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Belmont Savings Bank is closed today, January 21st, in recognition of Martin Luther King Jr. Day.  As a reminder, online banking and our mobile apps are available 24 hours a day to assist with many of your banking needs.

Personal Retirement Plan Accounts

Whatever your retirement goals or current financial situation entails, Belmont Savings Bank has the personal retirement account that you need. With our retirement plans, 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.

Traditional IRA

The Traditional IRA retirement plan 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 personal 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.


A ROTH IRA personal retirement account 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 Education Savings Account is a special tax deferred savings account. There are certain eligibility rules for this personal retirement plan 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 Simplified Employee Pension Plan IRA is a personal retirement plan established by an employer. A one-person business is considered an employer for these purposes and may establish a SEP IRA personal retirement account.

Personal Retirement Plan Account Fees

  • IRA Trustee Fee – $20.00
  • No fee on Coverdell Education Savings Account
  • Outgoing customer transfer fee – $25.00
  • Incoming customer transfer fee – No Charge

Contact Belmont Savings Bank to learn more about personal retirement plan options just for you or visit one of our many local branch locations to talk to a professional banker in person.


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