Growing Your Retirement Savings
An Individual Retirement Account (IRA) from Eastern Savings Bank can be an important part of your overall financial plan. We offer a variety of Certificates of Deposit (CD) and Savings Account options to help you choose the account and timeframe that fits your needs.
Traditional or Roth IRA
We offer Traditional and Roth Retirement Plans. A Traditional or Roth IRA contribution can be made by an individual that has earned income.
Understanding The Differences
Under a Traditional IRA your retirement account is funded with pre-tax dollars and your earnings on investments remain tax-deferred. However, you will be taxed whenever you withdraw from the account.
Roth IRAs, unlike Traditional IRAs, are funded using after-tax dollars. This allows for tax-free withdrawals while your earnings on the investments remain tax-deferred.
Coverdell Educational Savings
Educational savings accounts are investments used for higher education expenses, such as books and tuition. A parent or guardian can make non-deductible contributions for a child under the age of 18. Like a ROTH IRA where contributions are made after-tax, these accounts are tax-advantaged because funds will be withdrawn without taxation when needed for educational purposes. Educational savings accounts are not meant for retirement savings.
Always consult your tax advisor when making savings and investment decisions.
Build Your Retirement Savings With Us
Open a new account at Eastern Savings Bank and be part of a local, community financial institution that cares about your success. Download and complete the new account application, then visit any branch to open your account(s).
Contact Us To Learn More or For Assistance Opening An Account