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Retirement Accounts

Save For Your Larger Life Goals

Live the way you want when your working days are done or give your children the gift of tax-free money to pay for their education expenses. Develop a strategy to start saving now. We offer several individual retirement account (IRA) options to choose from. Each IRA has its own tax implications, and you should consult a tax advisor before choosing the one that will be best for you. If you're interested in applying for a retirement account, visit a branch or call us today. 

Open at a BranchIRA Authorization Forms

Our IRA Savings

Account Type

Account Type

Traditional IRA
  • Contribution limit: Up to $6,000 per year
  • $1,000 catch up contributions available for those over the age of 50
  • Contributions may be tax-deductible (income requirements apply)
  • Withdrawals at retirement taxed at then current rate
  • Your spouse may open and contribute to their own IRA
Roth IRA
  • Contribution limit: Up to $6,000 per year
  • $1,000 catch up contributions available for those over the age of 50
  • Contributions are not tax-deductible
  • Withdrawals from the account at retirement are tax-free
  • Earnings are tax-free if the account is open for five (5) tax years and if over 59½ years of age
Coverdell IRA Education Savings Program
  • Your dependent can open this account to save for their education expenses and access the funds when they turn 18
  • Contribution limit: $2,000 per year per child
  • Contributions are not tax-deductible
  • Withdrawals are tax-free and penalty-free as long as their used for qualified education expenses (consult your tax advisor)
IRA Rollovers
  • Roll over your previous retirement account from a previous employer into one account while maintaining tax-deferred status
  • 401(k) and 403 (b) accounts eligible

Retirement Account Rates

As of 10/24/2020

CD Rates
Account Opening Deposit Minimum Balance for APY Dividend Rate APY
IRA Savings

$50

$500

0.05%

0.05%

APY = Annual Percentage Yield. There is a $10 IRA Maintenance fee per year. The rate may change after the account is opened and is accurate as of the last dividend declaration period. Fees could reduce earnings. Refer to Schedule of Fees & Services for details.

 

IRA Certificate Rates

As of 10/24/2020

You can also open any regular Certificate Account as a Traditional, Roth, or Coverdell IRA.

Term

Opening Deposit

Dividend Rate

APY

3 Month

$1,000

0.25%

0.25%

6 Month

$1,000

0.35%

0.35%

12 Month

$1,000

0.55%

0.55%

24 Month

$1,000

0.75%

0.75%

36 Month

$1,000

0.85%

0.85%

48 Month

$1,000

0.90%

0.90%

60 Month

$1,000

1.00%

1.00%

The minimum deposit to open and earn stated Annual Percentage Yield (APY) on share certificates at American First Credit Union is $1,000. Rates subject to change at any time. Funds must remain on deposit until maturity to earn the stated APY. Penalty may be imposed for early withdrawal. Fees may reduce earnings. No maximum deposit. 

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