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retirement savings jar

Traditional Individual Retirement Accounts

Individual Retirement Accounts (IRAs) were created to encourage individuals to save and supplement their retirement savings. A minimum of $25.00 is required to open up the account. Multiple deposits can be made at any time. There is no term on the IRA Savings Account, so there will not be any bank penalties for withdrawals, but IRS penalties may incur.

IRA Requirements:

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

Contributions into the IRA accounts may be totally tax deductible for the tax year that they are made.

Distributions may start at the age of 59.5. If the required amount is not withdrawn by the applicable deadline the IRS will penalize 25% of the amount.

How to Calculate Required Minimum Distribution

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. If you have a checking account with The First, we can link the IRA Savings Account with your monthly checking account statement so you can watch your money grow month-to-month.

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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Traditional IRA Disclosure Statement Update for 2020

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Roth IRA Accounts

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