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First Commonwealth Federal Credit Union

Individual Retirement Accounts (IRAs)

IRA accounts can be established for a savings, certificate or money market account.  IRS rules and regulations apply to eligibility. Ask your tax advisor for possible tax benefits. IRAs are insured separately by the NCUA up to $250,000. 

To open an IRA make an appointment at one of our financial centers. By scheduling an appointment, you can ensure there will be an associate available to meet with you at your chosen time.

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Traditional IRA

  • Annual maximum contribution amount is based on an individual's age.
  • Some contributions may be tax deductible (consult a tax advisor).
  • Possible tax credits to certain individuals (consult a tax advisor).
  • Distributions are generally included as income and subject to federal income tax.
  • Mandatory distributions are required beginning in the year that the IRA holder reaches age 70½.
  • Dividend earnings are tax deferred.

Roth IRA

  • Annual maximum contribution amount is based on individual's age and income.
  • Contributions are not tax deductible.
  • No age restriction on regular contributions.
  • Possible tax credits for certain individuals (consult a tax advisor).
  • Dividend earnings from contributions are tax deferred.
  • Distributions are tax-exempt after a five-year waiting period.
  • Qualified distributions of earnings are tax exempt.
  • No mandatory distributions, regardless of age.
  • Principal amount can be withdrawn tax and penalty free.

Educational IRA

  • Designed to help set aside money for the qualified education expenses of a child, grandchild or eligible beneficiary.
  • After-tax contributions can be made until the child reaches age 18.
  • Annual maximum contribution can be made to a single account or multiple accounts designed to benefit same child.
  • Dividend earnings on contributions are not taxed while they are held in the account.
  • Distributions for qualified education expenses are tax free.
  • Dividend earnings are tax free when withdrawn for qualified education expenses.

Rates

Printable Rates

Table data for Certificates & IRA Certificates
 01-21-2019
Term Dividend Rate1 APY2 Alert Me
3 Months 0.25% 0.25%
6 Months 0.30% 0.30%
9 Months 0.35% 0.35%
12 Months 0.40% 0.40%
18 Months 0.75% 0.75%
24 Months 1.54% 1.55%
30 Months 0.85% 0.85%
36 Months 1.14% 1.15%
48 Months 1.59% 1.60%
60 Months 2.28% 2.30%
  • 1The dividend rate will be paid until the certificate matures. Upon maturity of the certificate, unless you contact us prior to maturity, the certificate will automatically renew to the original term and at the current rate in effect at the time of maturity. A penalty will be applied for early withdrawal. $500 minimum balance to open.↵
  • 2APY = Annual Percentage Yield↵

Table data for Savings Account Rates
 01-21-2019
Type Minimum Balance Dividend Rate APY1 Alert Me
Savings $5 0.10% 0.10%
Club Account None 0.10% 0.10%
IRA Savings None 0.10% 0.10%
Health Savings $10,000 or greater 0.30% 0.30%
$1,500 or greater 0.15% 0.15%
Less than $1,500 0.10% 0.10%
  • 1APY = Annual Percentage Yield↵

Table data for Money Market Account Rates
 01-21-2019
Type Balance Dividend Rate APY1 Alert Me
Money Market/Money Market IRA $50,000 or greater 0.33% 0.33%
$25,000 or greater 0.30% 0.30%
$10,000 or greater 0.24% 0.24%
$2,500 or greater 0.21% 0.21%
Less than $2,500 0.00% 0.00%
Elite Money Market/Elite Money Market IRA $250,000 or greater 0.43% 0.43%
$100,000 or greater 0.37% 0.37%
$50,000 or greater 0.35% 0.35%
Less than $50,000 0.10% 0.10%
  • 1APY = Annual Percentage Yield↵

Resources

Free education and resources for our members.

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