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Retirement

Saving for your future is more important than ever, so take a great first step. An Individual Retirement Account (IRA) with Millbury Savings Bank is an easy, safe, and reliable way to save for retirement.

Our IRA Accounts Offer:

  • Tax-advantaged retirement savings that’s 100% insured by the FDIC and DIF
  • No annual, set-up, or custodial fees
  • Low minimum balances and easy set-up
  • Guaranteed rates of return with IRA Certificates of Deposit
  • Flexible features that help you save as much as you can
  • Great for rollovers, too!

Compare Our IRA Accounts:

IRA Certificates
of Deposit

Statement
Savings IRA

Minimum Deposit to Open

$500

$10

Annual Fee

None

None

Account Type

Certificates of Deposit with terms from 3 months to 4 years

Statement Savings-type account

Contributions Allowed

Open an unlimited number of CDs under one IRA plan

Make contributions by:*
--> Branch teller
--> Direct deposit
--> Automatic transfer or Online Banking transfer from another Millbury Savings Bank statement account (one-time or recurring)

Interest Type

Fixed

Variable

Rollovers Accepted

Yes

Yes

Transfers Between Account Types

Yes. At maturity, transfer funds to a Statement Savings IRA

Yes
--> Open a new IRA CD at any time with funds from your Statement Savings IRA
--> Transfer money from a Statement Savings IRA to an existing IRA CD (18-month maturity or longer) once per calendar year

Deposit Insurance

Yes, 100% insured by the FDIC and DIF

Yes, 100% insured by the FDIC and DIF

Preferred Rates with Checking

Yes, with Gateway Rewards CheckingSM

Yes, with Gateway SuperSaver CheckingSM and Gateway Rewards CheckingSM

* Direct deposits and automatic transfers are credited to the tax year in which they are received.
A $25 IRA transfer fee applies to each closed IRA account.

Statement Savings IRA

Put saving for retirement on autopilot with this flexible IRA account that lets you save a little at a time, as often as you’d like—even through direct deposit or automatic transfer from another Millbury Savings Bank statement account!* Earns a competitive, variable rate. You can also get preferred rates with a Gateway SuperSaver CheckingSM or Gateway Rewards CheckingSM account!

IRA Certificates of Deposit

Earn a guaranteed interest rate on your retirement savings while it’s 100% insured—no matter what happens in the financial markets. Terms offered from three months to four years. For added flexibility, move money from your Statement Savings IRA into a new IRA CD at any time, or move money from your Statement Savings IRA to an existing IRA CD of 18 months or longer once a year! What’s more, you can get preferred rates on your IRA CDs with a Gateway Rewards CheckingSM account!

Retiring? Taking a New Job?

Be sure to read our IRA Rollovers and Transfers fact sheet to find out why moving money from your old 401(k), 403(b) or other workplace retirement plan to an Individual Retirement Account (IRA) might make sense for you. We'll detail the options available to you, explain the difference between a rollover and a transfer, and help you get started.

All Deposits Insured in Full

At Millbury Savings Bank, every deposit is insured in full. Each depositor is insured by the Federal Deposit Insurance Corporation (FDIC) to at least $250,000. All deposits above the FDIC limits are insured in full by the Depositors Insurance Fund (DIF). No one provides better deposit protection!

We’re Looking Out For You.

It’s our mission to take special care of our customers. If you have questions or need our help choosing the products and services that best meet your financial needs, please complete our information request form, stop by one of our offices, or call us at (508) 865-5811.

 

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