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Plan for Your Future

Individual Retirement Accounts

 Savings You Can Count On For The Future

Features IRA Savings Traditional IRA Variable & Fixed Rate Roth IRA Variable & Fixed Rate Coverdell Education Savings Account Variable & Fixed Rate Simplified Employee Pension IRA Variable & Fixed Rate

Description
  • A flexible retirement account designed to help you save with the ability to make deposits on a recurring basis
  • The traditional IRA account allows you to contribute earned income and defer taxes on contributions and earnings until they are withdrawn
  • Contributions are taxed going into IRA account, but no tax is paid on qualified withdrawals
  • A great tool to help plan for retirement
  • Designed specifically for those saving for educational purposes
  • For employers who want to provide a tax-advantage savings method for themselves and their employees

Minimum Opening Deposit

$25

(Annual custodial fee of $20)

$500

(Annual custodial fee of $20)

$500

(Annual custodial fee of $20)

$500

(Annual custodial fee of $20)

$500

(Annual custodial fee of $20)

Terms
  • Ask a representative for details
  • Interest will be compounded daily 
  • Interest will be credited quarterly
  • Ask a representative for details
  • Interest will be compounded daily • Interest will be credited quarterly
  • Ask a representative for details
  • Interest will be compounded daily • Interest will be credited quarterly
  • Varies with program.

Ask a representative for details
  • Varies with program.

Ask a representative for details

Tax Deferral Status
  • Contributions may be tax deductible(1) 
  • Earnings are tax deferred until withdrawn(1)
  • Contributions may be tax deductible(1) 
  • Earnings are tax deferred until withdrawn(1)
  • Contributions are not tax deductible(1) 
  • No taxes paid on qualified withdrawals of earnings(1)
  • Contributions are not tax deductible(1) 
  • No taxes paid on withdrawals of funds for qualified education expenses(1)
  • Contributions may be tax deductible for employers(1)
  • Taxes are deferred until withdrawn

Allowable Contributors
  • Limits apply(1)
  • Limits apply(1)
  • Individuals with earned income subject to modified adjusted gross income limits
  • Limits apply(1)
  • Anyone can contribute for the benefit of an individual who is under age 18 (exceptions apply for 18+)
  • Limits apply(1) Modified adjusted gross income limitations apply
  • Contributions are made by employer to IRA accounts for eligible employees
  • Limits apply(1)

Withdrawal Information
  • Limitations apply(1) to regular retirement withdrawals
  • Please note that withdrawals may be subject to IRS tax penalties
  • Limitations apply(1) to regular retirement withdrawals
  • Contributions may be withdrawn at any time without taxation(1)
  • Qualified withdrawals of earnings may be made without taxation after five years(1)
  • No taxes or IRS penalties paid on withdrawals for qualified education expenses(1)
  • Limitations apply(1) to regular retirement withdrawals

Account Dates
  • Must open account and all contributions must be made by the tax filing deadline (usually April 15)(1)
  • Deposits to the account are considered “current” year unless you indicate otherwise at time of deposit
  • Must open account and all contributions must be made by the tax filing deadline (usually April 15)(1)
  • Deposits to the account are considered “current” year unless you indicate otherwise at time of deposit
  • Must open account and all contributions must be made by the tax filing deadline (usually April 15)(1)
  • Deposits to the account are considered “current” year unless you indicate otherwise at time of deposit
  • Must open account and all contributions must be made by the tax filing deadline (usually April 15)(1)
  • SEP-IRA Plan must be established by tax filing deadline. Contributions must be made by tax filing deadline plus extensions(1)

Contribution Information
  • Catch up contributions are allowed 
  • Please consult your tax advisor based on your personal situation
  • Catch up contributions are allowed 
  • Please consult your tax advisor based on your personal situation
  • Catch up contributions are allowed 
  • Please consult your tax advisor based on your personal situation
  • Catch up contributions are allowed 
  • Please consult your tax advisor based on your personal situation
  • Catch up contributions are allowed 
  • Please consult your tax advisor based on your personal situation

Benefits
  • Contributions may be tax deferred. Earnings may be tax deferred until withdrawn(1) 
  • Variable and fixed rate options allow for flexibility in interest earnings
  • Contributions may be tax deferred. Earnings may be tax deferred until withdrawn(1)
  • No taxes on the interest earned on the account(1)
  • Variable and fixed rates offered
  • Flexible terms to meet your needs
  • Allows parents and children to plan ahead for costly higher education expenses
  • Tax-free method of paying for education expenses
  • Contribution limits are much higher than for individual accounts(1)

 Savings You Can Count On For The Future

Features

Description

Minimum Opening Deposit

Terms

Tax Deferral Status

Allowable Contributors

Withdrawal Information

Account Dates

Contribution Information

Benefits
IRA Savings
  • A flexible retirement account designed to help you save with the ability to make deposits on a recurring basis

