by Emily Hechler ST. LOUIS (June 26, 2024) – Alltru Credit Union, a leading Community Development Financial Institution (CDFI) in the Greater St. Louis area, offers a unique IRA Savings account to help members save for retirement.
This product allows members to save money over time so they can open the long-term savings product of their choice in their own timing.
As one of only 500 CDFI credit unions in the United States, Alltru’s primary mission is to provide accessible personal banking and lending products to underserved individuals, regardless of their credit histories. Alltru’s IRA Savings account requires only a balance of $1 in the account, making the account available to many who would otherwise not be able to contribute to an IRA product.
IRA accounts are independent of employers, which makes it a great product for self-employed individuals or those wanting to save for retirement outside of the influence of their work organization.
Alltru’s IRA Savings account earns a competitive interest rate of 1% APY, so members’ funds heavily accumulate over time.
“We’re proud to offer the IRA Savings account for our members. This product is unique because it serves as a steppingstone for many who would otherwise not have the means to begin planning their future retirement,” said Renee Markert, Alltru’s Director of Retail Services. “We’re here to serve our community, and we do that through accessible products like this, so our community can set itself up for a better future.”
Members may choose to set up their IRA Savings account as a Traditional or Roth IRA account. This flexibility allows members to pick the option best suited for them to meet their financial goals. In addition, contributions to Alltru’s IRA Savings account can have tax benefits.
Members and eligible individuals according to Alltru’s field of membership may contact Alltru or visit a local branch to discuss opening an IRA Savings account.
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About Alltru Credit Union
Alltru Federal Credit Union was chartered in 1968 as District 837 Credit Union by the International Association of Machinist Union members employed by McDonnell Douglas. Alltru is full-service Community Development Financial Institution (CDFI) whose mission is to improve the financial well-being of its members. With nearly 40,000 members and $350 million in assets, Alltru has provided members with a full line of dependable financial products and services for 56 years. For more information about Alltru Credit Union, visit https://alltrucu.org/.
Not a credit union member? Membership is available to anyone who lives, works, or worships within St. Charles county, St. Louis county, or the City of St. Louis. Open an account today.
Media Contact:
Laura Woods – VP of Marketing and Community Presence (636) 916-8303; lwoods@alltrucu.org