First Entertainment Credit Union
Savings Accounts

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Individual Retirement Account (IRA)

Save for the future and reap some immediate and future tax saving benefits. Whether you choose either a Traditional IRA, a Roth IRA or a Coverdell ESA, First Entertainment gives you a variety of options to help you secure your financial future. These IRA accounts and our IRA Term Savings Certificates are fully insured separately from your others savings by the NCUA up to $250,000. Here’s the skinny:

  • 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 a opening deposit of just one dollar, no set-up fee or annual fee. You can also arrange automatic monthly transfers from checking or savings and customize withdrawals as lump sum or periodic payments.
  • Roth IRAs
    Not to be confused with Ira Roth, a producer at MGM (back in the 40s). The Roth IRA provides no tax deduction for contributions, but if you meet certain requirements, all earnings are tax free when you or your beneficiary withdraw them. Other benefits include avoiding the early distribution penalty on certain withdrawals, and avoiding the need to take minimum distributions after age 70 1/2. If you cannot take a tax deduction for a Traditional IRA contribution, you should consider the Roth IRA.
  • Coverdell ESAs
    First Entertainment offers Coverdell ESAs (Education Savings Accounts). They 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.

You have two options to choose from when you open any IRA with First Entertainment Credit Union – Daily or Certificate. Here are the differences:

  • Daily IRAs
    All Credit Union IRAs can be opened as Daily IRAs. They earn high dividends and you can open one with no minimum balance.
  • Certificate IRAs
    All Credit Union IRAs can also be opened as Certificate IRAs. They 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 3 months to 5 years. Penalties for early withdrawal apply in accordance with IRS regulations.

To find the IRA product that is right for you, download the Comparing Your IRA Options brochure.

Seriously, we want you to find the right IRA for your own personal financial situation, so please consult with your tax advisor to determine which IRA 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 only roll over one IRA distribution in any 12-month period regardless of how many IRAs you own. You may still perform an unlimited amount of transfers.

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

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