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Individual Retirement Accounts

Personal Banking

Hard Work Pays Off

Because you can never start planning for retirement too early, The Bank of Salem offers both Traditional IRAs and Roth IRas. Consult your tax advisor to determine which option is better for you!

IRA Features

  • Minimum opening balance: may can be purchased in amounts of $1,000.00 or more
  • Structured as certificates of deposit
  • Terms range from 3 to 60 months; may be automatically renewed
  • Initial contribution may be tax deductible (consult your tax advisor)
  • IRA income is deferred
  • Rates are fixed until maturity
  • Interest compounded quarterly, semi-annually or annually, depending on the term of the deposit
  • Substantial interest penalty incurred for early withdrawal; there may also be tax disadvantages (consult your tax advisor)

 

How much do you need to save for Retirement?

Other Tools

How to Open an IRA

Visit your nearest branch or call 573-729-3137.

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