IRAs
Traditional IRA
Traditional IRAs offers the best of both worlds: worry-free saving for retirement with tax-deferred earnings – plus possibly tax-deductible contributions to lighten the tax burden year after year from now until retirement.
A Traditional IRA allows you to sit back and relax, knowing your retirement earnings are 100% free from federal income tax until you take distributions.
- Contributions may be tax deductible
- Higher contribution limits for members over age 50
- Withdrawals must begin at age 72 (may qualify for lower tax bracket)
- Funds not taxed until withdrawn
- Choice of term certificates for investment
- IRA balances 100% insured
The Traditional IRA and Roth IRA are safe ways to plan for your future. See below for more information on our Roth IRA.
Please feel free to contact us at 781-905-1500 or via email for additional information.
Roth IRA
A Roth IRA can make your retirement much easier. The money that you put into a Roth IRA today comes back to you tax-free at retirement, along with the tax-free interest your money earns while it’s in there.
You can withdraw funds from your IRA at any time although if certain guidelines are not met there could be taxes and/or penalties associated with the withdrawal. Or, you can leave the money in and let your account grow, or even pass it onto your heirs.
- Contributions are not tax deductible
- Qualifying distributions may be withdrawn tax-free
- Withdrawals are not required
- Choice of certificates for investment
- Balances 100% insured
Flexibility plus tax-free earnings make the Roth IRA a great choice for retirement.
Please feel free to contact us at 781-905-1500 or via email for additional information.
Educational Savings Account
A Coverdell Education Savings Account or ESA can help you finance your children’s educational needs by providing a higher contribution limit and less restrictive rules making it easier for you to save. ESAs are not only a way to save for college but can also be used to pay educational expenses incurred at a public or private kindergarten, elementary and secondary school.
You may also contribute to an ESA for a designated beneficiary. There is no requirement that there be a family relationship between the contributor and designated beneficiary.
- Contributions are not tax deductible
- Qualifying withdrawals are not taxed
- Withdrawals may be used to pay for the child’s educational expenses such as tuition, fees, books, supplies equipment or room and board at an eligible school or college.
For more information, contact us at 781-905-1500 and speak to a Members Services Representative.
Certificates of Deposit and IRAs
| Name | Term (in months) | APY* | Dividend Rate | Minimum Deposit |
|---|---|---|---|---|
| 3 month CD | 3 | 0.50% | 0.50% | $500 |
| 6 month CD | 6 | 0.90% | 0.90% | $500 |
| 7 month CD | 7 | 1.01% | 1.00% | $500 |
| 9 month CD | 9 | 1.11% | 1.10% | $500 |
| 11 month CD | 11 | 1.21% | 1.20% | $500 |
| 12 month CD¹ | 12 | 4.60% | 4.50% | $500 |
| 13 month CD | 13 | 1.56% | 1.55% | $500 |
| 15 month CD | 15 | 1.77% | 1.75% | $500 |
| 18 month CD¹ | 18 | 4.39% | 4.30% | $500 |
| 2 year CD | 24 | 2.02% | 2.00% | $500 |
| 3 year CD | 36 | 2.53% | 2.50% | $500 |
| 4 year CD | 48 | 3.05% | 3.00% | $500 |
| 5 year CD | 60 | 3.30% | 3.25% | $500 |
