IRAs/HSAs

Individual Retirement Accounts (IRA)

Savings Bank of Walpole offers three types of individual Retirement Accounts (IRAs):

  • Traditional IRA
  • Roth IRA
  • Simplified Employee Pension Plan (SEP)

Individual Retirement Plans are available in the form of CD’s or Savings and allow for Internet Banking access.

CD Rates

as of 3/20/2019 at 12:15 pm

Term Minimum Balance to Open & Earn Interest Interest Rate Annual Percentage Yield
3 Months $2,500.00 0.30% 0.30%
6 Months $1,000.00 0.40% 0.40%
12 Months $500.00 1.73% 1.75%
18 Months $500.00 2.03% 2.05%
2 Years $500.00 1.00% 1.00%
3 Years $500.00 1.29% 1.30%
5 Years $500.00 1.78% 1.80%

Savings Rates

as of 3/20/2019 at 12:15 pm

Product Minimum Balance to Earn Interest Interest Rate Annual Percentage Yield
Easy Access Savings $100 0.20% 0.20%
Holiday Club $0 0.25% 0.25%
Minor Savings $0 0.20% 0.20%
Minor Savings $2,500 0.20% 0.20%
Minor Savings $20,000 0.25% 0.25%
Minor Savings $50,000 0.25% 0.25%
Minor Savings $100,000 0.25% 0.25%
Minor Savings $250,000 0.30% 0.30%
Regular Savings $100 0.20% 0.20%
Regular Savings $2,500 0.20% 0.20%
Regular Savings $20,000 0.25% 0.25%
Regular Savings $50,000 0.25% 0.25%
Regular Savings $100,000 0.25% 0.25%
Regular Savings $250,000 0.30% 0.30%

Coverdell Education Savings Account (CESA)

Customers may choose from an IRA Certificate of Deposit or an IRA Savings account for their investments. See our Certificate of Deposit or Savings Account page for current rates.  Call to speak with a Retail Banker for additional information.

Consult your tax advisor or IRS Publication 590 to determine what type of IRA is right for you.  Contribution limits, withdrawal restrictions and term changes may vary depending on age.  Publication 590 can be found at your local post office or online on the IRS website.


Health Savings Accounts (HSA)

Savings Bank of Walpole offers Heath Savings Accounts (HSAs) to help you save for current and future medical expenses in an interest bearing checking account.  These accounts allow for payment of expenses by issuing a check (online Bill Pay or standard check) for qualified expenses.

Account advantages include:

  • Interest earnings on your funds
  • Free Internet Banking access to view your account and issue payments through Bill Pay
  • No minimum balance requirement
  • Qualifying health expenses paid from the HSA may be tax free (depending on specific state taxes)
  • Unused funds remaining at year end can carry over the following year

Call to speak with a Retail Banker for additional information and to determine if you met the qualifications to open and/or make contributions to a Health Savings Account.

Additional information can also be obtained by consulting your tax advisor or consulting IRS Publication 969.

HEALTH SAVINGS ACCOUNT RATES

as of 3/20/2019 at 12:15 pm

Product Minimum Balance to Earn Interest Interest Rate Annual Percentage Yield
NOW $100 0.05% 0.05%
NOW $2,500 0.05% 0.05%