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First National Bank of Elmer

IRA’s

Index of IRA’s

Saving in an Individual Retirement Account (IRA) provides significant benefits, including valuable tax advantages that can help your retirement savings grow over time. IRAs offer flexibility in investment options, allowing you to build a portfolio aligned with your financial goals.

The First National Bank of Elmer offers a selection of IRA’s to help you ensure long-term financial security and plan for a stable and comfortable future.

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Individual Retirement Account

An Individual Retirement Account (IRA) – known as an “individual retirement arrangement” by the IRS – is a long-term, tax-advantaged savings account that individuals with earned income can use to save for the future.

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Traditional IRA Savings

The IRA Savings account is designed primarily for self-employed people who do not have access to workplace retirement accounts such as the 401(k), which is available only through employers. However, you can also have an IRA even if you already have a retirement plan at work to enhance your retirement income. Can reduce your taxable annual income up to the allowable contributions for that tax year.

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Education IRA

Funds saved under an education IRA are meant to be used to cover future educational expenses such as tuition, books, and uniforms at the elementary, secondary, and higher education levels.The funds in an education IRA can be withdrawn tax-free when they are needed for educational purposes.

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Roth IRA

Roth IRAs are similar to traditional IRAs, with the biggest distinction being how the two are taxed. Roth IRAs are funded with after-tax dollars. Unlike a traditional IRA, the contributions are not tax-deductible, but once you start withdrawing funds, the money you take out is tax-free.

Current Rates

IRA Certificate Accounts

*Annual Percentage Yield (APY) Effective December 24, 2024

Account Type Min. Balance to Obtain Percentage Yield Interest Rate APY*
Interest is Compounded/ Contracted
12 Month Fixed Rate IRA $100 3.20% 3.25%  Quarterly/Quarterly
18 Month Fixed Rate IRA $100 0.30% 0.30%  Quarterly/Quarterly
24 Month Fixed Rate IRA $100 0.30% 0.30%  Quarterly/Quarterly
30 Month Fixed Rate IRA $100 0.30% 0.30%  Quarterly/Quarterly
36 Month Fixed Rate IRA $100 0.45% 0.45%  Quarterly/Quarterly
48 Month Fixed Rate IRA $100 0.50% 0.50%  Quarterly/Quarterly
60 Month Fixed Rate IRA $100 0.55% 0.55%  Quarterly/Quarterly
  • Interest Rates and Annual Percentage Yield are subject to change solely at our discretion.
  • Maintenance or activity fees could reduce earnings on accounts.
  • Current rates will be quoted upon request or at the time of account opening.
  • Certificate of Deposit & IRA Certificates are subject to an early withdrawal penalty

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