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Retirement Savings

Golfing, gardening, giving back. How do you want to spend your retirement?

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Rates current as of September 1, 2023

Save today - enjoy tomorrow:)

It’s your retirement and it’s your choice how to prepare. First Credit Union offers both Traditional and Roth individual retirement account options. Read on to learn about some of the unique tax advantages of each. 

Do you earn compensation or file a joint tax return with a spouse who earns compensation? You are eligible to contribute to a Traditional IRA! As of the 2020 tax year, you may make a contribution at any age. Or have you received a distribution from a qualified retirement plan and want to move the proceeds into a retirement savings account? A Traditional IRA might be right for you. Benefits include:

  • Earnings grow tax deferred until withdrawn
  • Contributions may be tax deductible
  • Penalty-free withdrawals for qualified education expenses, qualifying medical expenses, and first time home purchase*

Roth IRA

Do you have earned income and your modified adjusted gross income is less than the defined limits set by Congress? A Roth IRA might be right for you. Benefits include:

  • Earnings are tax deferred and qualified withdrawals of earnings are tax free if the account is open for five years
  • Qualified withdrawal reasons include disability, death, age 59½ or older or first time home purchase*
  • Not required to begin withdrawals at age 72

Not sure?

Here are a couple of general rules-of-thumb:

  • Choose a Traditional IRA if you want the tax deduction right now - it's also a better choice if you anticipate paying taxes at a significantly lower rate in retirement
  • Choose a Roth IRA if you don't need the tax break right now - its flexibility allows you to withdraw regular contributions at any time, tax and penalty free plus you don't have to take mandatory distributions at age 72.

As always, consult with your tax advisor for complete details. This information is general and not intended to be tax advice. Please consult a tax professional.

Learn more

  • Learn more about Saving for Retirement
  • Looking for other investment options? Visit the Invest page to learn more

We're here to help:)

Let us help you determine which account is right for you. Visit any First Credit Union branch – find a location near you – or give us a call at 480.756.5500 or toll-free outside the Phoenix area area at 1.800.732.6986.

Current Rates

Accumulation Accounts for IRA, HSA, and CESA

TermAPY*Min. Amount
7 Month CD Special3.80%
3.80%
3.80%		$500
$25,000
$50,000
1 year3.60%
3.65%
3.70%		$500
$25,000
$50,000
17 Month CD Special4.50%
4.50%
4.50%		$500
$25,000
$50,000
2 years3.70%
3.75%
3.80%		$500
$25,000
$50,000
3 years3.60%
3.65%
3.70%		$500
$25,000
$50,000
5 years 3.50%
3.55%
3.60%		$500
$25,000
$50,000
IRA (Traditional & Roth), HSA & CESA Accumulation Accounts1.25%$50,000

*APY = Annual Percentage Yield. Dividends are prospective. In case of early withdrawal or fees, earnings could be reduced. The rate, APY, and fee schedule may change at any time without notice. Other investments are also available. Call (480) 756-5500 for more information.

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Your Insured Funds

*Lifetime limit for exemption on first time home purchase is $10,000.

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