INDIVIDUAL RETIREMENT ACCOUNT (IRA)
Grow your retirement savings with an IRA.
First Command Bank’s Individual Retirement Accounts offer competitive interest rates and potential tax advantages to help you set aside money for retirement. We offer FDIC-insured Certificates of Deposit (CDs) and Money Market Savings Accounts, as both Traditional and Roth IRAs.
IRA CDS
A safe place for your cash reserves.
IRA CDs offer the security and predictability of a Certificate of Deposit, plus the tax benefits of an Individual Retirement Account. They pay a fixed rate over a defined period of time and are backed by federal deposit insurance, up to specified limits.
- Available maturities ranging from 30 days to five years1
- Competitive, tiered interest rates2
- Automatic renewal at maturity, with a 10-day grace period
- FDIC-insured up to specified limits3
DETAILS & RATES
The minimum opening deposit for a First Command IRA CD is $1,000.
IRA MONEY MARKET SAVINGS ACCOUNT
The flexibility of a savings account — designed for retirement.
- Make eligible contributions7 and withdrawals at your convenience, per IRS guidelines
- No fee for first six withdrawal or transfer transactions per statement cycle8
- No monthly maintenance fees
- Competitive, tiered interest rates9
- FDIC-insured up to specified limits3
DETAILS & RATES
There is no minimum required deposit to open an IRA Money Market account. You’ll have view-only access to your account information through OnCommand™ online banking, and MobileCommand™ mobile banking. To simplify your banking experience, you can also sign up for free digital eStatements.
Common Savings IRA Questions
Yes, you can make deposits to your IRA Money Market account by check or by requesting a transfer from an existing First Command Bank account.
All deposits will be considered a current year contribution. If you wish to make a prior year contribution, contact us at (888) 763-7600.
Expedited Payments is a secure bill-pay service that allows you to make a payment to participating merchants. The payment is received and credited to your account by the merchant on the same day. Expedited payments made on holidays and weekends will post on the next business day. With our 100 percent payment guarantee, you will never pay a late fee or penalty for a properly scheduled payment that complies with the merchant’s policies. There is a fee for sending an expedited payment. For more information or to make an Expedited Payment, log in to OnCommand, click on the “Payments” icon and follow the instructions.
There are IRS regulations for contributions based on age, income and other factors. View eligibility information.
To ensure you don’t exceed your IRA contribution limits, you’ll need to keep track of contributions across all of your IRA accounts. The IRS will assess a 6 percent tax on any excess contribution to a Roth or Traditional IRA. Learn more.
We can accept an Automatic Funds Transfer from another financial institution if it is a normal, current year contribution to a Traditional IRA. Please work with your First Command Financial Advisor or contact us at (888) 763-7600 for assistance.
Yes. Contact your First Command Financial Advisor or call us at (888) 763-7600 for assistance.
Please work with your First Command Financial Advisor or contact our Personal Bankers at (888) 763-7600 so that all appropriate documentation can be completed. Early or premature withdrawals from an IRA may be subject to a 10 percent early withdrawal penalty from the IRS4.
Debit cards and checks are not available for the IRA Money Market account, since IRS regulations require withdrawals to be properly coded for IRS reporting. To make a withdrawal, please work with your First Command Financial Advisor or contact us at (888) 763-7600.
Interest is accrued daily and applied monthly.