Bank
policy prohibits new out-of-state accounts. You must be an Idaho resident
to establish a new account relationship with First Federal Savings Bank.
First
Federal Savings Bank CDs Offer Guaranteed Yields And Flexible Terms
Our
Certificates of Deposits offer guaranteed yields, flexibility, and the
safety of FDIC insurance.
That's because you lock in a high yield that's guaranteed from the day
you open the account until the day it matures. You know exactly what
return you'll get and when you'll get it.
Your
investment is safe
because First Federal Savings Bank CDs are backed by the Federal Deposit
Insurance Corporation for up to $100,000 per individual - making them
as safe as any investment in the world.
There's
A CD That's Right For You.
We offer Certificates of Deposit in a broad range of maturities, each
designed with a particular goal in mind. And, for as little as $500,
you can open your own CD.
Short-Term
CDs. Short term savings certificates, usually up to 3 months,
offer you the fastest, readiest access to your money.
Medium-Term
CDs. Our 6-to18-month medium-term CDs offer you higher yields
than shorter term CDs.
Long-Term
CDs. If you have a long-term outlook, our CDs with maturities
of 2 years or more reward you with the highest yields we have to offer.
Note:
Principal withdrawals prior to the renewal date may be subject to substantial
early withdrawal penalties. Renewal grace period is 7 calendar days.
Penalties are not assessed if account holder is deceased.
Individual
Retirement Accounts At First Federal Savings Bank
An
Investment In Your Future
Social
Security just isn't enough in today's world for you to retire on comfortably.
That's why you and other Magic Valley residents are investing in Individual
Retirement Accounts from First Federal Savings Bank. An IRA is a smart
way for you to save for a secure retirement.
Traditional
IRA
If
you are under the age of 70-1/2 for the entire tax year and have compensation
(wages), you're eligible to start a Traditional IRA. You may be able
to save on your present taxes by deducting qualified contributions from
your taxable income. Many Americans can deduct all or part of Traditional
IRA contributions from current income taxes. These taxes are deferred
until you withdraw the funds at retirement, when you may be in a lower
tax bracket. The deductible amount depends on your income, marital status,
and whether you are an active participant in an employer-sponsored plan
as defined by the Internal Revenue Service.
Any salary
or wages you receive as an employee are compensation. If you are self-employed,
compensation is your net income. Taxable alimony is also compensation.
Passive income (i.e. interest, dividends, and rental income) is not
considered compensation to be used to fund an IRA. You may want to consult
your tax advisor to review your particular situation on the tax deductibility
of Traditional IRA contributions.
Earnings
on Traditional IRAs are tax-deferred until withdrawn.
Withdrawals
from Traditional IRAs
Withdrawals
from Traditional IRAs before you reach age 59-1/2 may be assessed a
10% IRS penalty. However, penalty-free distributions are now available
for a First-Time Home Purchase (up to $10,000), and for qualified Higher
Education expenses. Please check with your tax advisor for more details.
Any time
after you reach the age of 59-1/2, become disabled, or when distributions
are part of certain periodic payments, you can withdraw funds without
penalty. These distributions are taxed as ordinary income. You must
begin to take minimum required withdrawals from a Traditional IRA when
you reach age 70-1/2 or IRS penalties will be imposed.
Roth
IRA
Contributions
to a Roth IRA are not deductible from current taxes, and may benefit
those who expect to be in a higher tax bracket when they retire than
they are in now. A Roth IRA is available to wage earners with Modified
Adjusted Gross Income under certain prescribed limits. Unlike Traditional
IRAs, there is no age restriction as long as you have qualifying compensation.
Withdrawals
from Roth IRAs
Roth
IRAs feature penalty-free distributions, after a five-year holding period,
for certain reasons, including First-Time Home Purchase (up to $10,000)
and qualified Higher Education expenses. Unlike Traditional IRAs, there
is no mandatory withdrawal age for Roth IRA funds. Withdrawals after
age 59-1/2 are tax-free.
Earnings
on Roth IRAs are tax-deferred. Earnings can be withdrawn tax-free after
the five-year holding period.
Spousal
IRAs
If
your spouse has no compensation (wages), he/she may contribute to either
a “Spousal” Traditional IRA or a “Spousal” Roth
IRA, based on your compensation, up to the annual limits outlined in
the table below, as long as the total contributions to both accounts
are not more than your total compensation. Spousal IRA earnings are
tax-deferred until withdrawn.
Since Spousal
IRAs are designated as either “Traditional” or “Roth”,
they follow the same distribution guidelines outlined above.
Amount
of Your IRA Deposit
You
may deposit up to 100% of your compensation, up to the amounts listed
below.
Also, Traditional
and Roth IRA owners who are at least age 50 by December 31 of the tax
year to which the contribution relates may make an additional “catch-up”
contribution.
