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Individual Retirement Account

First Service offers a variety of IRA programs including regular share and certificate share accounts.

Individual Retirement Accounts (IRAs) at First Service are fully insured by the National Credit Union Administration's Share Insurance Fund to $250,000 per account separate from your credit union accounts.

Traditional IRA

You can choose a Share Account for your Traditional IRA that requires a low $50 minimum opening balance. This account is a quarterly share account that yields dividend earnings that are tax-deferred until withdrawn. It's a terrific way to save for retirement through convenient periodic deposits. As your account balance grows, you may want to switch your Traditional IRA to an IRA Certificate with minimum balances from $500 to $1,000 to maximize your earnings.

  • Annual maximum contributions to a Traditional IRA are currently $5,000. Investors age 50 and over can make additional "catch-up" contributions up to a maximum of $1,000 which can be limited by earned income.
  • Your contribution is tax deductible to income limit restrictions. Taxes on both contribution and earnings are paid at the time of withdrawal.
  • You may have a penalty for early withdrawals prior to age 59 1/2.
  • Distribution is generally mandatory at age 70 1/2.

Roth IRA

Any individual or spouse who is employed, with no age restrictions, can contribute up to $5,000 per year from earned income in after-tax dollars in a Roth IRA. While the contribution is not tax-deductible, all earnings are tax-free when withdrawn according to government guidelines.

  • The funds must remain in the account for a minimum of five years.
  • Funds may be withdrawn for any purpose, starting at age 59 1/2, without paying any taxes whatsoever.
  • Account may be retained after age 70 1/2.
  • Earnings on contributions may be subject to a 10% penalty if withdrawals are made prior to age 59 1/2.
  • Investors who are 50 and over can make additional "catch-up" contributions.
  • A Roth IRA can be invested as a Share IRA or Certificate IRA.

Education Savings Account(s)

Save up to $2,000 a year, per child in special education accounts. Earnings will accumulate tax-free and, if used for qualified education expenses, withdrawals will also be tax-free.

  • Recipient must be under 18 years of age.
  • All funds must be distributed by age 30.
Earnings on contributions may be subject to a 10% penalty if withdrawals are used for other than education purposes. *Ask your tax advisor for guidance on "qualified education expenses".

IRA Certificates

In addition to Share Account IRAs, IRA Certificates offer members the opportunity to deposit their IRA money into a Certificate Account. IRA Certificates are available with terms from 6 to 60 months. You select the term that is right for you. The longer the term, the higher the dividend rate for added tax-deferred earnings. IRA Certificates offer the following:

  • Higher rates of return are available in an IRA Certificate Account than in an IRA Share Account.
  • Flexible terms from 6 months to 60 months.
  • Minimum balances range from $500 to $1,000.
  • Variable rate IRA Certificates are also available.

$10 IRA Annual Fee is waived if account balance is greater than $2,500.  If IRA is closed within 12 months of opening, there is a $50.00 fee per IRA.


For additional information on account insurance coverage, please call First Service at (614) 836-0100, the NCUA Insurance Call Center at 1-800-755-1030, ext. 1 or click the links above.

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