Individual Retirement Accounts (IRAs)
Procrastination can be costly. And nowhere is that more true than when it's time to retire. The more you save now, the better off you'll be then, when you're ready to start relaxing.
At First Bank, we offer traditional IRAs with tax advantages to help you prepare for those golden years. Don't put it off any longer—open up your IRA today and start preparing for the future.
- Save for retirement
- Interest credited monthly
- Time deposit investment options available
- No setup or service charges
- Contributions are tax deductible
- Convenient automatic renewal
- Free Online Banking access
- $500 deposit to open account
Take a look at our current rates.
NOTE: Interest paid on Retirement Time Deposits with maturities greater than 12 months is calculated daily and paid monthly. Interest is paid directly to the Time Deposit.
- More Information
- Individuals under 70½ with earned income can qualify
- $5,500 maximum annual contribution for 2017
- Additional $1,000 catch-up contribution for eligible individuals age 50 and up
- Maximum yearly contribution limits subject to change after 2017
- Contributions may be made for the previous year until April 17th of the current year
2017 Traditional IRA Contribution Limits
If you are under 50 years of age at the end of 2016: The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $5,500 or the amount of your taxable compensation for 2016. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $5,500. The maximum deductible contribution to a traditional IRA and the maximum contribution to a Roth IRA may be reduced depending on your modified adjusted gross income.
If you are 50 years of age or older before the end of 2016: The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $6,500 or the amount of your taxable compensation for 2016. The maximum deductible contribution to a traditional may be reduced depending on your modified adjusted gross income.
SEP Contribution Limits
Contributions an employer can make for 2016 and 2017 to an employee's SEP-IRA cannot exceed the lesser of 25% of the employee's compensation OR $54,000