Federal Deposit Insurance Corporation FDIC Insured - Backed by the full faith and credit of the U.S. Government.

Federal Deposit Insurance Corporation FDIC Insured - Backed by the full faith and credit of the U.S. Government.

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CDs & IRAs

  

Certificates of Deposit (CDs)

First Federal Bank offers certificates of deposit - or CDs - with a variety of terms and competitive rates. Generally, the longer the term, the higher the yield.

  • Choice of term: 7 days through 7 years
  • Monthly interest compounding for terms of 1 year or longer
  • Monthly interest payout options on anniversary date              
  • Automatically renewable
  • Fixed rate of return guaranteed for term of certificate
  • "Step Up Rate" feature available*
  • Minimum opening deposit of:
    • $1,000 for terms less than 1 year
    • $500 for terms of 1 year or longer
  
 *Not available for public funds

CD Rate Special 11-13-24

$1,000 minimum deposit required; offer may end at any time, with or without notice. Annual Percentage Yield (APY) is accurate and effective as 10/22/24 and may change without notice. Not available to commercial or business accounts. Penalty will be imposed for early withdrawal. Fees could reduce the earnings on the account.

 

 

Individual Retirement Accounts (IRAs)

First Federal Bank offers a full range of Individual Retirement Accounts (IRAs) with competitive rates and flexible options to meet your needs. Whether you choose a fixed- or variable-rate IRA, we provide a variety of payout options and the opportunity to make additional contributions.

  • Must have earned income
  • Choice of terms for your investment, fixed, or variable rate
  • No setup or annual service charges
  • Contributions are allowed up to the tax filing date, excluding extensions
  • Annual or periodic contributions allowed
  • Tax-free rollovers and transfers*
  • Various payout options for owners and beneficiaries                                      
  
 

Traditional IRA

A Traditional IRA is a retirement account that you fund with pre-tax income. Contributions are tax-deductible (subject to certain Modified Adjusted Gross Income limitations) and interest earned is tax-deferred. Enjoy penalty-free distribution to pay certain higher education expenses or for first-time home purchases (additional reasons apply).*

  • Contributions are tax deductible*
  • Interest is tax-deferred*
  • Distributions may be made at age 59½                              
  • Mandatory distribution requirements begin at age 73**
**Individuals born on or before June 30, 1949, are required to begin taking a Required Minimum Distribution at age 70½.

Roth IRA

A Roth IRA is a retirement account that you fund with post-tax income so you cannot deduct your contributions on your income taxes, but all future withdrawals that follow Roth IRA regulations are tax-free.

  • No age requirements
  • Qualified distributions are penalty- and tax-free if funds meet a 5-year holding period at age 59½ or first time home buyer*
  • Contributions subject to Modified Adjusted Gross Income limitations                                                                                                      
  • No mandatory distribution requirements
 

Coverdell Education Savings Account (CESA)†

A Coverdell Education Savings Account is an account designed to encourage savings to cover future education expenses such as tuition, books, and uniforms. Your CESA allows for tax-deferred growth and proceeds to be withdrawn tax-free for qualified education expenses at a qualified institution.**

  • Used for qualified primary, secondary, and higher education expenses
  • Contributor must meet Modified Adjusted Gross Income limitation
  • Funds must be distributed by age 30
  • Unused funds may be rolled over to other qualifying family members
  • Designated beneficiary must be under 18 years of age
  
 †Formerly referred to as an Education IRA.
*Consult your tax advisor or financial planner for more information.

 

 

 

Locations

Education Center

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