CDs & IRAs Time deposits to maximize your earnings!
Southwest National Bank offers time deposits with a wide range of terms. Whether you're saving for retirement or just for a few years, we have what you need.
Check out our competitive rates and CD Specials!
If you already have accounts with Southwest and want to expand your selection, reach out today!
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CDs
Certificates of Deposit
When it comes to your finances, it’s important your hard-earned money works as hard as you do. That’s why a CD from Southwest is perfect for savers looking to earn a higher interest rate than a traditional savings account.
With a CD from Southwest, you can choose the term length that works best for you, whether it’s three months, one year, or even five years, you can rest assured knowing that it’s earning interest and growing.
Don’t wait – open an account today and start earning!
- CD terms from three months to five years
- Interest compounded quarterly
- Automatic renewal
- FDIC Insured
What is a certificate of deposit?
A certificate of deposit (CD) is an account that offers you a higher interest rate than a traditional savings account in exchange for leaving your money untouched for an agreed upon time. That time period is known as the term length.
How do CDs work?
The total amount of interest you earn on a CD is determined by the term length and your initial deposit. Typically, the longer your term length and the greater your deposit, the higher the interest you’ll earn. Different CD products offer you different term length options and require different initial deposits. CD accounts are FDIC insured up to the limits stated by the FDIC.
What is APY?
Annual Percentage Yield, or APY, is the total interest earned over the course of the year. This is different from the interest rate as it includes compounding interest.
As you accumulate interest on your initial deposit, your account balance grows. APY includes not only the interest on your initial deposit but also the interest on the growth in your balance, i.e. the interest on the interest you’ve accumulated.
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Traditional IRA
Traditional IRA
If you’re looking for a retirement savings option that offers tax-deferred growth, look no further than a traditional IRA. Anyone who earns compensation can open an IRA and make contributions without paying taxes on the earnings until you reach retirement age. That means more money in your pocket now, and more money to enjoy during your golden years.
With a Southwest traditional IRA account, you can even take advantage of employer-sponsored programs like a 401(k) by directing “eligible rollover distributions” into your Southwest IRA account. This way, you can plan for a comfortable retirement on your own terms.
Whether you’re just starting to save for retirement or you’re looking to beef up your existing nest egg, our team of experts can help you understand the deductibility rules and make the best choices for your future.
- Contributions are made pre-tax
- Contributions may be tax deductible
- Earnings are tax deferred until withdrawn
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Roth IRA
Roth IRA
When it comes to saving for retirement, there are a lot of options out there. But if you’re looking for an account that offers tax-free and penalty-free withdrawals, a Roth IRA from Southwest National Bank is a great choice.
With a Roth IRA, your contributions are made with after-tax dollars. That means you won’t get a tax deduction when you contribute, but your withdrawals are completely tax-free. And as long as you’ve had the account for at least five years, you can withdraw your money without having to pay any taxes or penalties.
Plus, with a Roth IRA from Southwest National Bank, you’ll get the same great interest rates and service that our customers have come to expect from us. So why wait? Open a Roth IRA today and start planning for your retirement tomorrow.
- Contributions are made after-tax
- Contributions are not tax deductible
- Contributions can be made at any age
- Withdrawals made after age 59½ are tax and penalty free, unless the account is less than five years old
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