Alert!

All offices and drive-up windows will be closed on Monday, May 29th in observance of Memorial Day.

Information about our merger and your transition to NBT can be found at SalisburyBank.com/NBT

For information regarding recent industry news visit: SalisburyBank.com/Industry-News

Business Retirement Services

As a business owner, you have your own retirement goals, and you also might be in the position to help your employees reach theirs. We can offer plans that best fit your organization.

Meet the Team

Simplified Employee Pension (SEP)

SEPs are an excellent and efficient way for business owners to set aside retirement funds for employees and themselves.

Features Include:

  • Contributions to a SEP are tax deductible (up to 25% the employees' income)
  • Contributions are immediately 100% vested
  • The business pays no taxes on the investment earnings
  • Annual contributions are not mandatory
  • No administrative costs

Traditional IRAs

The Traditional Individual Retirement Account (IRA) allows you to put away funds for retirement tax-free until they are withdrawn. You may begin to withdraw from your Traditional IRA at the age of 59 ½ without IRS early distribution penalty (a bank penalty may be imposed for early withdrawal). Mandatory distributions are required upon the attainment of age 72.

Features Include:

  • No income restrictions for availability
  • No minimum contribution requirement in any year
  • Certain contributions may be tax-deductible
  • Independence; you can open and fund your IRA without any employer participation
  • Catch-up contributions allowed for those over the age of 50

Roth IRAs

The Roth Individual Retirement Account (IRA) gives you the ability to invest your after-tax dollars today, let the investment grow tax-deferred, and take qualifying withdrawals tax-free.

Features Include:

  • Contributions are allowed even if you are covered by a company pension plan
  • No age restrictions on making contributions
  • Take qualified withdrawals at any time penalty-free and tax-free as long as the Roth IRA has been established for at least five years

When selecting retirement plan options, consult your tax advisor about the program that will make the most sense for you.

Individual Retirement Account (IRA) Certificates of Deposit

Effective Date: Friday May 26, 2023

Term Minimum Balance to Open Minimum Balance to Earn APY Interest Rate APY
12 to 17 Months1 $500.00 $500.00 0.15% 0.15%
16 Month Step-Up1 $500.00 $500.00 0.18% 0.18%
18 to 23 Months1 $500.00 $500.00 0.20% 0.20%
Retirement Savers IRA1 - 18 Months $500.00 $500.00 0.20% 0.20%
24 to 35 Months1 $500.00 $500.00 0.25% 0.25%
36 to 47 Months1 $500.00 $500.00 0.32% 0.32%
48 to 59 Months1 $500.00 $500.00 0.38% 0.38%
60 Months1 $500.00 $500.00 0.40% 0.40%

 

1 Interest is compounded daily and credited monthly. The interest rate is fixed and will not change until maturity. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. A substantial penalty for early withdrawal may be imposed. Transaction limitations apply. If you have a 16 Month Step-Up, you may exchange the interest rate on your account one time during the term upon written request for the 16 Month Step-Up Certificate rate currently offered. The Retirement Savers IRA will accept additional contributions, rollovers and transfer deposits during the term.

Wealth Advisory Services

From retirement planning to investment and estate management, our team puts your goals and peace of mind above all else.

Learn More

Community First Banking

We’re a community bank, but our role in the communities we serve goes far beyond banking.

Our Commitment

The Salisbury Bank Difference

We believe banking is more than balances and bottom lines. It’s about building relationships that last a lifetime.

Who We Are