Focus Your Savings Strategy
There are times when you need more from your savings account, times when what you get from your traditional savings account won't cut it. Cape Ann Savings Bank offers certificates of deposit (CDs) and individual retirement accounts (IRAs) as a way to focus your savings strategy, all while having the peace of mind that your deposits are insured in full with Cape Ann Savings Bank by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF) With a CD, you can save more aggressively, while an IRA allows you to start saving more effectively for when you're working days are over. If you're ready to open a CD or retirement account, please contact us online. Our personal banking team is ready to help.
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Certificates of Deposit
Cape Ann Savings Bank CDs are built on flexibility. Our CDs allow you to earn a better rate than you'll typically find in a traditional savings account while also giving you multiple cash out options when your CD reaches maturity. Here's what you need to know about our CD accounts:
- Terms ranging from 6 months to 60 months
- Minimum deposit of $500
- Rates determined based on term length
- Withdraw or reinvest your funds at full maturity
- Early withdrawals subject to penalty
Retirement Accounts*
Account | What You Need to Know About This Account |
|---|---|
Traditional IRA | Contributions may be tax-deductible, and earnings grow tax-deferred. Withdrawals are taxed as ordinary income, and required minimum distributions (RMDs) must start at age 73. |
Roth IRA | Contributions are made with after-tax dollars, so they are not tax-deductible. However, both contributions and earnings can be withdrawn tax-free in retirement, provided certain conditions are met. |
SEP Account | Simplified Employee Pension (SEP) IRAs are funded by employer contributions, which are tax-deductible for the employer. Earnings grow tax-deferred, and withdrawals are taxed as ordinary income. |
Keogh Account | Designed for self-employed individuals and unincorporated businesses. Contributions are tax-deductible, and earnings grow tax-deferred. Withdrawals are taxed as ordinary income, and there are higher contribution limits compared to IRAs. |
If you have questions about IRAs, please contact one of our IRA specialists today. View Deposit Rates
*Consult your tax advisor