Retirement Services
It's never too early to start preparing for your retirement. At East Boston Savings Bank we offer many Individual Retirement Account (IRA) options designed to help you plan for your future.
Traditional IRA
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- If you or your spouse are not active participants in an employer sponsored pension or profit sharing plan, your IRA contributions are 100% tax deductible.
- If you or your spouse is active participants, your IRA contributions may still be fully or partially tax deductible depending on your income level.
Contribution Limits Tax year 2008
$5,000 for individuals, $10,000 for married couples
Catch up contributions for IRA owners 50 years or older is an
additional $1,000
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Roth IRA
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- Contributions are non-deductible but all withdrawals, including earnings, are tax-free if the account has been open for five years and the account holder is 59 1/2 or older.
- IRA allows penalty-free and tax-free withdrawals at any time (until total distributions from all Roth IRAs exceed the contribution amount - no distribution is subject to either taxation or penalty).
Contribution Limits Tax year 2008
$5,000 for individuals, $10,000 for married couples
Catch up contributions for IRA owners 50 years or older is an additional $1,000
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Coverdell Education Savings Accounts (ESA)
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In addition to retirement IRA's we also offer ESAs to help you save for the education expenses for your child, grandchild or other important child in your life.
- Fixed certificates of deposit, (ranging from 6 to 60 months)
- 24 to 60 month variable CDs
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SEP
For more information click here.
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Effective Date: 12/31/2008
Retirement CD |
| Term | Minimum to Open and Earn APY | Interest Rate* | Annual Percentage Yield (APY)* |
| 6 Month | $500 | 1.98% | 2.00% |
| 9 Month | $500 | 2.96% | 3.00% |
| 12-23 Month | $500 | 2.96% | 3.00% |
| 15 Month | $500 | 3.00% | 3.05% |
| 18 Month | $500 | 3.10% | 3.15% |
| 20 Month Rate Lock*** | $25,000 | 3.20% | 3.25% |
| 24-35 Month | $500 | 3.20% | 3.25% |
| 24-60 Month Variable | $100 | 3.20% | 3.25% |
| 30 Month Step-Up** | $500 | 3.20% | 3.25% |
| 60 Month | $500 | 3.20% | 3.25% |
| 36 - 59 Months | $500 | 3.20% | 3.25% |
Penalty for early withdrawal.
*Rate may change after account opening. Fees may reduce earnings and are subject to change without notice.
**Special rate and "step-up" offer vaild for a limited time only. One Step-Up is to the then 30 month CD interest rate.
Program subject to change without notice. Substantial penalty for early withdrawal.
***New money from Trustee Transfers and direct rollovers to EBSB. Upon maturity CD will renew to the then current 18 month term and rate.
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