Traditional Individual Retirement Accounts

Individual Retirement Accounts (IRAs) were created to encourage individuals to save and supplement their retirement savings.

IRA Requirements:

Contribution Limits              2014                 2015
under age 50                         $5,500             $5,500
age 50 or older                      $6,500             $6,500

Account holders must be under the age of 70-1/2.

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 59-1/2. If the required amount is not withdrawn by the applicable dead line the IRS will penalize 50% of the amount.

The First Accounts:

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

For information about Roth IRA accounts, please click here.