Traditional IRA

First Reliance FCU offers a share savings IRA that pays the same quarterly interest rate as share savings accounts. 12 month up to 30 month certificates are also available. A minimum of $1,000.00 is required to set up a share certificate.

Individual retirement accounts are a smart way to save for the future. A traditional IRA can be opened and funded without any employer participation. Contributions and/or earnings are tax-deferred until retirement. Unlike many employer plans, money in the account is always accessible; however, until age 59 1/2 there is a 10 percent early distribution penalty unless you qualify for an exemption due to one of the following: disability, qualifying education expenses, unemployment, qualifying first-home purchases, death, or receipt of your IRA assets in equal payments over your life expectancy.

Members under age 70 1/2 may contribute to an IRA at a maximum of $3,000 per year for tax years 2002 - 2004.

For more information on a traditional IRA please contact the Member Services Department at the nearest branch office. Click here for branch office phone numbers. To view current rates click here or click here for the retirement claculator.