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Individual Retirement Accounts (IRAs)

Make sure your golden years are the best they can be by planning ahead. Start saving now and earn a solid rate of return with an IRA from Chicopee Savings Bank.

We offer several different savings options to help maximize your earnings and take advantage of your current tax situation. Contact one of our advisors to help decide which is best for you.

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Summary

Save for retirement
Earn interest on entire balance
No maintenance charge or service fees*
Traditional, Roth, and SEPs available
CD and money market investment options
Some age and deposit limits apply
Deposits tax-free or tax-deferred**
Penalty for early withdrawal

Check out our interest rates.

*Fees could reduce earnings on account.

**Consult your tax advisor.

IRA Options

Traditional IRA

Annual contributions may be tax-deductible, and interest earned is tax-deferred until distributions are taken.

No annual fee or setup charges
Anyone under age 70½ can open and have earned income
Earnings accumulate tax-deferred
Contributions may be tax deductible
$5,000 contribution limit per year
Additional $1,000 "catch-up" contribution allowed for ages 50 and up
Withdrawals can begin at age 59½
Early withdrawals subject to penalty*
Mandatory withdrawals at age 70½

Roth IRA

Contributions are made from taxable income, but interest and deductions are tax-free.

No annual fee or setup charges
Earnings and principal may be tax free upon withdrawal
Contributions are not tax deductible
$5,000 contribution limit per year
Additional $1,000 "catch-up" contribution allowed for ages 50 and up
Principal may be withdrawn penalty-free at any time
Earnings can be withdrawn penalty-free at age 59½
Early dividend withdrawals subject to penalty*
No mandatory distribution age

Simplified Employee Pension (SEP)

A flexible plan that is set up by small business owners to make tax-free contributions in their employees' retirement accounts, or to their own, if they are self-employed.