Thinking about and preparing for retirement can be overwhelming. There's a lot to learn, important choices to make, and many people have no idea where to start. Fortunately, getting started with saving for retirement is easier than you might think. 

Opening an IRA is one of the easiest first steps you can take, and doing so at a credit union can be a path to better rates, service, and a financial institution invested in your community. In this guide, we'll walk you through what an IRA is, how to open one at a credit union here in Oregon, and why a credit union can be a great place to start.

Key Takeaways:

• An IRA is a savings account made for retirement, with tax benefits that help your money grow.
• At Valley Credit Union, you can open an IRA with just $5 and pay no maintenance fees.
• For 2026, you can contribute up to $7,500 a year, or $8,600 if you're 50 or older, to an IRA.
• Oregon has a state retirement program called OregonSaves, and you can still open your own IRA alongside it.
• Credit unions are owned by their members, so the focus is on helping you, not selling to you.

What Is a Savings IRA?

An IRA, or Individual Retirement Account, is a savings account made for retirement. What sets it apart from regular savings is the tax benefits. Depending on the type you choose, you may pay less in taxes now or take money out tax-free later.

A savings IRA is an IRA held at a credit union or bank. Your money earns steady dividends instead of rising and falling with the stock market, making it a safe, predictable way to build your retirement savings.

Read More: Traditional IRA vs. Roth IRA: Which One Is Right for You?

How to Open an IRA at a Credit Union in Oregon

Opening an IRA at a credit union is a straightforward process. While it may differ slightly from credit union to credit union, it will be similar to the process here at Valley Credit Union.

At Valley, one of our Member Service Representatives will walk you through every step, from choosing your account to opening it to making your first deposit. You'll work with the same friendly person the whole way through.

Step 1: Become a Valley Credit Union Member

Credit unions are member-owned, so the first step is joining. If you're already a member, you can skip right ahead. 

Step 2: Choose Your IRA Type

Valley offers Traditional IRAs, Roth IRAs, and Education IRAs. Our team can walk you through the differences and help you decide if you're not sure which one fits.

Step 3: Gather Your Information

You'll need a photo ID, your Social Security number, and the name of the person you'd like to list as your beneficiary.

Step 4: Make Your First Deposit

You can open a Valley IRA with just $5. To earn the stated APY, you'll want to keep a balance of at least $125. 

Step 5: Keep Adding When You Can

You don't need to make big deposits. Adding a little at a time, up to the contribution limit, is a great habit to get into. 

Already have an IRA somewhere else?

Moving an existing IRA or retirement plan to Valley is simple. Here's how it works:

• If you have a check from your old account, we'll open your new IRA and fund it the same day.
• If you're rolling over money from a former employer's plan or another financial institution, we'll open your account and start the direct rollover for you.
• While your rollover is in progress, we'll keep checking on it to make sure your money arrives safely at Valley.

Related: How to Save for Retirement with a Credit Union

2026 IRA Contribution Limits

For 2026, you can put up to $7,500 into your IRAs. If you're 50 or older, you can add an extra $1,100, for a total of $8,600. These limits usually change each year, so it's worth checking in annually.

Why Open an IRA at a Credit Union?

If you're unsure whether you should open an IRA at a credit union or a bank, here are a few reasons to consider the former:

You're a member, not a customer.

Credit unions are not-for-profit and owned by the people who use them. That means that instead of paying outside shareholders, credit unions return their earnings to members through better rates and lower fees.

Low costs to get started.

At Valley, you can open an IRA with $5, and there are no maintenance fees. That means more of your money stays where it belongs: working for your future.

Your money is protected.

Valley is federally insured by the NCUA, a U.S. government agency. That means your deposits are protected, just like deposits at a bank are protected by the FDIC.

Real help from local people.

When you have questions, you can talk to someone who lives and works in your community. No call centers or complicated phone menus. If you have a question about your IRA, you won't be passed along to a separate department. Our team will help you right then and there.

Your money stays connected to your community. 

Valley gives back to members through competitive rates, local student scholarships, and account dividends. For more than seven years, Valley has paid Ownership Dividends to its members every year.

Expert guidance when you want it.

