CDs / IRAs

Most standard Certificates of Deposit at First Western require a $500 minimum deposit. Special-rate CDs, like our current 6-month and 13-month offers, require a $2,500 minimum balance to open and earn the advertised APY. Educational CDs have a much lower bar, just $25, making them an accessible way to start saving for a child’s future.

The interest rate is the percentage your CD earns on its principal balance. The Annual Percentage Yield (APY) reflects your total earnings over a year, including the effect of compounding. APY assumes funds remain on deposit until maturity, so withdrawing principal early or having interest paid out will reduce your overall yield.

Yes. Early principal withdrawal triggers a penalty equal to three months of interest on terms of one year or less, and six months of interest on terms greater than one year. You can, however, request to have interest paid out during the term at no fee.

The documentation you were given at account opening is for your records and is not required when redeeming or maintaining the terms of the CD. However, if the documentation is lost and you would like another copy for your records, contact your local First Western branch, and we would be happy to print another copy for you.

Educational CDs are built to help families save for a child’s future with a $25 minimum deposit. You can set up automatic transfers from your checking or savings account and make unlimited contributions until the child turns 24 or until the first distribution date. Funds can be withdrawn penalty-free any time after the child’s 17th birthday.

Traditional IRA contributions may be tax-deductible, and earnings grow tax-deferred until you withdraw them in retirement. Roth IRA contributions are made with after-tax dollars, but qualified withdrawals, including earnings, are tax-free. Roth IRAs also aren’t subject to Required Minimum Distributions when the account holder turns 73. For a deeper side-by-side, see Roth vs. Traditional IRA: which is right for you?.

Yes. First Western Bank can help you roll over or transfer an IRA from another financial institution. Before initiating the transfer, it helps to understand the tax implications, contribution timing, and the difference between a direct transfer and a rollover. Read more in What to know before transferring an IRA.

Yes. CDs and IRA deposits at First Western Bank are FDIC insured up to the maximum amount allowed by law, giving you a secure, predictable way to grow your savings. One of the biggest misconceptions regarding FDIC Insurance is that a depositor is limited to $250,000 with each financial institution, regardless of how the accounts are set up. This is not true, FDIC limits for each depositor will vary based on several factors including, but not limited to account ownership and beneficiary designation. If you have questions regarding FDIC insurance on your deposits, please visit with any of our Universal Banking staff.

You can open a CD or IRA by visiting your local First Western branch or calling to speak with a banker. They’ll walk you through current rates, term options, and which account type fits your savings goals.