Individual Retirement Accounts
YOUR ROAD TO RETIREMENT BEGINS WITH MEMBERS FIRST.
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).
An IRA is a tax-advantaged investment account you can use for retirement savings. Contributions to some IRAs may be tax-deductible or withdrawals may be tax-free, depending on the type of IRA you get.
Save For Retirement
IRAs make it easy to put money
away and save for retirement. Your
savings may grow faster in an
IRA than in a taxable account.
Cut Your Tax Bill
Contributions to some Individual
Retirement Accounts may
There are a variety of IRA accounts,
each with different benefits, to
choose from. At Members First,
we offer Traditional, Roth, and
Choosing the Right IRA for You
There is no minimum balance to open an IRA account at Members First, 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 to learn more about these options and to decide which one is best for you and your family.
- Account can be opened at any age
- 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 72
- 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 72
- 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- Funds can be withdrawn after the child turns 18
- All funds must be withdrawn by his or her 30th birthday to avoid penalties
To learn more about your IRA options, please stop by one of our locations or speak with a Call Center Representative at (877) 434-6328 or locally at (850) 434-2211. Our Call Center hours are Monday - Friday from 8:30 a.m. - 4:30 p.m.
Early withdrawal penalty
- 90 days worth of interest on the amount withdrawn
*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.
Dividends calculated by the Average Daily Balance Method.
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.
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