Individual Retirement Accounts

An Individual Retirement Account (IRA) is a smart way for nearly everyone to save money. You can save for retirement, to supplement Social Security benefits, education expenses, for your children or grandchildren, and even for the down payment on your first home. Depending on which type of IRA you select, you may be able to make tax-deductible contributions and accumulate interest and earnings tax-free! Please consult a tax advisor for more details on the tax benefits of an IRA.

There are three different IRAs to choose from: Traditional IRA, Roth IRA, and the Education IRA. Each has its own unique features and benefits. Choosing the IRA that's right for you is as easy as 1-2-3!

  1. Traditional IRA
  2. Roth IRA
  3. Education IRA (Coverdell Education Savings Account)

High-Yield Payroll Savings IRA

The High-Yield Payroll Savings IRA is a six-month IRA account that allows you to save for your "golden years" while earning an exceptional rate of return. Deposit up to your maximum annual contribution limit through payroll savings and earn dividends while you save. Dividends are paid semi-annually each year on January 1 and July 1. Funds on deposit will be transferred to your regular IRA Savings account after the dividends are posted to your account.

High-Yield Payroll Savings IRA
Effective Date: Thursday, August 22nd, 2019
IRA Savings PlanRateMaximum Contribution
Traditional (under the age of 50) 0.50% APY* $6,000
Traditional (over the age of 50) 0.50% APY* $7,000
Roth (under the age of 50) 0.50% APY* $6,000
Roth (over the age of 50) 0.50% APY* $7,000
Coverdell Education 0.50% APY* $2,000 per child

Only funds from a payroll savings source can be deposited into the High-Yield Payroll Savings IRA Account. No other deposits or transfers are allowed. If this account is closed prior to the end of the dividend period, no dividend will be paid. All funds directly deposited will receive 0.50% APY up to the amount legally allowed by law. Dividends will be paid semi-annually on January 1st and July 1st. Funds in the High-Yield Payroll Savings IRA account, plus dividend earned, will automatically be transferred to your Regular IRA Share Savings following the payment of dividends.

Fees on accounts may reduce the earnings.  A fee will or may be imposed for early withdrawal of certificates.


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If you are logging in to Online Banking for the first time, please be aware that your FME Account Number should be entered as 7-digits long, without dashes, and with the last digit being a 0. This is the same Account Number that appears on your periodic statement. The initial User Password is the last 4 digits of the primary accountholder's Social Security Number.

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