The Holyoke and Feeding Hills lobbies are now open to limited traffic (Holyoke - 5 members & Feeding Hills - 3 members at any time). Masks are required and social distancing will be practiced. HCU's hours will remain the same, M - F 9am - 4pm, Sat. 9am - 12pm. The West Springfield branch will remain closed until further notice, however the West Springfield Drive-thru is now open. If you wish to meet with a Member Service Representative, please call for an appointment. For Holyoke, call Sharon Carter at 413-341-0133. For Feeding Hills, call either Marjorie Letasz or Beth Cook at 413-278-6840. We thank you for your understanding while we implement this "new normal"!
COVID-19 Update 10/07/2020 - West Springfield Drive-Thru is Reopening! - Starting on Tuesday, October 13, 2020, the drive-thru at Holyoke Credit Union's West Springfield Branch (333 Elm Street) will be open for business. The drive-thru only will be open Mon.-Fri. from 9-4 and on Saturdays from 9-12.


Planning for retirement is one of the most important things you’ll ever do. And establishing an Individual Retirement Account (IRA) through Holyoke Credit Union can help. We offer both Traditional and Roth IRAs, as well as Coverdell Education Savings Accounts and we can assist you in determining which account best fits your needs. All three accounts offer tax benefits and savings security. Whether you are establishing your first retirement account or moving assets from an existing account, Holyoke Credit Union can walk you through the process and put you on the path to retirement savings.

Contact us today and we'll help you choose the retirement account that best suits your needs.

Traditional IRA

Traditional IRAs keep your accumulated savings tax deferred, making it easier for you to set and achieve long-term financial goals. Although there are some restrictions, most contributions to a Traditional IRA are tax deductible when placed into the account. Your money is subject to income tax when withdrawn. There are no distribution penalties once you've reached the age of 59½, or for certain other qualified reasons, and you must begin taking required minimum distributions at age 70½. If you are over age 50, you also have the opportunity to make additional “catch-up” contributions to a Traditional IRA.

Roth IRA

Roth IRAs are an excellent way to save for retirement without having to worry about paying income tax at time of withdrawal. If your money remains in a Roth IRA for a minimum of five years, you pay no income tax when it is withdrawn for a qualified distribution. Qualified distributions include: any contributions made after age 59½, death benefits, first-time homebuyer distributions (up to $10,000.00), and distributions by age70½. Contributions to a Roth IRA are not tax deductible when placed into the account. If you are over age 50, you also have the opportunity to make additional “catch-up” contributions to a Roth IRA.

Coverdell Education Savings Account

A Coverdell Education Savings Account is a federal program allowing you to set money aside for higher education expenses. Although contributions to a Coverdell Education Savings Account are not tax deductible, as they are with a Traditional IRA, you pay no taxes or penalties on the accumulated interest when withdrawn. Funds from a Coverdell Education Savings Account must be used for approved expenses including tuition, books, fees, or equipment necessary for higher education enrollment.

Current IRA Rates