Additional IRA Information
Individual Retirement Accounts (IRAs)
IRAs are a wise choice for retirement savings and a great addition to your retirement saving strategy. Whether you're opening a new IRA, or you have a rollover from another plan, we have a retirement account that will fit your needs.
FMFCU IRA Accounts Feature:
- No set-up or annual maintenance fees
- $5 minimum to open
- Convenient deposits through payroll deduction and e-Banking
- IRA Certificates with terms from 3 months to 5 years
- Variable rate IRAs with no term
- Competitive Rates
- IRAs are insured up to $250,000 by the National Credit Union Administration (NCUA)
- Available as a Take Control Certificate
IRA Information for 2015:
- Contributions for 2014 may be made up until 4/15/2015
- e-Banking contributions to our variable rate IRA Savings Account only available for 2015 contributions
- IRA contribution limit for 2014-2015 is $5,500; $6,500 if you are 50 or older
2015 IRA Rollover Rule Change:
- Effective January 1, 2015, once an IRA owner completes one IRA to IRA Rollover, any subsequent attempts to complete a Rollover will not be allowed for 12 months. If subsequent IRA Funds are removed, it will be reported as a taxable distribution. Click here for additional information.
IRA Bump Certificate
FMFCU’s IRA Bump Certificate offers extra flexibility. This is a 24-month certificate that features a one-time option to "bump" your rate and deposit amount! If you open one today and rates improve in a few months just "bump" your rate to the better, higher rate. You can also make an additional deposit when you bump to take full advantage of this product.
- $500 minimum balance for adults, $250 for minors
- One-time rate upgrade per term
- One-time additional deposit per term ($500 for adults, $250 for minors)
- Bump option available each time when the product renews