Individual Retirement Account (IRA) CD
Traditional IRA CD
An IRA CD is one of many retirement planning tools available. With it, you can set aside money for periods of three to 60 months, allowing your savings to earn interest and defer payment of income taxes until you reach retirement age. A $500 minimum deposit is all you need to set up this account, and terms may be extended to allow for higher yields. Contact your tax advisor about the benefits available to you. Interest is accrued daily and compounded quarterly. A nominal penalty applies for early withdrawal. Penalties are waived for accountholders age 59½ and older.
Roth IRA CD
Similar to a traditional IRA CD, this account is designed for retirement savings and is available in terms of three to 60 months. The contribution, however, is deposited after taxation, and the earnings are then free from taxation. A $500 minimum deposit is all you need to set up this account, and terms may be extended to allow for higher yields. Contact your tax advisor about the benefits available to you. Interest is accrued daily and compounded quarterly. A nominal penalty applies for early withdrawal.
Other IRA options are available through First Financial Advisors and the First Bank Trust and Asset Management Department.
| Account Name | FEATURES | ||||
| Minimum Balance & Fees | Interest | Free Check Card or ATM Card | Free Online Banking | Withdrawal Penalties | |
| Money Market | $7 monthly fee waived with $1,000 minimum balance | yes | yes | yes | none |
| Student | none | yes | no | yes | none |
| Christmas Club | none | yes | no | yes | penalty for early withdrawal |
| Statement | $3 quarterly fee waived with $200 minimum balance | yes | yes | yes | none |
| Premium Plus | $5 monthly fee waived with $2,500 minimum balance | three tier structure | yes | yes | none |
| Account Name | FEATURES | ||||
| Minimum Balance & Fees | Interest | Free Check Card or ATM Card | Free Online Banking | Withdrawal Penalties | |
| Preferred First Rate | $5 monthly fee waived with $2,500 minimum balance | two-tier structure; adjusts with prime | no | yes | none |
| CDs | varies | varies with opening amount and maturity | no | yes | nominal penalty for early withdrawal |
| IRAs | varies | varies with opening amount and maturity | no | yes | early withdrawal penalty varies with type |