Individual Retirement Accounts & Certificates of Deposit
If you are interested in additional ways to save money other than a basic savings account, CDs and IRAs may be good options. If you are looking for options to convert an existing 401(k), link for details.
An IRA is a flexible retirement planning investment instrument with various maturities. Individual Retirement Accounts allow you to save for long-term goals, such as money for retirement or for a child’s education. Contributions to IRAs are typically not taxed until the funds are removed. Some IRAs are tax-deductible. The First offers several different types of IRAs. We encourage you to call us. We can help you choose an option that best fits your financial goals.
The First offers the following types of IRAs:
- Traditional IRA
- Roth IRA
- Coverdell Education Savings Account
- Simplified Employee Pension IRAs
Interest rates vary depending on the length of maturity. The rate is guaranteed until the maturity of the investment or until renewal.
|Min Opening Deposit||Compounding Frequency|
|15 month Add-On4||1.30%||1.30%||$500||Semi-Annually|
Certificates of Deposit (CDs)
A Certificate of Deposit is a flexible investment instrument with various maturities. Interest rates vary depending on the length of maturity. The rate is guaranteed until the maturity of the investment or until renewal.
|$5,000 and over1||under $5,000||Min Open Deposit||Comp Freq|
|Term||APY2||Interest Rate||APY2||Interest Rate|
|3 thru 5 month||0.13%||0.13%||0.08%||0.08%||$1,000||Quarterly|
|6 thru 11 month||0.18%||0.18%||0.08%||0.08%||$1,000||Semi-Annually|
|12 thru 23 months||1.51%||1.50%||0.12%||0.12%||$1,000||Semi-Annually|
|15 month Add-On3||1.56%||1.55%||0.22%||0.22%||$500||Semi-Annually|
1 Opening balance of $5,000 for Annual Percentage Yield and Interest Rate for $5,000 and over
2 APY stands for Annual Percentage Yield. APY assumes funds will remain on deposit for a full year at the advertised rate.
3 There is no limit to the number of deposits made to the 15 Month Add-On CD. Each deposit must be at least $50.00.
Funds must remain on deposit until maturity to earn the advertised yield. Substantial interest penalty is required for early withdrawal as follows: for maturities of 7 days to less than 30 days, the interest penalty is 7 days' interest; for maturities of 30 days to less than 90 days, the interest penalty is 30 days' interest; for maturities of 90 days to less than 1 year, the interest penalty is 90 days' interest; and for maturities from 1 year through 5 years, the interest penalty is 180 days' interest.