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CDs & IRAs

Enhance Your Savings Strategy

If you’re looking to improve your savings habits, Savings Bank offers you the accounts that will allow you to achieve your goal. From certificates of deposit (CDs) that allow you to earn a better rate on your balance, to accounts geared specifically to help you save for retirement, we give you the tools to focus your savings. If you’d like to learn more about our CD or IRA options, please contact our offices.

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Certificates of Deposit

A CD is a great way to earn a better interest rate than you’ll find in a traditional savings account. Key features of our CDs include:

  • Terms ranging from 6 months to 24 months
  • $500.00 minimum deposit requirement
  • Guaranteed yields at full maturity
  • Funds are FDIC-secured up to $250,000 per individual
  • Early withdrawals subject to penalty

If you’d like to get an idea of what the value of a CD at Savings Bank could be, please check out our future value calculator.

Future Value Calculator

Retirement Accounts

Type of IRAKey Features
Traditional IRASupplement another retirement plan

Persons under the age of 70 are eligible to contribute for the entire year of earned income

Earnings grow tax-deferred

Annual contributions may be tax-deductible
Roth IRAEligible for people of all ages who meet income criteria

Contributions are not tax-deductible

Earnings grow tax-free

No tax or penalties on qualified withdrawals
Simple IRAA plan for business owners who don’t currently sponsor retirement plans

Accounts are easier to set up

Low administrative costs

Employees and employers can make contributions

*Consult your tax advisor