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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. 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.

  • Choice of term (7 days through 7 years).
  • Minimum opening deposit of:
    • $1,000 for terms less than 1 year
    • $500 for terms of 1 year and longer
  • Monthly interest compounding for terms of 1 year and longer.
  • Monthly interest payout options on anniversary date.
  • Automatically renewable.
  • “Step Up Rate” feature available (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.
  • Annual or periodic contributions allowed.
  • Choice of terms for your investment, fixed, or variable rate.
  • Contributions are allowed up to the tax filing date, excluding extensions.
  • Tax-free rollovers and transfers*.
  • No setup or annual service charges.
  • Various payout options for owners and beneficiaries.
*Consult your tax advisor or financial planner for more information.

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 72**.
*Consult your tax advisor or financial planner for more information.
**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.
  • Contributions subject to Modified Adjusted Gross Income limitations.
  • Qualified distributions are penalty- and tax-free if funds meet a 5-year holding period at age 59½ or first time home buyer*.
  • No mandatory distribution requirements.
*Consult your tax advisor or financial planner for more information.

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.
  • Designated beneficiary must be under 18 years of age.
  • Funds must be distributed by age 30.
  • Unused funds may be rolled over to other qualifying family members.
*Formerly referred to as an Education IRA.
**Consult your tax advisor or financial planner for more information.


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:

  • Access to multi-million dollar FDIC insurance.
  • The ease of working through one trusted relationship, earning one rate per maturity, and receiving consolidated statements.
  • The ability to forego ongoing collateral tracking.
  • The power of daily compounding.
  • A finite maturity date (in contrast to auction rate or some adjustable rate securities).

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.

You should compare the current rates and features of CDs (including CDs placed through the CDARS service) to other investment alternatives. Past performance may not be representative of future performance or success.

Limits apply. If a depositor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the depositor to determine whether the placement of the depositor’s funds through CDARS or a particular CDARS transaction satisfies those restrictions. Funds may be submitted for placement only after a depositor enters into a CDARS Deposit Placement Agreement with our bank. The agreement contains important information and conditions regarding the placement of funds by our bank through CDARS.

CDARS is a registered service mark of Promontory Interfinancial Network, LLC.





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