Certificates of Deposit (CDs)
First Federal Bank offers certificates of deposit, or CDs, with a variety of terms and competitive rates. You get a fixed rate of return that is guaranteed for the term of your certificate. Generally, the longer the term, the higher the yield.
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.
*Consult your tax advisor or financial planner for more information
If you’re under 70½ years of age, consider the Traditional IRA. 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.
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.
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 Your CESA allows for tax-deferred growth and proceeds to be withdrawn tax-free for qualified education expenses at a qualified institution.
*Formerly referred to as an Education IRA
CDARS is one of the safest and smartest investment vehicles for investors looking to protect their large-dollar investments while earning CD-level returns that may compare favorably to Treasury and money market fund yields.
CDs placed through CDARS offer investors (including institutional investors, such as corporations, foundations and endowments) the following:
Investing through CDARS can be a strong alternative to Treasuries. Like Treasuries, FDIC insurance is backed by the full faith and credit of the U. S. government. For more information on CDARS investments, stop by your nearest First Federal Bank office or contact us.
CDARS CDs are considered bank deposits. They are not DTC eligible and, currently, no secondary market exists. Early withdrawals are available, but require the payment of a substantial penalty.
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