IRAs

Savings You Can Count On For Your Future

Put your hard-earned money to work building a comfortable, secure retirement. Choose the IRA account that’s right for you.

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Features	IRA Savings	Traditional IRA Variable & Fixed Rate	Roth IRA Variable & Fixed Rate
Features	Learn More Here	Learn More Here	Learn More Here
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IRA account allows you to contribute earned income and defer taxes on contributions and earnings until they are withdrawn	Contributions are taxed going into IRA account, but no tax is paid on qualified withdrawals ⁽¹⁾
Minimum Opening Deposit	$25 (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	Varies with program. Ask a representative for details Interest will be compounded daily Interest will be credited quarterly	Varies with program. Ask a representative for details Interest will be compounded daily Interest will be credited quarterly
Tax Deferral Status	Contributions may be tax deductible⁽¹⁾ Earnings are tax deferred until withdrawn⁽¹⁾	Contributions may be tax deductible ⁽¹⁾ Earnings are tax deferred until withdrawn ⁽¹⁾	Contributions are not tax deductible ⁽¹⁾ No taxes paid on qualified withdrawals of earnings ⁽¹⁾
Allowable Contributors	Limits apply⁽¹⁾	Limits apply ⁽¹⁾	Individuals with earned income subject to modified adjusted gross income limits Limits apply ⁽¹⁾
Withdrawal Information	Limitations apply ⁽¹⁾ to regular retirement withdrawals Please note that withdrawals maybe subject to IRS tax penalties	Limitations apply ⁽¹⁾ to regular retirement withdrawals Please note that withdrawals maybe subject to IRS tax penalties	Contributions may be withdrawn at any time without taxation ⁽¹⁾ Qualified withdrawals of earnings may be made without taxation after five years ⁽¹⁾
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
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
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

(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 annual percentage yield for your account depends upon the applicable rate. We may change the rate on your variable rate account at any time.

Please note: This information is accurate as of April 1, 2024. Refer to "Understanding Your Deposit Accounts" for terms and conditions and account disclosures. Community West Bank reserves 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.