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Individual Retirement Accounts

Making Money Work For You

Believe it or not, retirement creeps up quickly. So it’s good to be prepared, and start saving for it as early as you can. Whether your dream retirement is sailing the world, starting a second career, or hanging out with the grandkids, you’re going to want to be as financially secure as you can be.

We understand, and that’s why we offer three types of Individual Retirement Accounts to help you on your way. Each is available as a Certificate ($1,000 minimum opening deposit) or Savings Account ($50 minimum opening deposit).*

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If You're Interested In...

Traditional IRA

Annual contributions up to $5,500, plus a $1,000 catch-up contribution if over the age of 50.

Depending on your income, your contributions may be tax deductible. Ask your tax advisor about your individual situation.

Withdrawals at retirement will be taxed at your then-current rate, when you will probably be in a lower tax bracket.

Your spouse may open and contribute to his/her own IRA.

Roth IRA

Annual contributions up to $5,500, plus a $1,000 catch-up contribution if over age 50.

Contributions are not deductible, but withdrawals at retirement are tax-free.

Earnings are tax-free if account is open for five tax years.

Coverdell IRA Education Savings Program

May be opened by a parent or guardian in the name of any child up to age 18.

Annual contributions of up to $2000 per child permitted; not deductible.

Withdrawals for qualified education expenses are tax- and penalty-free.

IRA Rollovers

A Rollover IRA allows you to consolidate retirement savings from previous employers, including a 401(k) or 403(b), while still receiving the tax-deferred status.Here are a few questions you may have:

How Do I Rollover My 401(k)? 

  • Contact your former employer or plan administrator to request the paperwork to begin your distribution. Request that your distribution check is made payable to American First Credit Union and For Benefit Of: your name.(e.g. American First Credit Union FBO Your Name)
  • Complete an IRA rollover form and Traditional IRA application.
  • Choose your investment.

Why Should I Rollover My 401(k) to an IRA?

  • Your money continues to grow tax deferred. 
  • Consolidate your funds into a single IRA.

Automatic Deposits

Grow your IRA the easy way with automatic deposits. Consider Direct Deposit, or, if you want to move money from an account at another financial institution, use our Money Mover service.

Savings Product Comparison    -Rates effective March 1, 2014

Savings Accounts*
Opening Deposit**
Minimum Balance for APY
Dividend Rate
APY
Savings $50 $500 0.04% 0.04%

$50 $3000 0.10% 0.10%
Safari Club $5 $5 0.30% 0.30%
Start Smart $5 $5 0.30% 0.30%
Holiday Club $5 $5 0.30% 0.30%
Goal Setter $50 $500 0.04% 0.04%

$50 $3,000 0.10% 0.10%
Money market $2,500 $2,500 0.20% 0.20%
Premium Money Market $10,000 $10,000 0.20% 0.20%

$50,000 $50,000 0.35% 0.35%

$100,000 $100,000 0.40% 0.40%
IRA Savings $50 $500 0.25% 0.25%

Need Help With Your IRA Account?

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*The rate may change after the account is opened and is accurate as of the last dividend declaration period. Fees could reduce earnings. 
**Balances under minimum are subject to monthly service fees. Refer to service pricing for details.