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IRAs

Individual Retirement Account (IRA)

Save for the future and reap some immediate and future tax-saving benefits. Whether you choose a Traditional IRA, a Roth IRA, or a Coverdell ESA, First Entertainment can help you secure your financial future. And secure is correct. These IRA accounts - and our IRA Term Savings Certificates are fully insured separately from your other savings by the NCUA up to $250,000 each.

To Open a New IRA

Select which IRA account you'd like to open from one of the options below. Download and fill out the linked form (PDF), submit it via Secure Message, or print it and turn it in person at any of our branches, or mail it to us (Post Office Box 2428, Hollywood, CA 90078-2428). Once completed forms are received and reviewed, an IRA Specialist will contact you to finalize your request.

  • Traditional IRA

    These IRAs earn dividends on all account balances and may be tax-deductible in the year of contribution, but any withdrawals are taxed as income. First Entertainment offers Traditional IRAs with an opening contribution of just one dollar and no set-up fee. You can also arrange automatic monthly transfers from checking or savings as well as customize withdrawals as lump sums or periodic payments. After age 59 ½ withdrawals are penalty-free but are not tax-free. Once you reach age 72 you are required to take an Annual Required Minimum Distribution (RMD) which is taxable.

    Traditional IRA Account Form

    There is an Annual Traditional IRA Maintenance fee of $15.00 – see our Schedule of Fees

  • Roth IRA

    A Roth IRA provides no tax deduction for contributions, but if you meet certain requirements, all earnings are tax-free when you or your beneficiaries withdraw them. First Entertainment offers Roth IRAs with an opening contribution of just one dollar and no set-up fee. You can also arrange automatic monthly transfers from your checking or savings account. Other benefits include avoiding the early distribution penalty on certain withdrawals. If you cannot take a tax deduction for a Traditional IRA contribution, you should consider the Roth IRA. Consult a tax advisor to determine your eligibility.

    After age 59 ½ all withdrawals are penalty fee & tax free, as long as funds have been in the account for at least 5 years.

    Roth IRA Account Form

    There is an Annual Traditional IRA Maintenance fee of $15.00 – see our Schedule of Fees

  • Coverdell ESA

    Coverdell ESAs (Education Savings Accounts) can help you save up to $2,000 per year, per child. They provide no tax deduction for contributions, but if you meet certain requirements, all earnings are tax free when you or your beneficiary withdraw them and use them for qualified education expenses.

    Coverdell ESAs Account Form

    There are no Annual Maintenance Fees for Coverdell ESA’s.

To Roll Over an Existing IRA

If you already have an IRA with us and want to roll over or transfer another IRA, download, fill out, and submit one of the forms below:

Traditional IRA Contribution & Investment Selection

ROTH IRA Contribution & Investment Selection

  • If you'd like to meet with a representative in person to discuss opening an account, please schedule an appointment.
  • Or contact us during business hours using Live Chat via our website or by calling 888.800.3328.

All IRAs opened with First Entertainment Credit Union can be either a Daily or Certificate IRA. Here are the differences:

  • Daily IRAs – Earn high dividends and you can open one with no minimum balance.
  • Certificate IRAs – Earn higher dividends based on the term length. They pay the same dividend rate as our Term Savings Certificates and a minimum opening deposit of $1,000 is required. We offer terms of 6 months to 5 years. Penalties for early withdrawal apply in accordance with IRS regulations.

Find the right IRA account that fits your financial need, so please consult with your tax advisor to determine which option is best for you.


As of January 1, 2015, the IRS has changed its interpretation of the "one-per-12 month rule." A court decision ruled that a taxpayer is limited to one rollover per 12-month period, regardless of the number of IRAs they have. Prior to this ruling, the IRS allowed that you could roll over one IRA distribution per 12-month period for each IRA you owned.

The 12-month period begins on the day that you receive the IRA distribution. In addition, the IRA assets that are rolled over may not be rolled over more than once during the 12-month period.

You may now only roll over one (1) IRA distribution in any 12-month period regardless of how many IRAs you own. You may still perform an unlimited number of transfers.

Due to this change, before rolling over an IRA distribution please consult with your tax advisor.