iras
FFCCU offers a wide range of IRA products to help make your retirement dreams come true. A minimum deposit of $50 is required to open the Traditional, Roth and Educational IRAs. There are no monthly fees, dividends are paid monthly and contributions can be made in lump sums or by regular deposits to the account throughout the year. See our current rates.
IRA share certificates are also available with a minimum deposit of $500 in terms of 6, 12, 24 and 30 months. Higher yields are available for certificates of $100,000 or more with 6- and 12-month terms.
To compare IRA features, check out this Quick Comparison Chart. Consult your tax advisor for further information.
Traditional IRA
A Traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions may be tax deductible in the year they are made.
Roth IRA
The Roth IRA is an account that features tax-free withdrawals for certain distribution reasons after a 5-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA than from a Traditional IRA. Unlike the Traditional IRA, there is no requirement to begin taking distributions at age 70.5. There are income limitations to be eligible for a Roth IRA.
Coverdell Education Savings Account (ESA)
The Coverdell Education Savings is an account that features tax-free withdrawals for a child's higher education expenses. Contributions are nondeductible, therefore unlike the Traditional IRA, distributions are penalty-free and tax-free.
IRA Share Certificates
IRA share certificates are available with a minimum deposit of $500. Higher yields are available for larger deposits and longer terms. (IRA share certificates are subject to FFCCU penalties upon early withdrawal. Please see FFCCU Truth in Savings Disclosure for details.)
Call or visit any one of our locations to find out which IRA option is best for you.
