High Interest, Variable Terms
Maximize your earnings with competitive interest rates
Competitive Interest Rates
Guaranteed Returns
Low Risk
Traditional IRA and Roth IRA
A Traditional IRA is a good choice if you want tax-deferred savings and tax-deductible contributions now. It’s ideal if you’re in a higher income bracket now but expect to be in a lower one when you withdraw funds in retirement.
A Roth IRA offers tax-free growth and withdrawals. It’s also great for building assets for heirs, as you can continue contributing and avoid required distributions during your lifetime.
This information is a general overview. Consult a qualified tax advisor before making any decision
Traditional IRA: You can contribute pre-tax income, which may reduce your taxable income for the year you make the contribution
Roth IRA: You can contribute after tax income, which means no immediate tax break
This information is a general overview. Consult a qualified tax advisor before making any decision
You can withdraw from a Traditional IRA anytime, but must start by April 1 after turning 73 (75 in 2033). Withdrawals are taxed as ordinary income, and early withdrawals before 59½ may incur a 10% penalty.
Roth IRA contributions aren’t deductible, but withdrawals are tax- and penalty-free. Earnings are also tax-free if certain conditions are met.
This information is a general overview. Consult a qualified tax advisor before making any decision
What To Prepare & Expect
Account Information
- Earn a high fixed interest rate
- $250 daily minimum balance to open and earn interest
Documents Needed
- Unexpired government issued photo ID
- Social Security Card
- Proof of address
Rates and Other Information
- Receive a reminder maturity notice
- 7 day grace period after maturity
- Interest is compounded every quarter and then added to your CD account
Account Disclosures and Fees
Open Your Bank Account in 3 Easy Steps
Request To Open Your Account
by filling out our form below
Visit Your Local Branch
to complete the opening process
Add the initial deposit
and start using your new account
Bring Your Community Bank Wherever You Are
Do all your banking from the palm of your hand.
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View balance information -
Review detailed account activity -
Transfer funds between your Accounts -
Pay bills -
Find an ATM or branch near you -
Manage you card- lock and unlock your card -
Set up and manage travel plans
Frequently Asked Questions
Your account balance can be found in the mobile banking app, online banking, or by calling our Touchtel telephone banking at 440-282-2961
First Federal Savings of Lorain’s routing number is 241271342
Your full account number can be obtained in the mobile banking app. Login, click the account you want to see the number for, at the top click the icon next to the last four digits of your account and the full account number will be displayed.