An individual with earned income under the age of 70½ years may open an Individual Retirement Account, and the IRA's earnings are tax-deferred for the future.

Our FirstBank IRA is an open account, so additional deposits may be added to the balance. Choose either a fixed-rate or variable-rate Individual Retirement Account. Interest is compounded daily.

Unlike most self-directed IRA's, we do not have maintenance fees or transfer fees.

The minimum opening deposit is $100. There is a substantial penalty for early withdrawal. Funds withdrawn before age 59½ must be transferred to another qualified plan, or they will be subject to an additional government penalty.

Deposits are insured by the FDIC. IRA's are insured separately from an individual's other deposit accounts at FirstBank Southwest.

Contact the New Accounts Representative for more information on opening your Individual Retirement Account.

For additional information on Traditional and Roth IRAs contact a New Account Representative at your nearest FirstBank Southwest location.

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