Individual Retirement Account

It's never too soon to start saving for retirement.

IRAs offer attractive tax breaks and savings options.

Roth and Traditional IRAs
Range of tax benefits
Lower fees than investment firms

Make the later chapters in life your best ones yet

You might be planning an active retirement or a relaxing one. Either way, you'll want enough income to experience life to the fullest. IRAs offer low fees, tax advantages, solid investment options and the potential to live out your dream retirement.

Traditional IRA

  • Invest up to $6,000 per year ($7,000 if over age 50)
  • Investment interest grows tax-free
  • Potential annual tax breaks for each year funds are contributed
  • Option to convert to a Roth IRA
  • Consult your financial advisor for more Traditional IRA tax information

Roth IRAs

  • Invest up to $6,000 per year ($7,000 if over age 50)
  • Investment interest grows tax-free and is withdrawn tax-free
  • No annual income tax deductions
  • Roth funds can be used in some cases for home purchases and higher education expenses
  • Consult your financial advisor for more Roth IRA tax information

Coverdell Education Savings Accounts (ESA)

  • Contribute up to $2,000 per child for qualified education expenses
  • Funds can be used for college or primary and secondary education costs
  • Money can be used to cover tuition and fees, room and board as required by a school, academic tutoring and even computers and Internet costs
  • ESA interest and dividends are not taxed and withdrawals are tax-free

Michigan First is a full-service credit union with branches that are easily accessible around Metro Detroit, Grand Rapids and mid-Michigan.

IRA Certificate Rates

Product APY1 Dividend Rate Daily Balance
6 Month CD 0.25% 0.25% $1,000 to $9,999
6 Month CD 0.35% 0.35% $10,000 to $49,999
6 Month CD 0.40% 0.40% $50,000 to $99,999
6 Month CD 0.45% 0.45% $100,000 and up
12 Month CD & IRA 0.35% 0.35% $1,000 to $9,999
12 Month CD & IRA 0.45% 0.45% $10,000 to $49,999
12 Month CD & IRA 0.50% 0.50% $50,000 to $99,999
12 Month CD & IRA 0.55% 0.55% $100,000 and up
24 Month CD & IRA 0.50% 0.50% $1,000 to $9,999
24 Month CD & IRA 0.60% 0.60% $10,000 to $49,999
24 Month CD & IRA 0.65% 0.65% $50,000 to $99,999
24 Month CD & IRA 0.70% 0.70% $100,000 and up
36 Month CD & IRA 0.65% 0.65% $1,000 to $9,999
36 Month CD & IRA 0.75% 0.75% $10,000 to $49,999
36 Month CD & IRA 0.80% 0.80% $50,000 to $99,999
36 Month CD & IRA 0.85% 0.85% $100,000 and up
48 Month CD & IRA 0.75% 0.75% $1,000 to $9,999
48 Month CD & IRA 0.80% 0.80% $10,000 to $49,999
48 Month CD & IRA 0.85% 0.85% $50,000 to $99,999
48 Month CD & IRA 0.90% 0.90% $100,000 and up
60 Month CD & IRA 0.85% 0.85% $1,000 to $9,999
60 Month CD & IRA 0.90% 0.90% $10,000 to $49,999
60 Month CD & IRA 0.95% 0.95% $50,000 to $99,999
60 Month CD & IRA 1.00% 1.00% $100,000 and up