A SIMPLE IRA (Savings Incentive Match PLan for Employees) gets both the employer and the employee involved in contributing to a retirement account. While employees are 100% vested from inception, there are steeper penalties for withdrawing money from the account within the first two years of participating.

  • Employees can contribute up to $12,500 per year ($15,000 if over the age of 50)
  • Employers are required to match 100% of the first 3% contributed, or 2% of all eligible employees’ salaries
  • 25% penalty for withdrawing funds within two years of participating, 10% penalty thereafter
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"My bank opened the door with open arms to us. They were very supportive and were excited about what our plans were and very helpful. They are there for any needs that we need. They have given us many different ideas for what they can do to help us make our business better and bigger." - Wendy Lewis, Wendy’s Towne Restaurant



Some customers have reported receiving text message alerts, stating that their debit card has been "blocked" and that they need to reply to the text message with their full debit card number. This is a phishing attempt and you should never enter your card information or any other private personal information into a text message or email.

Please know that First United will never ask you for confidential or private information through text, email or social media channels. If you are ever unsure about a communication from the Bank, please contact our Customer Care Center directly at 1-888-692-2654.