CD/IRA
Certificate of Deposit
A Certificate of Deposit (CD) gives you a competitive, fixed rate of interest, which is locked in at the time you open your account. CDs at FFCU are available with a minimum deposit of only $500.00. CDs are available with 6, 12, 24, 36, 48, and 60-month terms.
CD Plus Account
This certificate deposit account allows even small investors to earn CD rates. The CD Plus Account features an opening deposit of only $100. This special Certificate of Deposit also allows you to add to the CD. Deposits can be made manually or automatically through payroll deduction or direct deposit.
The More you Save, the More Chances you Have to Win
It’s time to get rewarded for saving. Open a “Save to Win” CD with a minimum of $25 at Family Financial Credit Union. For every $25 deposited, you are electronically entered into a drawing to win one of four $25 monthly prizes from FFCU, and monthly and quarterly multi-state drawing cash prizes. Quarterly drawings will be performed in January, April, July, and October. Start today, and you could be our next winner. It’s that easy…. the more you save, the more chances you have to win!
Individual Retirement Accounts (IRAs)
Save today for the retirement you're planning tomorrow.
Whether retirement is years away or right around the corner, an Individual Retirement Account can help you build savings specifically for the future. Family Financial Credit Union offers both Traditional IRAs and Roth IRAs, giving you options for your retirement savings strategy.
With no minimum balance required to open an IRA savings account, getting started with FFCU is simple.
Choose the IRA That Works for You
Traditional IRA
A Traditional IRA is a retirement account designed to help you save for the future while potentially providing tax advantages.
Traditional IRA Features
Designed for retirement savings
Contributions may be tax-deductible depending on your individual circumstances
Accepts eligible rollovers and direct transfers from other retirement accounts
Funds can be transferred to other retirement vehicles
Funds remain accessible when needed
No minimum balance required to open an IRA savings account
IRA Certificates are available with a $500 minimum deposit
Roth IRA
A Roth IRA is a retirement account for after-tax retirement funds that can provide another way to build savings for your future.
Roth IRA Features
Designed for after-tax retirement savings
Withdrawals may be tax-free
Accepts eligible rollovers and direct transfers from other retirement accounts
Funds can be transferred to other retirement vehicles
Funds remain accessible when needed
No minimum balance required to open an IRA savings account
Grow Your IRA with an IRA Certificate
Members looking for another way to save for retirement can also choose an FFCU IRA Certificate.
IRA Certificates require a $500 minimum deposit. Additional deposits or transfers cannot be made to the certificate except at maturity. If funds are withdrawn before the certificate matures, an FFCU penalty may apply.
Traditional IRA vs. Roth IRA
| Feature | Traditional IRA | Roth IRA |
|---|---|---|
| Contributions | Contributions may qualify for a tax deduction depending on your individual circumstances. | Contributions are made using after-tax retirement funds. |
| Withdrawals | Taxes or penalties may apply depending on the withdrawal. | Withdrawals may be tax-free depending on applicable requirements. |
| Rollovers & Transfers | Available | Available |
| IRA Savings Minimum | No minimum balance required | No minimum balance required |
| IRA Certificate Minimum | $500 | N/A |
IRA Frequently Asked Questions
Is there a minimum amount required to open an IRA?
There is no minimum balance required to open an FFCU IRA savings account. IRA Certificates require a minimum deposit of $500.
Can I access money in my IRA?
IRA funds are accessible. However, taxes or penalties may apply depending on the type of IRA, the type of withdrawal and your individual circumstances.
If your funds are held in an IRA Certificate that has not yet matured, an FFCU penalty may also apply.
How much can I contribute to my IRA?
IRA contribution limits are established annually by the IRS. Your individual contribution amount can vary depending on your tax status, age and other circumstances.
FFCU recommends consulting a qualified tax professional to determine how much you may contribute and whether contributions may be tax-deductible.
Can I transfer an IRA from another financial institution?
FFCU IRAs can accept eligible rollovers and direct transfers from other retirement accounts. Call us at 800-332-0779 to learn more about transferring retirement funds to FFCU.
Could I be charged a penalty for withdrawing money?
If funds are held in an IRA Certificate that has not yet matured, an FFCU penalty may apply. Depending on the withdrawal and your individual circumstances, additional IRS taxes or penalties may also apply.
Consider consulting a qualified tax professional before making an IRA withdrawal if you have questions regarding potential tax consequences.
Not sure which IRA is right for you?
IRA contribution limits, eligibility, deductibility and tax consequences can vary based on your individual circumstances. An FFCU team member can explain the IRA products we offer, while a qualified tax professional can help you determine which option may be appropriate for your individual tax situation.
Start Building Toward Retirement
Your retirement savings don't have to start with a huge deposit. An FFCU IRA gives you a dedicated place to begin building for your future, with Traditional and Roth options available.
Let's get your retirement savings started.