More rewards and better benefits
Compare the benefits of our Individual Retirement Accounts (IRA) and Educational Contribution Account (ECA)
IRA CD
IRA Savings
First Roth IRA
First Educational
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.
Deductible
Non-deductible
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.
$500
$40 with IRA Fácil1 service or $100 without IRA Fácil service.
$5,000 for individuals or $10,000 for couples filing jointly.
$500 per beneficiary per year.
1, 2, 3, or 5 years
1 year
1 and 3 years
N/A
Allowed through the branch or through the IRA Fácil service.
A single $500 contribution per tax year.
Quarterly
Quarterly and annually
Digital Banking
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.
