money market accounts
Money Market Accounts provide a great way to earn higher interest without tying up your money for an extended period of time. They offer convenient access, with the peace of mind your deposits are safely insured through the FDIC. BankWest offers two types of Money Market Accounts:
Investor Money Market Account
A limited number of withdrawals are allowed per statement cycle on both types of money market accounts.
CDs and IRAs
Whether short-term or long-term, we have Certificates of Deposit and Individual Retirement Account options that will help you maximize your savings. Which is right for you? That is where our friendly BankWest associates can help. We’re happy to review your options and find the right combination to meet your financial goals.
Certificates of Deposit
For current rates and terms, please contact one of our friendly bankers.
For customers making a CD investment of $25,000 or more, this account features an interest rate that increases each year of the CD's term.
*Annual Percentage Yield. APY accurate as of January 12, 2015. $25,000 minimum balance required to open account and earn APY. Penalty for early withdrawal.
If deferring taxes on part of your income is your best tax strategy, consider a Traditional IRA. This approach can help you pay less in taxes now, using pre-tax dollars to build your principal for more earnings later. Contributions may not be tax-deductible for those covered by employer plans with income over certain levels. In most cases, contributions cannot be withdrawn without IRS penalty until after age 59 ½, but there are exceptions, such as for higher-education expenses and first-time home purchases.
Contributions to a Roth IRA are made with after-tax, rather than pre-tax dollars, but earnings are federal tax-free and IRS penalty-free if certain conditions are met. Unlike a Traditional IRA, contributions are allowed after age 70 ½. Individuals and couples with income too high for a tax-deductible contribution to a Traditional IRA may want to consider at Roth IRA.
The IRA CD offers guaranteed earnings and is FDIC insured. We offer a “no fee” IRA transfer option.
Contact your tax or legal advisor to answer specific questions about eligibility, distributions, penalties and how they may apply to your individual situation.