Individual Retirement Accounts
First Reliance FCU offers a share savings IRA that pays a competitive dividend rate quarterly on the average daily balance in your IRA account.
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. The contribution limits change annually. Check with the credit union for more information.For more information on a traditional IRA please contact the Member Services Department at the Credit Union office. Click here for office phone numbers. To view current rates click here or click here for the retirement claculator.