First Bank offers a variety of retirement accounts, including Traditional IRAs, Roth IRAs, Simplified Employee Pension (SEP) Plans and the Coverdell Education Savings Account. These accounts can be opened with fixed or variable rates.

Traditional IRA

Contributions may be deductible and earnings grow tax deferred.

Roth IRA

The Roth IRA gives you the ability to invest your after-tax dollars today, let the investment grow tax-deferred, and withdraw your principal and earnings tax-free after five years.

SEP Plan

Amounts contributed remain tax-deferred, as do their earnings, until withdrawn.

Coverdell Education Savings

Contributions and earnings are tax-free when withdrawn to pay for qualified education expenditures. Offered in four-year fixed-rate CD only.

IRA Savings Account

This savings retirement plan is designed for those just starting their IRA investment and want to build their nest egg with small, regular investments. This is a variable-rate IRA with a minimum of $100 to open and minimum deposits of $10 or payroll deduction.

Health Savings Account

Contributions, distributions and earnings are tax-free when withdrawn to pay for qualified medical expenses. This account offers tiered interest rates based on balance, and funds are accessible by means of traditional checks or a Visa Check Card.

Fixed-Rate IRAs

First Bank secures your IRA investment in a 2-, 3-, 4-, 5-, or 7-year fixed-rate CD. There is a minimum of $1,000 to open a fixed-rate IRA.

Variable-Rate IRAs

First Bank offers several variable-rate CDs, including the 18-month CD or 3-, 5-, 7- or 10-year Escalator CDs indexed on the Series EE Savings Bond rate. There is a minimum of $1,000 to open each of these IRA accounts and a guaranteed minimum rate is declared when the account is opened.