IRAs
We Can Help Make Your Retirement Dreams Come True
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:
Traditional IRA
With a traditional IRA, there are no maximum income limits to open the account, only a $50 minimum balance, and no minimum contribution requirements. Contributions can be tax deductible and taxes are not imposed on earnings until they are withdrawn.
You can begin making withdrawals at age 59 ½, and withdrawals are mandatory beginning at age 73. On the flip side, traditional IRAs are also subject to an early withdrawal penalty.
Roth IRA
A Roth IRA 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 72. However, there are income limitations for eligibility for a Roth IRA.
Our Rates
| Account Type | Minimum Balance | APY* |
|---|---|---|
| Traditional IRA | $50+ | 0.30% |
| Roth IRA | $50+ | 0.30% |
*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.
