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Home > Personal > Save With Us > Individual Retirement Accounts

Individual Retirement Accounts


When you’re a part of the Members First family, we work with you to make sure you have the funds you need to retire and enjoy your senior years with peace of mind. One important part of reaching that goal is putting aside money in an Individual Retirement Account (IRA).

There is no minimum balance to open an IRA account, and we offer competitive rates on the 12- and 24-month fixed rate options. Interest is compounded monthly and credited to your account at the end of each month. Your IRA will be automatically renewed every 12 and 24 months at the current rate until maturity*.

Each of these IRAs has unique features, guidelines and tax implications. We recommend that you talk with your tax advisor or Rodney Rich & Company to learn more about these options and to decide which one is best for you and your family.


  • Account can be opened without any employer participation until age 70 ½
  • Contributions are tax-deductible
  • Interest earned will be tax-deferred — you won’t need to pay those taxes until you withdraw funds
  • Early withdrawal before age 59 ½ may result in a penalty
  • Required to start taking equal payments at age 70 ½


  • Not tax-deductible — taxes already taken out of the principal amount when it is contributed
  • Withdraw funds from principal contributions at any time, tax-free
  • Earned interest is not tax-free until age of 59 ½
  • No limit on how long you can contribute to your Roth IRA
  • Not required to take payments at age 70 ½


  • Account can be opened for any child under the age of 18
  • Contributions can be made by anyone in the child’s life, such as parents or grandparents
  • A collective total from all contributors can be up to $2,000.00 each year until the child turns 18
  • Funds can be withdrawn after the child turns 18
  • All funds must be withdrawn by his or her 30th birthday to avoid penalties

*At maturity, there is a 10-day grace period to withdraw funds without being charged a Credit Union penalty. If an early withdrawal is necessary, the Credit Union penalty is 90 days worth of interest on the amount withdrawn.

Individual Retirement Accounts
Effective Date: April 4, 2019
Type of AccountAPYInterest Rate
IRA Fixed 12 Months 1.75% 1.74%
IRA Fixed 24 Months 2.00% 1.98%
An interest penalty may be imposed for early withdrawals. All rates are subject to change without notice. Dividends calculated by the Average Daily Balance Method. APR= Annual Percentage Rate. Federally insured by NCUA.

All rates are subject to change at the sole discretion of the Board of Directors.****

For further information on all Credit Union deposit accounts, please refer to our Membership and Account Agreement for Terms and Conditions, Electronic Transfers, Funds Availability, Funds Transfers and Truth In Savings. Please also see our Schedule of Fees.

To learn more about your IRA options, please stop by one of our locations or a Call Center Representative at (877) 434-6328 or locally at (850) 434-2211.


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Members First CU of Florida
NMLS #405711
Equal Housing Lender National Credit Union Administration
This Credit Union is federally-insured by the National Credit Union Administration. We do business in accordance with the Fair Housing Law and Equal Opportunity Credit Act.
Members First Credit Union of Florida is not affiliated with Members First Credit Union (Kentucky)

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