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First Educational IRA
Routing number: 221571473
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We understand the importance of planning your children's education and we are here to help you in the process.
You can claim a $500 annual deduction for each beneficiary on your income tax return1
You can claim for the contribution in addition to other IRA1 accounts
Compound interest credited quarterly
Quarterly account statements
Annual Summary
Maximum Contribution of $500 per beneficiary per year
Maturity terms of 1 and 3 years
HOW TO APPLY
Ready to apply?
Make sure you have the following documents readily available before applying.
In addition to your Social Security card, you will also need one valid ID with photo issued by the Government of Puerto Rico, such as:
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Driver's license
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Passport
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Military ID
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Government ID
With these documents in hand, apply here.
ACCOUNTS THAT COMPLEMENT
FREQUENTLY ASKED QUESTIONS
Yes, the First Educational IRA helps you plan your children's education while deducting contributions from your income tax returns.
An IRA account and a CD, both allow you to save money for your future. The IRA gives you a tax benefit. The CD is a deposit account with a defined term.
An IRA account allows you to save money for retirement, thus complementing your Social Security income. In addition, it gives you a tax benefit.
Member FDIC. Only for residents of Puerto Rico. FirstBank offers you several IRAs and investment alternatives. You have the right to obtain detailed information to determine which is the most convenient. 1 Subject to the dispositions established by the Puerto Rico Internal Revenue Code. Consult your tax or financial advisor. Opening minimum deposit: $500. Annual Percentage Yield (APY) is subject to the amount deposited being maintained in the account until maturity. Withdrawals made before the account matures incur penalties. Penalties for early withdrawal: 1 year term: 3 months of interest; 3-year term, 6 months of accrued interest or the total of accrued and/or paid interest, whichever is less on the principal of the interest rate that the IRA has been at since its opening or last renewal, whichever occurred last. Transfer fee to another institution: $50. Fees may reduce earnings on the account. Opening deposit, APY, and penalties may vary depending on the term of the IRA. Refer to the product disclosures provided at account opening. OCIF Lic. # 31.