Certificates of Deposit are currently not appearing in Home Banking and our Mobile App. Our vendor is aware of this and is working to fix the issue. We apologize for any inconvenience this may cause.
Hours Changes: Beginning the week of Jan. 4, 2021, the Penfield Branch and the Call Center will be closing at 5:00 pm on Fridays and the Henrietta Branch will be closed on Saturdays.
Attention: Online banking may be temporarily unavailable on Dec. 4th, 2020 due to scheduled maintenance. We apologize for any inconvenience.
For immediate assistance, please call or text us at 585.586.8225
Both Traditional and Roth IRAs offer attractive financial benefits, so which one best fits your needs? If you are unsure, consider this:
A Roth IRA is great if you don’t need a tax break right now. It’s a more flexible investment because you can withdraw regular contributions at any time, tax-free and penalty-free. The Roth IRA also offers flexibility during retirement because it does not require that you start taking distributions at age 70 ½.
A Traditional IRA is an excellent choice if you want a tax deduction now or if you anticipate being taxed at a significantly lower rate in retirement. Earnings build tax-free until withdrawn and then are subject to income tax based on your taxation rate at the time of withdrawal.
With either IRA option you can save your money in smart investment options at Family First. Family First offers risk-free IRA Savings, IRA Certificates and an IRA MoneyBuilder Account. The best part is the sooner you start saving, the more you’ll enjoy retirement.
IRA MoneyBuilder Account
You can choose to invest your IRA funds into an IRA MoneyBuilder and benefit from the higher tiered rates this account offers. It works the same way – the more you save the more you’ll earn in dividends. Set up direct deposit and your funds will automatically be contributed to the current year IRA. A $1500 minimum opening balance is required.
IRA Certificates are a secure way to save for your retirement. Family First offers Traditional or Roth IRA Certificate options with a variety of terms from 3 to 60 months. Competitive dividend rates are compounded daily and reinvested. Minimum opening deposit of $500 required.