Routing #: 241075726


Recently, the IRS announced that the due date for filing 2020 federal  income tax returns has been moved from April 15, 2021 to May 17,  2021.

2020 IRA Contributions

Individuals may make 2020 Traditional or Roth IRA contributions until the due date for filing their 2020 federal income tax returns, not including extensions.

Therefore, for most individuals, Monday,  May 17, 2021 will be the deadline for making 2020 IRA contributions.

The Coronavirus Aid, Relief and Economic Security Act (CARES Act)

In response to the coronavirus (COVID-19) pandemic, the IRS and Congress recently took actions to provide relief to taxpayers during these uncertain times.

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) that was signed into law on March 27, 2020 waives required minimum distributions (RMDs) for IRA owners and beneficiaries for the 2020 calendar year, and allows for penalty-free coronavirus-related distributions up to a total of $100,000.

Please read the Notification of Changes to IRAs for 2020. If you want to waive your IRA RMD (required minimum distribution) for 2020, please complete and return the RMD waiver for 2020 to your nearest FFCCU branch or mail to FFCCU Administrative Office, 4664 East 71st Street, Cuyahoga Heights, OH 44125.

FFCCU offers a wide range of IRA products to help make your retirement dreams come true. Just $50 is required to open the Traditional or Roth IRA. There are no monthly fees**, dividends are paid monthly, and contributions can be made in lump sums or by regular deposits throughout the year.

We offer the following types of IRAs:

  • A Traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn.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.
  • 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 non-deductible 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 70½. There are income limitations for eligibility for a Roth IRA.
As of March 1, 2020.
Account TypeMinimum Balance APY*
Traditional IRA$50+0.10%
Roth IRA$50+0.10%

Traditional and Roth IRA certificates are also available with a minimum deposit of $500 in terms of 6, 12, 18, 24, 36, 48 and 60 months.

*APY = Annual Percentage Yield. This rate schedule states rates applicable to specified accounts. Dividends are credited to your account and compounded every month. Minimum balance requirements apply to average daily balance. Call 800.621.4644 for current rates as they are subject to change at any time and without notice. Click here to view full rate disclosures and policies.

**IRA Transfer/Rollover out or Close IRA (within six months) fee is $25.00.

Your savings insured up to $250,000 per account. Not Federally insured.

Firefighters Community Credit Union (FFCCU) is committed to providing a website that is accessible to the widest possible audience in accordance with ADA standards and guidelines. We are actively working to increase accessibility and usability of our website to everyone. If you are using a screen reader or other auxiliary aid and are having problems using this website, please contact us at 216.621.4644. All products and services available on this website are available at all FFCCU branches.

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