Savings Accounts

First Federal offers a variety of ways for you to save, including Certificates of Deposit, IRAs, and savings accounts. Apply online (see links below) or stop by one of our convenient locations to open an account. View Current Rates.

Certificates of Deposit

• $1,000 opening deposit required.
• Interest compounded at term for certificates with terms shorter than 182 days.
• Interest compounded quarterly for certificates with terms longer than 182 days.
• Penalty for early withdrawal.
• No deposits may be made to the CD until the maturity date.
• Interest may be withdrawn before maturity once it has been credited to the account.
• If balance is $10,000 or greater, interest may be received in a monthly check.
• Ten-day grace period at maturity to close or modify the terms of the CD.

Current Rates | Terms and Conditions/Disclosures

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Jumbo Certificates of Deposit

• $100,000 opening deposit required.
• 182 day maturity.

Current Rates | Terms and Conditions/Disclosures

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Jump Up Certificates of Deposit

• $5,000 minimum opening deposit required.
• $5,000 minimum balance to earn stated Annual Percentage Yield.
• Penalty may be imposed for early withdrawal.
• Term is 40 months; converts to 36-month term at maturity.
• Minimum $1,000, one-time addition of funds allowed during term.
• Customer may request one-time increase to current rate during term.

Current Rates | Terms and Conditions/Disclosures

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Individual Retirement Accounts (IRAs)

• Traditional
• Roth
• Education
• Simplified Employee Pension Plan (SEP)
• No annual fees or commissions.
• IRAs insured by FDIC up to $250,000.
• Flexible contributions or payroll deduction plans available.

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IRA Deposit Accounts

One- to Five-Year IRA Fixed Rate Certificate

• $1,000 minimum opening deposit.
• Interest compounded quarterly.
• Interest may be withdrawn before maturity without a penalty once it has been credited to the account.
• No deposits may be made to the IRA until the maturity date.
• Penalty may be imposed for withdrawal of principal prior to maturity:
  • One Year CD: equal to 30 days loss of interest.
  • Two, Three or Four Year CDs: equal to 90 days loss of interest.
  • Five Year CD: equal to 180 days loss of interest.
• Penalty waived at the death or incompetence of accountholder.
• IRA renews automatically.
  • Renewal term will be the same as original term and will begin on the maturity date.
  • Interest rate will be the same as that offered on new, comparable IRA Fixed Rate Certificates on the maturity date.
  • Ten-day grace period at maturity to close or modify the term of the IRA.
• Accounts that are transferred or rolled over into an IRA or qualified plan may be charged $35 for account processing.

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18 Month IRA Variable Rate Certificate

• $100 minimum opening deposit.
• Interest compounded quarterly.
• Interest rate on account subject to change each quarter.
• Deposits may be made to the IRA before the maturity date.
• Penalty may be imposed for withdrawal of principal prior to maturity:
  • Equal to 90 days loss of interest.
  • Penalty waived at the death or incompetence of the account older, or if the accountholder has obtained age 59 1/2 or other IRS-approved exceptions for penalty-free withdrawals
• IRA renews automatically.
  • Renewal term will be the same as original term and will begin on the maturity date.
  • Interest rate will be the same as that offered on new, comparable IRA Variable Rate Certificates on the maturity date.
  • Ten-day grace period at maturity to close or modify the term of the IRA.
• Accounts that are transferred or rolled over into an IRA or qualified plan may be charged $35 for account processing.

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Statement Savings

• $100 opening deposit required.
• Earns interest when balance is $200 or more.
• $10 minimum balance.
• Access through an ATM after account has been open for one month.

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Christmas Savings Club

• $10 opening deposit required.
• Earns interest when balance is $200 or more.
• $10 minimum balance.
• Customer receives a check for full account balance around the first week of November for holiday shopping.
• Make deposit by May 31 of each year to reactivate the account.

Current Rates | Terms and Conditions/Disclosures

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Chester's Investor Account*

For children 12 years of age and younger. $10 opening deposit required. Earns interest when balance is $100 or more. Six free transfers per month. Every $10 deposited earns one "Acorn", which can be traded for Chester prizes. Invitations to member's only Chester parties. Free newsletters and birthday cards. Free online games and learning activities. At age 13, account converts to Statement Savings account.

Visit Chester's page

Current Rates | Terms and Conditions/Disclosures

*You cannot apply online at this time.

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Important Information about opening a new account.

The USA Patriot Act requires First Federal Bank to obtain, verify and record identifying information from each person opening the account. We will ask for your name, address, date of birth, driver's license, or other identifying information.