Savings & CD Accounts

Whether you’re just starting out or you’ve been in the game for a while, First Federal has a savings product to fit your needs at competitive terms.

First Federal’s savings accounts and CD accounts are free of monthly maintenance fees so your savings can really stack up. Grow your savings effortlessly by scheduling automatic deposits using Online Banking or with direct deposit through your employer. You can also manage your accounts from just about anywhere with our free Mobile Banking and Online Banking.

  Savings
Account
Certificate of
Deposit (CD)
Great For: BUILDING YOUR SAVINGS
WITHOUT BEING LOCKED IN
EARNING HIGHER
RATES OF RETURN
Minimum to open $50 $1,000
Compounding interest Interest compounds daily
Click for rates
Interest compounds quarterly
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No monthly service charge checkmark checkmark
Term There's no term; You're not locked in.
Add or withdraw funds at any time.
Terms available from 3 months to 6 years.
  Savings Account - Learn More Certificate of Deposit - Learn More
 

Savings Account

Opening a First Federal Savings Accounts is a great choice. Savings accounts give you the freedom to add funds to your account while earning interest.

With a First Federal Savings Account, you’re not locked into a fixed term, so moving your money when you need it is easy. There's no monthly service charge, and you can set up automatic direct deposits to build your savings up even faster. ATM access is available when you have a linked checking account. You can manage your accounts from just about anywhere with:

Open a First Federal Savings Account today to watch your savings grow!

To open your account, visit your Neighborhood Branch

Savings Accounts are subject to Federal Regulations limiting certain types of withdrawals or transfers to 6 per month.
 

Certificates of Deposit

If you want to earn more interest, then a CD is the way to go. We have flexible savings options that allow you to pick the term that best fits your savings needs.

With a First Federal CD, you can pick from an automatically renewing CD for continued earnings or choose to have your CD converted to a Savings Account at the end of the term you select. You can withdraw your interest at any time during the term of your CD, but a penalty may be imposed for early withdrawal of principal. Fees may reduce earnings.

We have terms ranging from 3 months to 6 years. Click here to see our current rates.

To open your account, visit your Neighborhood Branch

 

Retirement Accounts

If you’re looking for a highly effective way to invest for your retirement, then putting your money in an IRA is a smart choice.

An Individual Retirement Account (IRA) is a key part of keeping a diversified portfolio for your retirement planning. There’s no risk, your earnings are guaranteed, and your funds are federally insured up to at least $250,000.

Your retirement account can be held in a fixed rate CD or a Savings Account, so you can create a plan that works for your retirement goals. You can deposit additional funds at any time without extending maturity. With low annual and transactional fees, we are committed to providing you with the services you need to ensure a bright financial future.


Choosing the right plan for you

Traditional IRA

A Traditional IRA is a way to save for retirement that gives you tax advantages. Contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances, and generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed.

Roth IRA

A Roth IRA has the same contribution limits as a Traditional IRA, but unlike a Traditional IRA, you can make contributions to your Roth IRA after you reach age 70 ½. Contributions are not tax deductible but qualified distributions are tax-free if you meet IRS requirements. Your Roth IRA contributions might be limited based on your filing status, and income distributed, and/or earned income.

Unlike a Traditional IRA, you can leave funds in your Roth IRA as long as you live and are not required to begin taking mandatory distributions.

SEP Plan

Simplified Employee Pension (SEP) plans can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. A SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee’s earned income.

 

Educational Savings Account

If you're looking to save money for college, an Educational Savings Account is what you want. It's set up to help parents, and students under 18 years old, to save up for education expenses.

Your Educational Savings Account allows tax free withdrawals to pay for qualified elementary school, secondary school, or college expenses.

Your Educational Savings Account can be held in a fixed rate CD or a savings account, so you can create a plan that works for your education goals. You can deposit additional funds at any time without extending maturity. Contribution limits apply. With low annual and transactional fees, we are committed to providing you with the services you need to ensure a bright future.

Information contained on this website does not constitute legal or tax advice. Individuals should consult with their financial adviser and/or attorney for advice.