IRAs

First Federal offers Traditional and Roth Individual Retirement Accounts (IRAs) through our family of Certificate of Deposit (CD) products. An IRA CD lets you save for retirement with tax-free growth (Roth) or on a tax-deferred basis (Traditional). 

Here's how they compare:

Roth: Your contributions are taxed now, but your qualified distributions (including earnings) are tax-free when you take them in the future. Essentially, your money grows with no future taxes due.

Traditional: Your contributions are tax-deductible now, meaning you pay taxes in the future on both your contributions and earnings. This generally benefits your tax burden in the year the contributions are made.

For further details about which option may be right for you, visit with your tax professional. When you're ready to open your IRA CD, we're here to help!

ESA

A Cloverdale Education Savings Account (ESA) is a tax-deferred trust account that lets you save money now for future educational expenses for your children or grandchildren. This program, created by the U.S. government, is for beneficiaries age 18 or younger. First Federal offers ESAs through our family of CD products. 

For further details about which option may be right for you, visit with your tax professional.

HSA

A Health Savings Account (HSA) is a special savings account for medical expenses. People with a qualified high-deductible health plan (HDHP) are eligible to open an HSA. Contributions are tax-deductible (up to defined limits) and earnings are tax-free, making this a valuable savings tool for many people.

To learn if you are eligible, check with your employer or insurance provider to determine the status of your health insurance plan. 

If you are eligible, First Federal offers an HSA checking account with no monthly service charge, earning interest at the same rate as our NOW checking account. 

For further details about which option may be right for you, visit with your tax professional.