If you name a beneficiary on your account, the IRA will pass directly to them. You can also name a contingent beneficiary as a backup to your beneficiary. If there is no designated beneficiary, the account will pass to your estate.

No. You will not be able to borrow or use your IRA as collateral as the IRS strictly prohibits this.

Not at all. Roth or Traditional do not require deposit every year. However they do have limits on how much you can contribute a year.

Yes. If you are under age 50 you can contribute up to $6,000 in 2019, and if you’re age 50 or older, you can contribute an additional $1,000 for a total of up to $7,000.

A Traditional IRA will reduce your initial tax burden, since you can deposit the money without paying taxes on it, but you will pay taxes on your distributions in retirement. For a Roth IRA, you will pay taxes upfront, but won’t have to pay any taxes on the money when you withdraw it in retirement. Currently, OAS FCU only offers Traditional IRAs and Traditional IRA Certificates.