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First Educational IRA

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​​​​​​​​​​​Your children deserve the brightest future.

Your children are always first. That’s why we provide help in the important process of planning their education. Here are some of the advantages that you get by opening the account:


  • You can claim an annual $500 deduction on your income tax return for each beneficiary, in addition to the deduction that can be claimed for the contributions to other IRAs1.

  • Compounded interest credited quarterly.

  • Quarterly account statements.

  • Access to account information through Digital Banking.

  • Opening minimum deposit: $500.

  • Terms of 1 and 3 years.​

Call Us 1-866-695-2511​

Member FDIC. Only for residents of Puerto Rico. FirstBank offers different IRA accounts and investment alternatives. You have the right to obtain detailed information to determine which is the most convenient IRA account for you. Refer to the product’s disclosures that are provided at the moment of opening the account. 1 Subject to the distribution limitations of the Internal Revenue Code of Puerto Rico. Consult with your financial or tax consultant. The annual percentage yield (APY) is subject to maintaining the deposited amount in the account until the expiration date. Withdrawals done before expiration date are subject to penalties. Penalties for early withdrawal: 1 year term: three (3) months of paid or accrued interest, or total interest paid or accrued, whichever is less; 3 year term: 6 months payment of interest accrued or earned, or total interest accrued and/or earned (whichever is less) from the principal at the interest rate of the IRA since the opening date or last renewal date, whichever occurred last. Fee for transfers to other institutions: $50. Please refer to the product disclosure provided on the opening of the account. The opening deposit, the APY and penalties vary depending on the term of the IRA CD. Lic. OCIF #31.

Member FDIC Only for residents of Puerto Rico. FirstBank offers different IRA accounts and investment alternatives. You have the right to obtain detailed information to determine which is the most convenient IRA account for you. Refer to the product’s disclosures that are provided at the moment of opening the account. 1 Subject to the distribution limitations of the Internal Revenue Code of Puerto Rico. Consult with your financial or tax consultant. The annual percentage yield (APY) is subject to maintaining the deposited amount in the account until the expiration date. Withdrawals done before expiration date are subject to penalties. Penalties for early withdrawal: 1 year term, three (3) months of accrued interest; 3 year term, 6 months payment of interests accrued or earned, or the total interests accrued and/or earned (whichever is less) from the principal at the interests rate of the IRA since the opening date or last renewal date, whichever occurred last. Fee for transfers to other institutions: $50. Please refer to the product disclosure provided on the opening of the account.​ The opening deposit, the APY and penalties vary depending on the term of the IRA CD. Lic. OCIF #31.

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