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IRAs

First Northern Credit Union has your financial future in mind and makes it easier with investment accounts that offer a convenient, tax-favored way to save for the future.

We offer Roth & Traditional Individual Retirement Accounts (IRAs) as well as Coverdell Education Savings Accounts (ESAs), available as Share Savings Accounts or Share Certificates. Consult a tax advisor to determine what option is best for you.

And, your retirement accounts are insured separately from your other credit union accounts by the NCUA, for up to an additional $250,000.

With a Traditional IRA:

  • Contribute pre-tax funds so they are not included in your taxable earnings for the year.
  • Earnings grow tax-deferred until withdrawn.
  • Anyone under the age of 70 ½ who has income from compensation (or is filing jointly with a spouse who earns compensation) can contribute.
  • Withdraw funds penalty-free for specific instances, such as to pay qualified higher education expenses, first time home purchase, disability, and more. Click here to learn more.

Traditional IRA Share Certificate

  • Terms from 6 months to 5 years
  • Will automatically renew at maturity unless otherwise requested. If you choose not to renew, the money must roll over into another Traditional IRA account or you may face a tax penalty.
  • Contribute up to $6,000 a year or $7,000 a year if age 50 or over.
  • Interest paid and compounded monthly
  • Early withdrawal penalty applies unless you are 59 1/2 or older
  • Must begin making withdrawals by age 70 ½

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Traditional IRA Share Savings

A personal savings plan that may provide tax incentives to set money aside for retirement.

  • Open with as little as $5.00
  • Make withdrawals and deposits without penalty
  • Interest paid and compounded monthly

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Forms

With a Roth IRA:

  • Contributions are made with funds that have already been taxed. If you satisfy the requirements, qualified distributions are tax-free.
  • Roth IRA contributions may also be limited based on your filing status and income. Click here to learn more.
  • Leave funds in your Roth IRA as long as you wish.

Roth IRA Share Certificate

  • Terms from 6 months to 5 years
  • Will automatically renew at maturity unless otherwise requested. If you choose not to renew the certificate, the money must roll over into another Roth IRA account or you may face a tax penalty.
  • Contribute up to $6,000 a year or $7,000 a year if age 50 or over.
  • Interest paid and compounded monthly
  • Early withdrawal penalty applies unless you are 59 1/2 or over
  • Unlike a Traditional IRA, a Roth IRA doesn’t require you to begin withdrawing money by a certain age

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Roth IRA Share Savings

A personal savings plan that may provide tax incentives to set money aside for retirement.

  • Open with as little as $5.00
  • Make withdrawals and deposits without penalty
  • Interest paid and compounded monthly

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Forms

With a Coverdell ESA:

  • Contribute pre-tax funds toward future educational expenses until the beneficiary’s 18th birthday, including higher education, qualified elementary, and secondary education expenses.
  • Make tax-free withdrawals to pay qualified education expenses (consult a tax advisor for details).

Coverdell ESA Share Certificate

  • Terms from 6 months to 5 years
  • Open with as little as $500
  • Will automatically renew at maturity unless otherwise requested. If you choose not to renew the certificate, the money must roll over into another Coverdell ESA or you may face a tax penalty.
  • Contribute up to $2,000 a year until age 18
  • Interest paid and compounded monthly

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Coverdell ESA Share Savings

A personal savings plan to set aside funds for your child’s future education expenses.

  • Open with as little as $5.00
  • Make withdrawals and deposits without penalty for qualified expenses
  • Interest paid and compounded monthly

View Rates   Apply Now

Forms