All Members Will Be REQUIRED to Wear FACIAL COVERINGS for any In-Branch Appointment. New Expanded Drive-Thru Hours: Mon - Thur: 9 AM to 6 PM; Fri: 8 AM to 6 PM; Sat: 9 AM to 1 PM. Our Paterson Branch will remain CLOSED. We encourage all our members to use REMOTE SERVICES during this time - STAY HOME - STAY SAFE - SAVE LIVES!
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Our Paramus Branch Drive-Thru lanes are now OPEN for business. We have performed a DEEP CLEAN for the entire branch along with the Drive-Thru Lanes and will continue to practice all the sanitary guidelines to keep our employees and members safe. Thank you for your patience and membership and trusting Greater Alliance to help see you through these unprecedented times.

Traditional IRA

Traditional IRAs are potentially tax-deferred retirement plans; you don’t pay taxes on your contributions until you withdraw the funds. Individuals who continue to work and have earned income may continue to save for retirement, regardless of their age under the new SECURE Act.

IRA Savings Account Benefits:

  •  Required Minimum Distribution (RMD) has been extended to 72. This applies to all who are not currently in RMD status. Anyone who was 70 1/2 or older as of December 31, 2019 must continue taking RMDs.
  • $500 Minimum balance required to open an account and must be opened at a branch.
  • Accumulate more: Your IRA Savings account will grow faster over time since dividends are compounded daily.
  • Supplement your current retirement plan: You can contribute to an IRA Savings account even if you have a 401(k).
  • Keep track of your progress through online banking
  • Penalty-Free Withdrawals For New Parents: The SECURE Act now allows new parents to take penalty-free distributions from their retirement plans within a year of the birth of a child or adoption to cover related expenses, up to $5,000. While income taxes will still apply to withdrawals from a traditional retirement account, this allows new parents the ability to pay those expected, or unexpected, first-year child expenses. Even better, the $5,000 can be put back in the plan to grow for retirement.

LEARN MORE – For additional information regarding how the SECURE ACT affects your contributions or distributions please consult your tax advisor.

Yearly Contribution Limits

Tax Year Under 50 Age 50 and over
2019 $5,500 $6,500
2020 $6,000 $7,000

Contribution Deadlines

  • Current tax year: December 31, 2020
  • Prior tax year: April 17, 2020

Roth IRA

With a Roth IRA, you pay taxes now and withdraw the funds tax-free when you retire. Contributions can be made after the age of 701/2 without any required minimum distributions as long as you have earned income.

IRA Savings Account Benefits:

  • $500 Minimum balance required to open an account and must be opened at a branch.
  • Accumulate more: Your IRA Savings account will grow faster over time since dividends are compounded daily.
  • Supplement your current retirement plan: You can contribute to an IRA Savings account even if you have a 401(k).
  • Keep track of your progress through online banking
  • Penalty-Free Withdrawals For New Parents: The SECURE Act now allows new parents to take penalty-free distributions from their retirement plans within a year of the birth of a child or adoption to cover related expenses, up to $5,000. While income taxes will still apply to withdrawals from a traditional retirement account, this allows new parents the ability to pay those expected, or unexpected, first-year child expenses. Even better, the $5,000 can be put back in the plan to grow for retirement.

LEARN MORE – For additional information regarding how the SECURE ACT affects your contributions or distributions please consult your tax advisor.

Yearly Contribution Limits

Tax Year Under 50 Age 50 and over
2019 $5,500 $6,500
2020 $6,000 $7,000

Contribution Deadlines

  • Current tax year: December 31, 2020
  • Prior tax year: April 17, 2020

Coverdell Education Savings Account (ESA)

Save for Your Child’s Future

The Coverdell Education Savings Account (ESA) is a custodial account designed to help families save money to pay for a child’s education expenses from kindergarten through college.

Based on income requirements, contributions can be:

  • Make up to the current maximum per year for the designated beneficiary (child)
  • Made if beneficiary is under the age of 18 (or beyond for special needs)
  • Transferred to IRS defined qualified family members if not used by beneficiary
  • Earning generous dividends from Alliant

What Your ESA Savings Can Pay For

Contributions and earnings are tax and penalty-free, if used for qualified education expenses, which include:

  • Tuition and fees
  • Books and supplies
  • Computer equipment to be used for education
  • Transportation
  • Room and board—only in some cases

How do I open an account

What You Need:

  • If you are a NEW member you will first need to first open a Primary Savings account Online or in Branch, you’ll need unexpired government issued identification such as a State-issued Driver’s License or a U.S. Passport.
  • If you are an EXISTING member with a Primary Savings account you will be required to stop by a Branch to open an IRA where you will be required to provide a government issued ID for verification. IRA accounts CANNOT be opened Online.

Initial Deposit– There is a $500 Minimum deposit required when opening a IRA Certificate Account.

Product Rate APY Crediting Frequency
3 month 0.35% 0.35% Monthly
6 Month 0.55% 0.55% Monthly
12 Month 0.70% 0.70% Monthly
15 Month 0.80% 0.80% Monthly
18 month 1.00% 1.00% Monthly
24 month 1.00% 1.00% Monthly
36 Month 1.00% 1.00% Monthly
48 Month 1.00% 1.00% Monthly
60 Month 1.00% 1.00% Monthly

ESA Brochures