Certificate of Deposit/IRA

Certificates of Deposit: Seeking a longer term investment with a higher rate of return? One of our Certificates of Deposit might be just what you're looking for.

Individual Retirement Accounts: It's never too early or too late to start planning for retirement. You can invest your IRA in a Savings Passbook or any of our Certificates of Deposit.

Educational IRA: A great way to save for a child's educational expenses. Invest in a Certificate of Deposit or a Passbook Savings.

Certificate of Deposit/ IRA Certificate of Deposit

Earn a high fixed Interest Rate with CDs ranging in terms from 91 days to 4 years.
Minimum balance to open this account is $250.00.
You must maintain a minimum balance of $250.00 in the account each day to obtain the disclosed Annual Percentage Yield.
Interest Rates are also available for Jumbo CDs ranging in terms from 90 days to 4 years. The minimum balance to open a Jumbo CD and obtain the disclosed Annual Percentage Yield is $100,000.00.
Interest begins to accrue on the business day you deposit noncash items (for example, checks).
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Interest will be compounded every quarter and will be credited to your account every quarter and at maturity. As an alternative, you may elect to have your interest mailed to you in a check or automatically transferred to another First Federal account.
The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
You may not make any deposits into your account before maturity. You may make withdrawals of principal from your account before maturity, however a penalty may be imposed. You can only withdraw interest after it is credited to your account and before maturity of that term without penalty.
Early withdrawal penalties we may impose on the amount subject penalty:

Certificates with terms of 90 days to 1 years - 90 days interest whether earned or not.
Certificates with terms in excess of 1 year - 180 days of interest whether earned or not.

For any CD that earns an interest rate that may vary from time to time during the term, the interest rate we will use to calculate this early withdrawal penalty will be the interest rate in effect at the time of the withdrawal.

In certain circumstances such as the death or incompetence of an owner of an account, the law permits, or some cases requires the waiver of the early withdrawal penalty.

Certificates of Deposit will automatically renew at maturity. The renewal term will be the same as the CD's previous term. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the CD's previous term. You may prevent renewal if you exercise the IRA Upgrade Option Plan, withdraw the funds in the account at maturity and/or you are within your 7 day grace period or we receive written notice from you and you are within your 7 day grace period. We can prevent renewal if we mail notice to you 30 calendar days before maturity. If either you or we prevent renewal (other than exercising the IRA Upgrade Option Plan), interest will continue to accrue after final maturity for up to 7 calendar days. The interest rate will be the rate in effect on the date of maturity.

Individual Retirement Accounts Upgrade Option Plan:

You have the option to exchange the interest rate on your IRA CD once each calendar year after you have reached the age of 59 1/2. Your exchange may be for the interest rate and term to maturity of any certificate we currently offer. This exchange will be at no cost to you. If you make an exchange, the maturity date of this account will be reset to correspond to the term of the rate you have selected. You may exercise this option once every 12 months after you have reached the age of 59 1/2.

Individual Retirement Account
Educational IRA

It's never too early or too late to start planning for retirement. An Individual Retirement Account is an ideal way to supplement Social Security and your other retirement plans. Depending on your needs and status, a Traditional or Roth IRA can help you save for your future.

IRAs and Educational IRA can be invested in one of our Certificates of Deposit or Passbook Saving Accounts.

Traditional IRA - is an account that allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also certain contributions are tax deductible in the year for which they are made.

Roth IRA - allows only nondeductible contributions and features tax-free withdrawals for certain distributions reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, if you expect to be in a higher tax bracket when you retire, you may benefit more from a Roth IRA than from a Traditional IRA.

Educational IRA - is a nondeductible account that features tax-free withdrawals for a very specific purpose - a child's education expenses.

Retirement accounts are subject to the additional rules and regulations as determined by the IRS and the Federal Government.

Consult your legal or tax advisor regarding the tax deductibility for your specific situation.

Friday,
July 30, 2010
10:32 pm / 72 ° F

Main Office:	440-282-6188
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