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A OnePay IRA is an individual retirement account that helps you save and invest for retirement. We offer both Roth and traditional IRAs.

Your IRA is self-directed, which means you decide when to make contributions, what to invest in, and when to make withdrawals. Through the app, you can invest in stocks and ETFs. We partner with DriveWealth LLC, a registered broker-dealer, to power your trades and hold your investments.

Keep in mind, investing involves risk. The value of your investments can go up or down depending on market conditions. We believe in being transparent, so it’s important to understand those risks before getting started.

Banking through OnePay is required before you can open a OnePay IRA.

Already bank through OnePay? Access IRAs in the Discover tab in the app and follow the simple sign-up steps to open a Roth or traditional IRA.

New to OnePay? First start banking through OnePay. Then head to the Discover tab in the app to open your IRA.

OnePay offers two types of IRAs: Roth IRAs and traditional IRAs. Both can help you save for retirement and offer tax advantages, but they work differently.

With a traditional IRA, your contributions may be made with pre-tax dollars if you qualify for a deduction, or after-tax dollars if you do not. Your money can grow tax-deferred, and you typically pay taxes when you withdraw money in retirement. Depending on your income and tax situation, some or all of your contributions may be tax-deductible.

With a Roth IRA, you contribute money you’ve already paid taxes on. Your investments can grow tax-free, and qualified withdrawals in retirement are tax-free if IRS requirements are met. Eligibility to contribute depends on your income.

A few things to keep in mind:

Traditional IRA:

• Contributions may be tax-deductible, depending on your situation.

• Investments can grow tax-deferred until retirement.

• Withdrawals in retirement are generally taxed as income.

• Required minimum distributions (RMDs) generally begin at age 73.

Roth IRA:

• Contributions are not tax-deductible.

• Eligibility to contribute depends on your income.

• Investments can grow tax-free, subject to IRS requirements.

• Qualified withdrawals are tax-free if you’re at least age 59½ and have held the account for at least 5 years.

• Withdrawing earnings early may result in taxes and penalties.

The right choice depends on your income, tax situation, and retirement goals. To learn more, visit the IRS website or speak with a qualified tax advisor.

You can contribute to your IRA using funds from your OnePay account or a linked external bank account. You can make contributions directly in the app and choose how much you’d like to contribute, subject to IRS contribution limits.

You can also set up recurring contributions to automatically add money to your IRA on a schedule that works for you.

You can invest in stocks and exchange-traded funds (ETFs). These options give you access to a wide range of companies and markets, allowing you to build a diversified portfolio.

For 2026, the annual IRA contribution limit is $7,500 for eligible individuals under age 50.

If you’re age 50 or older, you may be eligible for an additional catch-up contribution of $1,000, for a total of $8,500.

Contribution limits apply across all of your IRAs combined and are set by the IRS. Eligibility rules and income limits may also apply.