CDs and IRAs
Build & Save Toward Your Future
At Northwest Bank of Rockford, our Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs) give you steady, reliable ways to grow your savings. With a variety of terms and options, you can choose the path that best supports your financial goals.
Certificates of Deposit (CDs)
Our CDs allow you to save with confidence by offering a range of terms at competitive rates. Whether you’re looking for short-term growth or a longer-term option, our team can help you find the right fit for your goals. Keep in mind that all CDs are subject to early withdrawal penalties. For current rates and available terms, please contact your local Northwest Bank of Rockford banker.
Individual Retirement Accounts (IRAs)
An IRA gives you the ability to save for retirement in a tax-advantaged way. With a Traditional IRA, you can benefit from tax-deferred growth, while a Roth IRA provides the opportunity for tax-free growth. Both options give you a reliable foundation for building long-term savings, supported by our experienced banking team.
With the right CD or IRA, you can take confident steps toward your future—knowing you have both security and flexibility along the way.
Account | Account Details |
|---|---|
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. Many retirees also find themselves in a lower tax bracket than they were in pre-retirement, so the tax-deferral means the money may be taxed at a lower rate |
Roth IRA | You make contributions with money you’ve already paid taxes on (after-tax) and your money may potentially grow tax-free, with tax-free withdrawals in retirement, provided that certain conditions are met. |
Northwest Bank of Rockford does accept Rollover IRA deposits and direct transfers. A Rollover IRA is a Traditional IRA intended for money "rolled over" from a qualified retirement plan. Rollovers involve moving eligible assets from an employer-sponsored plan, such as a 401(k) or 403(b), into an IRA. Please contact our IRA specialist today at 815-987-4550.