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Retirement Accounts

The best investment is always yourself

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The best investment is always yourself

Saving for your future should be easy, and with First Hope, it is! We offer both Traditional IRAs and Roth IRAs, with no maintenance fees and no minimum to open! Start saving for your future early, and gain tax advantages while securing your financial future. 

Overview

  • Tax-advantaged retirement savings
  • Competitive interest above standard savings rates
  • No setup or maintenance fees
  • Additional $1,000 “catch-up” contribution allowed for ages 50+
  • No minimum deposit to open
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Traditional IRA

  • Anyone under age 70½ may open
  • Contributions are tax deductible on state and federal income tax 1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty 2
  • Mandatory withdrawals at age 72½
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Roth IRA

  • Income must be less than $120,000 annually to open ($177,000 for married couples)
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal
  • Principal contributions can be withdrawn without penalty 3
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty 2
  • No mandatory distribution age
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1 Consult with a tax advisor.
2 Certain exceptions apply, such as healthcare, purchasing a home, etc.
3 Subject to some minimal conditions.

Individual Retirement Accounts

Rates Effective: 12/22/2024

ProductInterest Rate PaidAnnual Percentage Yield (APY)*
IRA Savings0.10%0.10%

*Fees may reduce earnings. Rates are subject to change without notice. To obtain current information, please call 908-459-4121.

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