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Individual Retirement Accounts - Traditional IRA, ROTH IRA, & More!

Whatever your retirement goals or current financial situation, Belmont Savings has the plan to meet your needs. With our individual retirement accounts, your money can earn interest at attractive rates. In some instances, interest is tax deferred until you withdraw. All deposits for both traditional IRA accounts and ROTH IRA accounts are fully insured by FDIC and by DIF.

We currently offer a wide range of individual retirement accounts:

  • Traditional IRA
    The Traditional IRA retirement account is a special tax deferred savings account. The money within a Traditional IRA accumulates and grows tax deferred until the time of distribution. If money is taken from this individual retirement account after the age of 59½, then there is no tax penalty. If taken prior to the age of 59½, it may be subject to a penalty tax, depending on the reason for early withdrawal.
     
  • ROTH IRA
    A ROTH IRA is a tax deferred savings and investment retirement account. One significant difference from a Traditional IRA retirement account is that the account holder in a ROTH IRA does not have to take mandatory distributions at age 70½.
     
  • Coverdell Education Savings Account (Formerly Education IRA)
    The Coverdell is a special tax deferred savings account. There are certain eligibility rules for this individual retirement account that must be met in order to contribute, such as the account must be set up for someone younger than age 18 and the contributor must meet income limits. 
     
  • Simplified Employee Pension Plan (SEP IRA)
    A SEP IRA is a retirement plan established by an employer. A one-person business is considered an employer for these purposes and may establish a SEP IRA individual retirement account.
     
  • Individual Retirement Account Fees

Annual Service Fee - $20.00
(No fee on Coverdell Education Savings Account.)
Outgoing customer transfer fee - $25.00
Incoming customer transfer fee - No Charge

Have a question about Traditional IRA accounts? ROTH IRA? Coverdell? Call or visit one of our local banking branches for more information about individual retirement accounts from Belmont Savings.

 

Belmont Savings Bank
2 Leonard Street

(Belmont Center)
Belmont MA 02478
617-484-6700
Belmont Savings Bank
277 Trapelo Road

Belmont MA 02478
617-489-6722
Belmont Savings Bank
53 Mount Auburn Street

(Watertown Square)
Watertown MA 02472
617-926-1325
Belmont Savings Bank
1070 Lexington Street

(Inside Star Market)
Waltham MA 02451
781-899-1801
Belmont Savings Bank
699 Mount Auburn Street

(Inside Star Market)
Cambridge MA 02138
617-993-3750
Belmont Savings Bank
33 Austin Street

(Inside Shaw's)
Newton MA 02460
617-993-3770
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2 Leonard Street, Belmont, MA 02478, 617-484-6700
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