Bank like a financial pro with the Alliant mobile app. Make payments, deposit checks, manage cards and so much more.
Renovate your kitchen, pay off high-interest debt, or have access to emergency funds when you need it with an Alliant Home Equity Line of Credit.
Browse new and used vehicle inventory, and qualify for a rate discount when you buy!81
Separate each of your savings goals into an Alliant Supplemental Savings Account so you can visualize your progress.
Discover how an award-winning banking experience could be your next little win.
Logo courtesy of CNBC
A Traditional IRA will help you save for retirement with tax-deferred growth.
Our mobile app lets you bank from anywhere! It's one of the reasons we're Business Insider's Best Banks of 2020.
Traditional IRA accounts are a special type of investment vehicle that allow your earnings to grow tax-deferred. You can invest up to $6,000 per year in a Traditional IRA account (or up to $7,000 if you are 50 or older).
You are eligible for penalty-free withdrawals from your Traditional IRA once you are age 59½ or older. Once you reach age 72 (or if you turned 70½ before January 1, 2020), 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 accounts grow tax-deferred. 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.
*Catch-up contribution eligibility begins on January 1 of the calendar year of contributor's fiftieth birthday.
Not yet a member?
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.
For members planning on a longer horizon for letting their nest egg grow, we offer outstanding certificate rates with terms from 12-60 months.
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.
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.
You would like to reduce your taxable income now, and you don’t plan on making withdrawals until retirement.
You would like more flexibility for withdrawals, want to reduce your taxable income or are planning to work past age 70.
You are self-employed or are a small business owner.
You may be able to reduce your current income taxes now. You don't pay taxes until you take money out, typically when you are in a lower tax bracket.
All earnings grow tax-free, and you don’t pay taxes when you take money out of the account, typically when you are in a lower tax bracket.
You don’t pay taxes until you take money out of the account.
Withdrawals are taxable income. Withdrawals made before age 59½ could include a 10% penalty.
Earnings are tax-free if they've been in the account for 5 years and you are at least 59½.
Contributions are non-deductible and can be withdrawn anytime with no penalty or taxation.
At age 72 (or if you turned 70½ before January 1, 2020)
Let Me Know When Alliant Rates Gets Even Better
Attention California residents: You can find Alliant’s California Privacy Statement, as required by the California Consumer Privacy Act, by clicking here.
Alliant Credit Union
Attn: IRA Dept.
P.O. Box 66945
Chicago, IL 60666-0945
Alliant Credit Union
Attn: IRA Dept.
11545 W. Touhy Avenue
Chicago, IL 60666
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 speak with an Alliant representative for more details.
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.
You must begin to annually withdraw a required minimum distribution (RMD) from your IRA once you turn 72 years of age (or if you turned 70½ before January 1, 2020). RMD guidelines, set by the IRS, ensure that investors don't use an IRA as a permanent shelter from income taxes.
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.
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.
Everyone has different concerns when it comes to their hard-earned money. Alliant Retirement and Investment Services representatives can help you determine which IRA is right for you. Ensure that your retirement savings are on track with a professional no-cost, no-obligation retirement savings analysis.
Want to know more about this product? Search our friendly help guide!
You are leaving Alliant’s website to enter a website hosted by an organization separate from Alliant Credit Union. The products and services on this website are being offered through LPL Financial or its affiliates, which are separate entities from, and not affiliates of, Alliant Credit Union.The privacy and security policies of the site may differ from those of Alliant Credit Union.
You are leaving an Alliant Credit Union website and are about to enter a website operated by a third-party, independent from Alliant Credit Union. Alliant Credit Union does not manage the operation or content of the website you are about to enter. Alliant Credit Union is not responsible for the content and does not provide any products or services at this third-party website. The privacy and security policies of the site may differ from those of Alliant Credit Union.