Your privacy is very important to us. We would like to advise you that Internet email is not secure. Please do not submit any information that you consider confidential. We recommend you do not include your social security or account number or other specific identifying information.
You are leaving Southwestern National Bank's website and linking to a third party site. Please be advised that you will then link to a website hosted by another party, where you will no longer be subject to, or under the protection of, the privacy and security policies of Southwestern National Bank. We recommend that you review and evaluate the privacy and security policies of the site that you are entering. Southwestern National Bank assumes no liability for the content, information, security, policies or transactions provided by these other sites.
Contact Us • Site Map • Home
What is an IRA?
An individual retirement account (IRA) allows you to make tax-deferred investments to provide financial security when you retire.
An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. The three main types of IRAs each have different advantages:
Traditional IRA – You make contributions with money you may be able to deduct on your tax return, and any earnings can potentially grow tax-deferred until you withdraw them in retirement.
Roth IRA – you make contributions with money you’ve already paid taxes on (after-tax), and your money many potentially grow tax-free withdrawals in retirement, provided that certain conditions are met,
Rollover IRA – You contribute money “rolled over” from a qualified retirement plan into this traditional IRA. Rollovers involve moving eligible assets from an employer-sponsored plan, such as a 401 (K) or 403 (b), into an IRA.
IRA Contribution Limits
For 2021, your total contributions to all of your traditional and Roth IRAs cannot be more than:
The IRA contribution limit does not apply to
Need more help? Please contact our team for more information.
Mobile Banking Disclosure
Terms and Conditions
FDIC Insured Deposits
International Banking: (713) 995-3234
Internet Banking Information: (713) 272-5049
Current Interest Rates: (713) 771-9700