- 10 locations
- 26 ATMs
24/7 access to account information, bill pay and more.
Give Us a Call
At First Bank, we offer Traditional, SEP and Roth IRAs, which we invest in CDs, to aid in your retirement savings while maintaining FDIC insurance up to the maximum allowable limit.
Other IRA options are available through First Financial Advisors and the First Bank Trust and Asset Management Department.
Main Features of CD IRAs
- Terms from three (3) to 60 months
- Earns interest
- Interest is accrued daily and compounded quarterly
- $500 minimum balance
- No monthly fee
- Online banking
- A penalty applies for early withdrawal
Difference Between Traditional and Roth
With a Traditional IRA, you make contributions with pre-tax income. Payment of income taxes on interest earnings is deferred until you make withdrawals upon reaching retirement age.
With a Roth IRA, contributions are made with income you’ve received that has already been taxed. Interest earnings are free from taxation.
Contact your tax advisor about the tax benefits available to you.