Individual Retirement Accounts

Similar to certificates of deposit, individual retirement accounts pay a higher rate of interest on funds left on deposit for a specific length of time, with penalties for early withdrawal. Specific IRS guidelines apply to eligibility, contributions and withdrawals.

• First Bank offers traditional IRAs, Roth IRAs and Coverdell Education Savings Account IRAs to assist you in your retirement planning.

• Select a fixed rate plan with terms ranging from 6 months to 48 months, or a variable rate plan with 12 to 18 month terms.

• Minimum deposit amounts vary between $25 and $500.

• Contact our Customer Service Representatives for more detailed information.

Traditional IRA: Tax deferred earnings with deductible contributions.

Roth IRA: Tax free earnings with non-deductible contributions.

Coverdell Education Savings Account IRA: Education savings program made with after-tax contributions. Earnings are tax-free if used for qualifying reasons.

Consult your tax advisor for specific information regarding IRA eligibility and contribution guidelines.