Close
IRA Accounts
Routing number: 221571473
Close
Personal
Digital Banking
Not enrolled? Sign up here.
Apply Online:
Apply for Personal Loan
Manage your products and services:
Business
Business Digital Banking
Not enrolled? Request more information.
Blocked? Contact us at 1-866-939-8039
Apply Online:
Manage your products and services:
Description
For customers seeking a tax advantage, savings, and retirement protection.
For customers seeking a tax advantage, savings, and retirement protection. Allows deposits in branch and thru IRA Fácil service.
For clients seeking long-term tax benefit, savings and protection for their retirement. Contributions to these IRAs are not deductible from the Income tax return, but interest earned is free of contributions.
Educational Contribution Account (CAE). For clients who want to benefit from obtaining a tax benefit and at the same time save to pay for post-secondary studies of their beneficiaries.
Type
Eligibility
Individuals under the age of 75 who at the end of the tax year receive income from a profession or wages. Must be a PR resident.
Individuals under the age of 75 who at the end of the tax year receive income from a profession or wages. Must be a PR resident.
Individuals under the age of 75 who at the end of the tax year receive income from a profession or wages. Can contribute after the age of 75. Must be a PR resident.
Persons who have parental authority of the beneficiary of the account. Can contribute until the beneficiary is 25 years old. Must be a PR resident.
Minimum opening balance
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
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
Account statement
Service available for checking balances
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 (ECA): 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 First Educational Accounts Trust adoption agreement and IRA and/or Educational Contribution Account Disclosure 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