Individual Retirement Accounts (IRAs)

An IRA account is an account that is tax-advantaged and intended to help you save for your retirement. First Commonwealth offers three main types of IRA accounts, and depending on which one you choose, you can enjoy tax-free or tax-deferred growth on your retirement savings.

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. 

Want to get started on your retirement plan with an IRA? To open an account 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.
  • Roth IRA 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.
  • Don’t pay taxes on distributions 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  • Principal amount can be withdrawn tax and penalty free.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  • Dividend earnings are tax free when withdrawn for qualified education expenses.


Printable Rates

Table data for Savings Account Rates
Type Minimum Balance Dividend Rate APY1 Alert Me
Savings $5 0.01% 0.01%
Club Account None 0.01% 0.01%
IRA Savings None 0.01% 0.01%
Health Savings $10,000 or greater 0.02% 0.02%
$1,500 or greater 0.01% 0.01%
Less than $1,500 0.01% 0.01%
  • 1APY = Annual Percentage Yield

Table data for Money Market Account Rates
Type Balance Dividend Rate APY1 Alert Me
Money Market/Money Market IRA $50,000 or greater 0.20% 0.20%
$25,000 or greater 0.15% 0.15%
$10,000 or greater 0.15% 0.15%
$2,500 or greater 0.15% 0.15%
Less than $2,500 0.00% 0.00%
Elite Money Market/Elite Money Market IRA $250,000 or greater 0.40% 0.40%
$100,000 or greater 0.30% 0.30%
$50,000 or greater 0.20% 0.20%
Less than $50,000 0.10% 0.10%
  • 1APY = Annual Percentage Yield

Table data for IRA Certificate Specials
Term Dividend Rate APY Alert Me
11 Month 2.72% 2.75%
19 Month 2.96% 3.00%
27 Month 3.445% 3.50%
*APY is Annual Percentage Yield. Dividends will be paid until the certificate matures. Upon maturity of the certificate, unless you contact us prior to maturity, 11 Month Certificate will automatically renew to a 9 Month Certificate, 19 Month Certificate will automatically renew to an 18 Month Certificate, and 27 Month Certificate will automatically renew to an 24 Month Certificate at the current rate in effect at the time of maturity. A penalty will be applied for early withdrawal. $500 minimum balance to open. Insured by NCUA. Equal Opportunity Lender.


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