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 (PDF).
Certificates of Deposit
- $1,000 opening deposit required.
- Penalty for early withdrawal.
- Interest may be withdrawn before maturity once it has been credited to the account.
- Interest may be received via transfer or monthly check if the balance of the CD is $10,000 or greater.
- Ten-day grace period at maturity to close or modify the terms of the CD.
Current Rates (PDF) | Terms and Conditions/Disclosures (PDF)
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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.
- Contributions may be tax-deductible.
Current Rates (PDF) | Terms and Conditions/Disclosures (PDF)
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IRA Certificate of Deposit Accounts
Fixed Rate Certificates
- $1,000 minimum opening deposit. CD Specials may require a higher minimum opening amount.
- Interest may be withdrawn before maturity without a penalty once it has been credited to the account.
- Penalty may be imposed for withdrawal of principal prior to maturity, 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, unless we notify you in writing, before the maturity date, of a different term for renewal.
- 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 at another institution may be charged $35 for account processing.
Current Rates (PDF) | Terms and Conditions/Disclosures (PDF)
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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 180 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 at another institution may be charged $35 for account processing.
Current Rates (PDF) | Terms and Conditions/Disclosures (PDF)
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Statement Savings
- Earns interest when balance is $200 or more.
- $50 minimum balance.
- $100 opening deposit required.
- Limit of six (6) transfers per calendar month.
Current Rates (PDF) | Terms and Conditions/Disclosures (PDF)
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Christmas Savings Club
- Earns interest when balance is $200 or more.
- $10 minimum balance.
- Receive a check for full account balance around the first week of November for holiday shopping.
- $50 opening deposit required.
- Limit of six (6) transfers per calendar month.
Current Rates (PDF) | Terms and Conditions/Disclosures (PDF)
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Visit Chester's page |
Current Rates (PDF) | Terms and Conditions/Disclosures (PDF)
*You cannot apply for a Chester account online. Back to Top
Important Information about Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