$25

(Annual custodial fee of $20)
  • Ask a representative for details
  • Interest will be compounded daily 
  • Interest will be credited quarterly
  • Contributions may be tax deductible(1) 
  • Earnings are tax deferred until withdrawn(1)
  • Limits apply(1)
  • Limitations apply(1) to regular retirement withdrawals
  • Please note that withdrawals may be subject to IRS tax penalties
  • Must open account and all contributions must be made by the tax filing deadline (usually April 15)(1)
  • Deposits to the account are considered “current” year unless you indicate otherwise at time of deposit
  • Catch up contributions are allowed 
  • Please consult your tax advisor based on your personal situation
  • Contributions may be tax deferred. Earnings may be tax deferred until withdrawn(1) 
Traditional IRA Variable & Fixed Rate
  • The traditional IRA account allows you to contribute earned income and defer taxes on contributions and earnings until they are withdrawn

$500

(Annual custodial fee of $20)
  • Ask a representative for details
  • Interest will be compounded daily • Interest will be credited quarterly
  • Contributions may be tax deductible(1) 
  • Earnings are tax deferred until withdrawn(1)
  • Limits apply(1)
  • Limitations apply(1) to regular retirement withdrawals
  • Must open account and all contributions must be made by the tax filing deadline (usually April 15)(1)
  • Deposits to the account are considered “current” year unless you indicate otherwise at time of deposit
  • Catch up contributions are allowed 
  • Please consult your tax advisor based on your personal situation
  • Variable and fixed rate options allow for flexibility in interest earnings
  • Contributions may be tax deferred. Earnings may be tax deferred until withdrawn(1)
Roth IRA Variable & Fixed Rate
  • Contributions are taxed going into IRA account, but no tax is paid on qualified withdrawals
  • A great tool to help plan for retirement

$500

(Annual custodial fee of $20)
  • Ask a representative for details
  • Interest will be compounded daily • Interest will be credited quarterly
  • Contributions are not tax deductible(1) 
  • No taxes paid on qualified withdrawals of earnings(1)
  • Individuals with earned income subject to modified adjusted gross income limits
  • Limits apply(1)
  • Contributions may be withdrawn at any time without taxation(1)
  • Qualified withdrawals of earnings may be made without taxation after five years(1)
  • Must open account and all contributions must be made by the tax filing deadline (usually April 15)(1)
  • Deposits to the account are considered “current” year unless you indicate otherwise at time of deposit
  • Catch up contributions are allowed 
  • Please consult your tax advisor based on your personal situation
  • No taxes on the interest earned on the account(1)
  • Variable and fixed rates offered
  • Flexible terms to meet your needs
Coverdell Education Savings Account Variable & Fixed Rate
  • Designed specifically for those saving for educational purposes

$500

(Annual custodial fee of $20)
  • Varies with program.

Ask a representative for details
  • Contributions are not tax deductible(1) 
  • No taxes paid on withdrawals of funds for qualified education expenses(1)
  • Anyone can contribute for the benefit of an individual who is under age 18 (exceptions apply for 18+)
  • Limits apply(1) Modified adjusted gross income limitations apply
  • No taxes or IRS penalties paid on withdrawals for qualified education expenses(1)
  • Must open account and all contributions must be made by the tax filing deadline (usually April 15)(1)
  • Catch up contributions are allowed 
  • Please consult your tax advisor based on your personal situation
  • Allows parents and children to plan ahead for costly higher education expenses
  • Tax-free method of paying for education expenses
Simplified Employee Pension IRA Variable & Fixed Rate
  • For employers who want to provide a tax-advantage savings method for themselves and their employees

$500

(Annual custodial fee of $20)
  • Varies with program.

Ask a representative for details
  • Contributions may be tax deductible for employers(1)
  • Taxes are deferred until withdrawn
  • Contributions are made by employer to IRA accounts for eligible employees
  • Limits apply(1)
  • Limitations apply(1) to regular retirement withdrawals
  • SEP-IRA Plan must be established by tax filing deadline. Contributions must be made by tax filing deadline plus extensions(1)
  • Catch up contributions are allowed 
  • Please consult your tax advisor based on your personal situation
  • Contribution limits are much higher than for individual accounts(1)

(1) IMPORTANT NOTE: A penalty may be imposed if funds are withdrawn before maturity. Please consult your tax advisor regarding consequences for Individual Retirement Account contributions and withdrawals. If the account is closed prior to the interest payment period, interest will not be received. Your interest rate and the annual percentage yield for your account depends upon the applicable rate. We may change the rate on your variable rate account at anytime.

 Please note: This information is accurate as of April 1, 2024. Community West Bank reserve the right to make changes at any time as a result of a change of policy, law, and regulation or otherwise. Ask a Banking Center Representative for more information about IRA terms and conditions.

Secure Your Retirement with IRAs

Plan for a comfortable future with our Individual Retirement Accounts (IRAs). Benefit from tax advantages and flexible investment options. Start saving today!

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