Roth IRA Accounts

The contributions to a Roth IRA account are non-deductible funds.

Roth Requirements:

Contribution Limits 2022/2023
under age 50 $6,000/$6,500
age 50 or older $7,000/$7,500

Roth IRA contributions are not tax-deductible, but the tax benefits are derived when withdrawing the funds tax-free. If the funds are distributed in a “qualified distribution,” they are tax-free; therefore, the earnings on the Roth IRA are generally tax-free.

Account Details:

Fixed: Fixed interest rate accounts are available where a lump-sum amount is deposited at the time of opening. Minimum deposit amount is $500.

Statement: Each account holder is provided with an annual statement.

Fees: We do not charge any service charges or administrative fees.

Auto Transfer: We offer automatic transfers from another deposit account at The First into your IRA account free of charge.

FDIC Insurance up to $250,000 for each individual’s total retirement plan.

Additional Resources

IRA Rates

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Roth IRA Disclosure Statement Update for 2020

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Traditional IRA Accounts

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