Individual Retirement Accounts

Start building your nest egg today for greater peace of mind tomorrow.
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Benefits of a Bowater Credit Union IRA Account

Securely grow your retirement savings and enjoy earning compound interest on your money. Our IRA Accounts come with many attractive benefits, including:

High-Interest Rates

Enjoy higher returns on your savings with our competitive interest rates.

Peace of Mind

Rest easy knowing you’re steadily building a solid foundation for your golden years.

Many Investment Options

Create a diverse portfolio to match your unique financial goals and risk tolerance.

Tax Benefits

Benefit from potential tax savings that maximize growth over time.

Everything to Know About Our IRA Accounts:

An Individual Retirement Account (IRA) is a retirement savings plan. It offers attractive tax advantages to help you prepare for your future.

We offer three different types of IRAs:

Traditional IRA: Allows for tax-deferred growth. You only pay taxes on withdrawals during retirement.

Roth IRA: You make contributions with after-tax dollars, enabling tax-free withdrawals in retirement.

Coverdell Education Savings Account:  Specifically designed for educational expenses. Coverdell accounts offer tax-free growth and withdrawals for qualified educational costs.

Our IRAs include the following features:

  • Terms ranging to 60 months
  • $500 minimum balance
  • An accumulative IRA with a variable rate and no minimum balance. It’s ideal if you don’t want to commit to a specific term or don’t have $500 to invest.
  • Deposit any amount and access the funds anytime without early withdrawal penalties (Traditional and Roth IRA rules and penalties still apply).
  • Earns interest (see rates)

Start securing your financial future today with our diverse IRA options tailored to fit your needs. Click below to get started.

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How to Open an IRA Account


Click or Visit

Click the blue button below or stop by a branch to start the process.


Choose Your Term

Fund your account with at least $500 and pick your preferred term.


Start Saving!

Sit back and watch your money grow thanks to compounded interest!


“10/10 would definitely recommend as a bank! Great and friendly staff.”

– Chance N., Calhoun, TN

FAQs About IRA Accounts

Q: What is the difference between a Traditional IRA and a Roth IRA?

A: A Traditional IRA lets your investments grow with deferred taxes. You pay income tax on withdrawals, usually after retirement. In contrast, a Roth IRA lets your savings grow tax-free. After age 59 ½, withdrawals are tax-free and penalty-free, under certain conditions.

Q: Can I open an IRA in Tennessee if I only have a small amount to invest?

A: Absolutely! Our Accumulative IRA is perfect for those who don’t have $500 to start. It has a variable rate and does not require a minimum balance. You can deposit any amount and withdraw your funds anytime without incurring early withdrawal penalties.

Q: How do IRA contributions affect my taxes?

A: Contributions to a Traditional IRA may be tax deductible, lowering your current tax bill. However, Roth IRA contributions are not tax-deductible, but they offer tax-free growth and withdrawals. Check with your tax advisor for more personalized advice.

Q: What are the terms for IRA CDs?

A: Our IRA CDs have terms of up to 60 months with a $500 minimum balance. This allows you to lock in a fixed rate for a term that aligns with your financial planning.

Q: How long can I contribute to my IRA and are there required distributions?

A: As long as you have earned income, you can continue contributing to your IRA. For Traditional IRAs, required minimum distributions begin at age 72, ensuring a gradual withdrawal of your retirement savings.

More Ways to Save

Christmas Club Savings Account

Start saving today for a holly, jolly Christmas. Competitive rates and compound interest will help your money grow!

Term Share Accounts (CDs)

Earn competitive returns with our insured high-yield certificate deposits.

Ultra 25 Term Share Account

Maximize your investment with our top-yielding 25-month certificate of deposit.