Banking Your Way

Roth IRA Accounts

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

Roth Requirements:

Contribution Limits    2018        2019
under age 50                $5,500     $6,000
age 50 or older             $6,500     $7,000

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.

For current IRA Rates, please click here

Click here to view the Roth IRA Disclosure Statement Update for 2020

For information about Traditional IRA accounts, please click here.