Individual Retirement Accounts (IRAs)

• Competitive interest above standard savings rates
• Traditional and Roth IRA options
• No setup fees
• No monthly or annual maintenance fees
• Annual contribution limits apply (see current contribution limits; $6,000 as of 2019)
• Additional $1,000 "catch-up" contribution allowed for ages 50+
• Funds can be used to purchase CDs within IRA (terms from 1 to 5 years available)
• $250 minimum deposit to open

¹Consult a tax advisor.

To Get Started

Click the Apply Now button above or below. For faster service, speak to a representative at 229.246.6200 (GEORGIA) or 904-875-6177 (FLORIDA)

*APY means Annual Percentage Yield.  Rates are accurate as of the printing of this advertisement and may change at any time.   CD TERMS: Promotional APY applies to new certificates of deposit opened at First Port City Bank Branch. Required minimum deposit of $2,500.00 to open. The promotional offer is effective as of September 1, 2023, and is subject to change without notice. Penalty may be applied for early withdrawal. Withdrawal of interest reduces earnings. 5.25% APY applies to 9 Month and13 Month CD term. This does not apply to public funds certificates of deposit. At maturity, the 9 Month CD term will renew to a 9 Month CD term at the prevailing rate and the 13 Month CD term will renew to a 12 Month CD term at the prevailing rate.   IRA TERMS: A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement. Subject to some minimal conditions. Certain exceptions apply, such as healthcare, purchasing first home, etc. Consult a tax advisor. Minimum opening deposit for IRA is $500.00. Account requirements are available on our website at www.firstportcity.com. Member FDIC. Equal Housing Lender.

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement. 

Traditional IRA

• No income limits to open
• No minimum contribution requirement
• Contributions are tax deductible on state and federal income tax¹
• Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
• Withdrawals can begin at age 59 ½
• Early withdrawals subject to penalty²
• Mandatory withdrawals at age 70 ½ 

Roth IRA

• Income limits to be eligible to open Roth IRA³
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal¹
• Principal contributions can be withdrawn without penalty¹
• Withdrawals on interest can begin at age 59 ½
• Early withdrawals on interest subject to penalty²
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income 

¹Subject to some minimal conditions. Consult a tax advisor.

²Certain exceptions apply, such as healthcare, purchasing first home, etc.

³Consult a tax advisor.