IRAs - Individual Retirement Accounts
We offer a full line of IRA savings options from 12 to 72 months. Traditional, Roth, and Education IRAs are available to First Financial members.
Traditional IRAs
- $500 minimum opening balance
- Possible tax deductible contributions
- No required contribution
- Maximum contribution = $5,500 ($6,500 if you're 50 years or older)
- Withdraw as early as 59 1/2 without penalties
- Qualified withdrawals are penalty-free
- Must begin withdrawing at 70 1/2
- Automatically insured up to $250,000
- No fees
Roth IRAs
- Allows withdrawals at retirement paying 0% capital gains tax
- Withdrawals not required at age 70 1/2
- Contributions may be withdrawn tax-free and/or penalty-free under certain conditions
- Contributions can continue after the age of 70 1/2
- Contributions are not tax deductible
- Automatically insured up to $250,000
- No fees
Education IRAs
- Allows contributions up to $2,000 per child (up to the age of 18) per year for educational expenses
- Upon withdrawal, member pays 0% capital gains tax
- Dividends will accumulate tax-free
- Withdrawals may be tax-free if used for educational expenses by the age of 30
- The 10% penalty is waived when funds are used for post-secondary education
- Contributions may be made by parents, grandparents or guardians
- Funds must be withdrawn when the beneficiary reaches the age of 30 OR must be transferred to another beneficiary
- Contributions are not tax deductible
- Automatically insured up to $250,000
- No fees
Interested in an IRA?
Get Started:
See our current IRA Rates.
*A $5 deposit in a base savings account is required for credit union membership prior to opening any other account. All personal memberships are part of the Rewards First program and a $5 per month non-participation fee is charged to the base savings account for memberships not meeting the minimum requirements of the program. Click here to view full Rewards First program details.
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