roth and SEP IRAs. This change of only one rollover per year will only affect rollovers, and will not have any impact on trustee-to-trustee transfers. The once-per-365-day rule does not apply to the direct rollover of 401(k) funds to a Traditional IRA.

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