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.
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.
Retirement Accounts
| Type of IRA | Key Features |
|---|---|
| Traditional IRA | Supplement 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 IRA | Eligible 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 IRA | A 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