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Personal Banking

Individual Retirement Accounts (IRAs)

You have worked hard for your money. Now is the time to secure your future by choosing an IRA to meet your needs. At 1st Financial , you can count on a high rate of return on your investment and competitive interest. Of course, our IRAs are separately insured to $250,000 by the NCUA. All you have to do is select an IRA to meet your needs!

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Traditional IRA

The Traditional IRA is a great way to save for retirement while taking advantage of tax-deferred earnings.

  • Your contributions may be tax-deductible; if you participate in a qualified retirement plan your tax deduction may be limited. Consult with your tax advisor.
  • Earnings grow tax-deferred until they are withdrawn. Withdrawals are taxed as ordinary income.
  • Withdrawal penalty-free for the following reasons: age 59 ˝, qualified educational expenses, first-time home purchase, disability, qualifying medical expenses exceeding 7.5% of adjusted gross income, payments of health insurance premiums while unemployed for 12 weeks or longer, and death.

Traditional IRA FAQs

Roth IRA

With this IRA, contributions are not tax deductible; however, withdrawals may be tax free if certain requirements are met.

  • Contributions are made from non-deductible after-tax income. Contributions grow in a tax-free environment.
  • After account has been open for five years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59 ˝, if funds are needed for certain medical expenses, disability, death, education expenses, or first-time home purchases.
  • Not required to start withdrawals at the age of 70 ˝. Those with earned income can contribute after age 70˝.


Coverdell Education IRA

A great way to begin saving for your child’s education expenses.

  • Contribute up to $2,000 per year per child.
  • Withdrawals are tax-free and penalty-free only for qualified education expenses (tuition, books, fees, and computer equipment for elementary, secondary, and post-secondary education)
  • Funds can be transferred from one child’s account to an account for another child in the family.
  • Contributions are allowed until the child reaches age 18, and all funds must be withdrawn by the time the beneficiary turns 30. Funds may be transferred to another child in the same family without penalty.

Coverdell Education IRA FAQs

Safety of NCUA insurance up to $250,000

*APY = Annual Percentage Yield

Minimum deposit $1,000 for Traditional and Roth IRA,and Coverdell Education IRA.

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