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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


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.





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