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IRA Accounts

Compare the benefits of our Individual Retirement Accounts (IRA)
and Educational Contribution Account (ECA)

Compare the benefits of our Individual Retirement Accounts (IRA) and Educational Contribution Account (ECA)

IRA CD

IRA Savings

First Roth IRA

First Educational

IRA CD

IRA Savings

First Roth IRA

First Educational

IRA CD

IRA Savings

First Roth IRA

First Educational

IRA CD

IRA Savings

First Roth IRA

First Educational


IRA CD
IRA Savings
First Roth IRA
First Educational IRA
Description

For customers seeking a tax advantage, savings, and retirement protection.

For customers seeking a tax advantage, savings, and retirement protection. Allows contributions throughout the year.

For customers looking to receive tax-exempt income in retirement.

For customers seeking tax relief while also saving for their designated beneficiaries’ college or university studies.

Type

Deductible

Deductible

Non-deductible

Deductible

Eligibility

Individuals under the age of 75.

Individuals under the age of 75.

No age limit.

Persons with parental rights over the beneficiary for initial account opening. A new account may be established until the beneficiary reaches age 21. Contributions to existing accounts by persons within the third degree of consanguinity or second degree of affinity are allowed until the beneficiary reaches age 25.

Minimum Opening Balance

$500

$40 with IRA Fácil1 service or $100 without IRA Fácil service.

$500

$500

Maximum Contribution

$5,000 for individuals or $10,000 for couples filing jointly.

$5,000 for individuals or $10,000 for couples filing jointly.

$5,000 for individuals or $10,000 for couples filing jointly.

$500 per beneficiary per year.

Terms

1, 2, 3, or 5 years

1 year

1 and 3 years

1 and 3 years

Contributions Allowed Throughout the Year

N/A

Allowed through the branch or through the IRA Fácil service.

N/A

A single $500 contribution per tax year.

Interest Credited2

Quarterly

Quarterly

Quarterly

Quarterly

Account Statement

Quarterly and annually

Quarterly and annually

Quarterly and annually

Quarterly and annually

Service for Checking Balances

Digital Banking

Digital Banking

Digital Banking

Digital Banking

Learn more
Learn more
Learn more
Learn more

IRA CD
IRA Savings
First Roth IRA
First Educational IRA
Description

For customers seeking a tax advantage, savings, and retirement protection.

For customers seeking a tax advantage, savings, and retirement protection. Allows contributions throughout the year.

For customers looking to receive tax-exempt income in retirement.

For customers seeking tax relief while also saving for their designated beneficiaries’ college or university studies.

Type

Deductible

Deductible

Non-deductible

Deductible

Eligibility

Individuals under the age of 75.

Individuals under the age of 75.

No age limit.

Persons with parental rights over the beneficiary for initial account opening. A new account may be established until the beneficiary reaches age 21. Contributions to existing accounts by persons within the third degree of consanguinity or second degree of affinity are allowed until the beneficiary reaches age 25.

Minimum Opening Balance

$500

$40 with IRA Fácil1 service or $100 without IRA Fácil service.

$500

$500

Maximum Contribution

$5,000 for individuals or $10,000 for couples filing jointly.

$5,000 for individuals or $10,000 for couples filing jointly.

$5,000 for individuals or $10,000 for couples filing jointly.

$500 per beneficiary per year.

Terms

1, 2, 3, or 5 years

1 year

1 and 3 years

1 and 3 years

Contributions Allowed Throughout the Year

N/A

Allowed through the branch or through the IRA Fácil service.

N/A

A single $500 contribution per tax year.

Interest Credited2

Quarterly

Quarterly

Quarterly

Quarterly

Account Statement

Quarterly and annually

Quarterly and annually

Quarterly and annually

Quarterly and annually

Service for Checking Balances

Digital Banking

Digital Banking

Digital Banking

Digital Banking

Learn more
Learn more
Learn more
Learn more



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PageContent3

Member FDIC. FirstBank offers you a range of IRAs; you have the right to obtain detailed information to determine which one is right for you. Consult with your tax advisor. Rollover fee: A $50.00 rollover fee applies when transferring the account to another eligible institution. Early withdrawal penalty: IRA Savings accounts are subject to an early withdrawal penalty of one (1) month of interest accrued or to be accrued on the principal, at the interest rate for the IRA as of its opening or last renewal, whichever occurred last. Early withdrawal penalty on IRA CD, First Roth IRA, and First Educational IRA (ESA): There is an early withdrawal penalty of three (3) months (if the term is one (1) year) or six (6) months (if the term is greater than one (1) year) of interest accrued or paid, or the total interest accrued and/or paid, whichever amount is smaller, on the principal, at the interest rate for the IRA/ESA as of its opening or last renewal, whichever occurred last. Fees may reduce earnings on the account. For additional information, refer to the IRA and/or Education Savings Accounts Trust adoption agreement provided to you at account opening. 1IRA Fácil is a service that allows funding an IRA by automatically debiting the desired amount from a deposit account at FirstBank or at another financial institution free of charge. Debits can be made bi-weekly or monthly. 2Annual Percentage Yield (APY) is subject to deposited amount remaining in the account until maturity. For product APYs, contact us. License OCIF #31.

             
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Copyright © 2023 First BanCorp. All rights reserved. Only for residents of Puerto Rico. Opening Account Notice: Federal Law requires that all financial institutions obtain, verify, and keep records regarding the information that identifies all persons who open accounts. This means that when you open an account, we will ask for your name, address, date of birth and social security or tax identification number as well as other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. In all cases, protection of our customers’ identity and confidentiality of their information is our commitment. Apple and the Apple logo are trademarks of Apple, Inc., registered in the US and other countries. APP Store™ is a service mark of Apple, Inc. Google and the Google Play brands are registered trademarks of Google LLC.

The insurance products offered by FirstBank Insurance Agency, LLC are not a bank deposit. They are not insured by the FDIC, nor by any agency of the state or federal government. They are also not guaranteed by FirstBank or any of its subsidiaries and may decrease in value. Copyright © 2023 First BanCorp. All rights reserved.