Our team has years of experience helping members with their IRAs. For members who want more in-depth planning, we also partner with a local wealth advisor who can help with your bigger financial picture.

Everything in one place.

Keeping your IRA with your checking and savings makes it easier to move money, track your progress, and stay on top of your goals.

Oregon-Specific IRA Information

Living in Oregon comes with a few state-specific things to know about saving for retirement.

OregonSaves

OregonSaves is a state retirement program for workers whose employers don't offer a retirement plan. If your employer uses OregonSaves, you're automatically enrolled in a Roth IRA, and 5% of your pay goes into it each paycheck unless you change it or opt out.

It's a helpful program, but it isn't the only option. You might want your own IRA if:

• You're self-employed
• You opted out of OregonSaves
• You'd like a savings IRA with steady, predictable growth
• You want to save more on your own terms

One important note: the yearly IRA contribution limit covers all of your IRAs combined. So if you have an OregonSaves account and a Valley IRA, your total deposits across both can't go over the annual limit.

Oregon Taxes and Your IRA

Oregon has a state income tax, which means IRA tax benefits can go a long way here. With a Traditional IRA, your contributions may lower your taxable income now, and you'll pay taxes when you take the money out in retirement. With a Roth IRA, you pay taxes now, and qualified withdrawals later are tax-free.

Everyone's tax picture is a little different, so it's a good idea to check with a tax professional about how an IRA fits your situation.

Types of IRAs at Valley Credit Union

Here's a quick look at the IRAs Valley offers:

• Traditional IRA: Your earnings grow tax-deferred, and your contributions may be tax-deductible. You'll pay income tax when you withdraw in retirement.
• Roth IRA: You contribute money you've already paid taxes on. You can withdraw your contributions any time without taxes or penalties, and qualified withdrawals of earnings are tax-free.
• Education IRA (Coverdell): A savings account to help pay for a child's education, with tax-free withdrawals for qualified school expenses.

Learn More: Valley Credit Union IRAs

FAQs

How much money do I need to open an IRA at Valley?

Just $5. You'll need to keep a balance of $125 to earn the stated APY.

Can I move my IRA from another bank to Valley?

Yes. If you have a check, we can open and fund your new IRA the same day. If it's a direct rollover, we'll start the process for you and keep an eye on it until your money arrives.

Can I have an IRA and a 401(k) at work?

Yes. Many people have both. An IRA can be a great way to save beyond your workplace plan.

If I'm enrolled in OregonSaves, can I still open my own IRA?

Yes. Just keep in mind that your total contributions across all IRAs can't go over the yearly limit.

Is my IRA at a credit union safe?

Yes. Valley is federally insured by the NCUA, which protects your deposits.

Can I have both a Traditional and a Roth IRA?

Yes. You can contribute to both, as long as your combined deposits stay within the yearly limit.

Should I open an IRA with my credit union?

There's no right or wrong answer here since it's a personal decision. But it's important to remember that credit unions are member-owned, so you'll often find better rates, lower fees, and friendly local help. At Valley, you can open an IRA with just $5 and pay no maintenance fees.

Let's Plan for Your Future Together

By giving your savings a dedicated home, helpful tax benefits, and time to grow, an IRA is one of the simplest ways to start building a more secure retirement.  Every deposit you make in an IRA is a step toward the future you want. 

Many people aren't sure where to start or whether they're saving enough. That's completely normal. Like any new habit, it begins with one small step. Our team's favorite part is being there for that first step, and then watching members' savings grow over the years.

By opening an IRA at a credit union, you can count on lower fees and a local team that knows Oregon and cares about your goals. Whether you're saving through OregonSaves, a 401(k) at work, or starting from scratch, a Valley IRA can fit right into your plan.

All you need is a few dollars to get started!

When you're ready, explore Valley's IRA options or stop by a branch to talk with our team. We'll help you find the IRA that works best for you.

About the Author

 Justin Roberts, Vice President of Lending

Justin Roberts is our Vice President of Lending and has been in the financial industry for over 18 years. He is an Oregon State University Graduate and has just completed Western CUNA Management School. When he is not focused on helping the members at Valley, you will find him coaching his two sons and volunteering his time to help develop the youth in our communities through sports.