The Power of Planning

As a business member, your employees are eligible to become First Commerce members and take advantage of the many great banking and investment options we provide. We offer three different types of investment accounts: Traditional, Roth, and Education (also called a Coverdell Education Savings Account).


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Explore Our Account Options

Traditional

Contributions are generally made with after-tax money, but may be tax-deductible if you meet income eligibility. Any potential earnings grow tax-deferred, and are not taxed until you withdraw them after age 59½.

  • Minimum balance to open – $50.00
  • Eligibility – Income must be from compensation or self-employment
  • Max Contribution (over and under 50) – (Annual) Under: $6,000 Over: $7,000
  • Tax Deductible Yes. Tax deferred up to 100% depending on Annual Gross Income and participation in an employer-sponsored retirement plan
  • Tax on Earnings – Grows tax-deferred until withdrawn
  • Tax on Withdrawal – Withdrawals are taxed as income
  • Requirement for Age to withdraw – (minimum) Age 70½
  • Penalty – Most withdrawals before age 59½ result in IRS penalties

Education

A trust or custodial account set up solely for paying qualified education expenses for a designated beneficiary. Applies for qualified higher education, elementary education, and secondary education expenses.

  • Minimum balance to open – $50.00
  • Eligibility – Beneficiary must be under 30, no income requirement
  • Max Contribution (over and under 50) – (Annual) Under: $2,000 per child under 18 Over: N/A
  • Tax Deductible – No.
  • Tax on Earnings – No.
  • Tax on Withdrawal – No (for qualified expenses)
  • Requirement for Age to withdraw – Account must be liquidated by age 30
  • Penalty – Funds withdrawn and not used for education expenses will result in IRS penalties
  • Legal/disclosures – Funds can be transferred between accounts for children in the same family

Roth

Contributions are made with after-tax money and any potential earnings grow tax-free. You may withdraw your contributions tax-free and penalty-free at any time. There are specific IRS income limits for contributions.

  • Minimum balance to open – $50.00
  • Eligibility – Income must be from compensation or self-employment
  • Max Contribution (over and under 50) – (Annual) Under: $6,000 Over: $7,000
  • Tax Deductible No.
  • Tax on Earnings – Grows tax-free if held for at least five years
  • Tax on Withdrawal – No tax on contributions. No tax on earnings after age 59½
  • Requirement for Age to withdraw – No
  • Penalty – Most withdrawals before age 59½ result in IRS penalties

Traditional

Contributions are generally made with after-tax money, but may be tax-deductible if you meet income eligibility. Any potential earnings grow tax-deferred, and are not taxed until you withdraw them after age 59½.

  • Minimum balance to open – $50.00
  • Eligibility – Income must be from compensation or self-employment
  • Max Contribution (over and under 50) – (Annual) Under: $6,000 Over: $7,000
  • Tax Deductible Yes. Tax deferred up to 100% depending on Annual Gross Income and participation in an employer-sponsored retirement plan
  • Tax on Earnings – Grows tax-deferred until withdrawn
  • Tax on Withdrawal – Withdrawals are taxed as income
  • Requirement for Age to withdraw – (minimum) Age 70½
  • Penalty – Most withdrawals before age 59½ result in IRS penalties

Roth

Contributions are made with after-tax money and any potential earnings grow tax-free. You may withdraw your contributions tax-free and penalty-free at any time. There are specific IRS income limits for contributions.

  • Minimum balance to open – $50.00
  • Eligibility – Income must be from compensation or self-employment
  • Max Contribution (over and under 50) – (Annual) Under: $6,000 Over: $7,000
  • Tax Deductible No.
  • Tax on Earnings – Grows tax-free if held for at least five years
  • Tax on Withdrawal – No tax on contributions. No tax on earnings after age 59½
  • Requirement for Age to withdraw – No
  • Penalty – Most withdrawals before age 59½ result in IRS penalties

Education

A trust or custodial account set up solely for paying qualified education expenses for a designated beneficiary. Applies for qualified higher education, elementary education, and secondary education expenses.

  • Minimum balance to open – $50.00
  • Eligibility – Beneficiary must be under 30, no income requirement
  • Max Contribution (over and under 50) – (Annual) Under: $2,000 per child under 18 Over: N/A
  • Tax Deductible – No.
  • Tax on Earnings – No.
  • Tax on Withdrawal – No (for qualified expenses)
  • Requirement for Age to withdraw – Account must be liquidated by age 30
  • Penalty – Funds withdrawn and not used for education expenses will result in IRS penalties
  • Legal/disclosures – Funds can be transferred between accounts for children in the same family

IRA and ESA Rates

Dividends are posted monthly for all IRA accounts.

Average Daily Balance
Traditional IRA
Dividend Rate/APY
Roth IRA
Dividend Rate/APY
Education IRA
Dividend Rate/APY
$50.00 – $9,999.99
Traditional IRA
0.10%
Roth IRA
0.10%
Education IRA
0.10%
$10,000.00 – $24,999.99
Traditional IRA
0.35%
Roth IRA
0.35%
Education IRA
0.35%
$25,000.00 – $49,999.99
Traditional IRA
0.50%
Roth IRA
0.50%
Education IRA
0.50%
$50,000.00 – $99,999.99
Traditional IRA
0.75%
Roth IRA
0.75%
Education IRA
0.75%
$100,000.00 – $249,999.99
Traditional IRA
1.00%
Roth IRA
1.00%
Education IRA
1.00%
$250,000.00 – $499,999.99
Traditional IRA
1.05%
Roth IRA
1.05%
Education IRA
1.05%
$500,000.00 and above
Traditional IRA
1.09%
Roth IRA
1.09%
Education IRA
1.09%

Dividends are posted monthly for all IRA accounts.

Rates are accurate as of December 3, 2022 and are subject to change without notice.

Member Testimonial

Member Testimonial

“First Commerce employees are so great to work with. They make things easy, and they know you by name.”

Start Planning Today

For more information or to open an IRA, contact our Business Services Team or visit any of our locations.

Business Resources

Business Savings Accounts

Business Savings Accounts

First Commerce offers a variety of Business Savings Accounts and CD options to help your money grow!

Six Pillars Financial Advisors

Six Pillars Financial Advisors

Speak with experienced financial advisors to develop and implement a plan to pursue your financial goals for your business.

Build Financial Wellness for Your Employees

Build Financial Wellness for Your Employees

Empower your employees to enhance their financial well-being. The FCCU Foundation offers free financial education workshops designed to meet your needs.

Business Savings Accounts

Business Savings Accounts

First Commerce offers a variety of Business Savings Accounts and CD options to help your money grow!

Six Pillars Financial Advisors

Six Pillars Financial Advisors

Speak with experienced financial advisors to develop and implement a plan to pursue your financial goals for your business.

Build Financial Wellness for Your Employees

Build Financial Wellness for Your Employees

Empower your employees to enhance their financial well-being. The FCCU Foundation offers free financial education workshops designed to meet your needs.

Your Financial Partner for Life

Established in 1940, First Commerce is a full-service, not-for-profit credit union with locations across North Florida and South Georgia. We are a member-owned cooperative and committed to the communities we serve. Our purpose is to empower people to enhance their financial well-being by helping them achieve their financial goals – whether it’s offering competitive loans to help you build your business, cash management services so you can focus on your customers, or best-in-class digital banking solutions to help you manage cash flow when it’s convenient for you. When you bank with First Commerce, you get a truly personal experience backed by 80 years of financial expertise.

Your Financial Partner for Life