Roth IRAs
Contributions come from taxable income, but interest and distributions are tax-free.
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
| Tax Year | contribution Limit (under age 50) | Contribution Limit (Age 50+) |
|---|---|---|
| 2022 | $6,000.00 | $7,000.00 |
| 2023 | $6,500.00 | $7,500.00 |
Depending on your tax filing status, and modified adjusted gross income (AGI), IRA Contribution limits may be lower. When selecting retirement plan options, consult your tax advisor about the program that will make the most sense for you.
Traditional IRAs
Put away funds for retirement tax-free until they are withdrawn. The Traditional Individual Retirement Account (IRA) allows you to put away funds for retirement tax-free until they are withdrawn.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
| Tax Year | contribution Limit (under age 50) | Contribution Limit (Age 50+) |
|---|---|---|
| 2022 | $6,000.00 | $7,000.00 |
| 2023 | $6,500.00 | $7,500.00 |
Depending on your tax filing status, and modified adjusted gross income (AGI), IRA Contribution limits may be lower. 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: Thursday May 25, 2023
| Term | Minimum Balance to Open | Minimum Balance to Earn APY* | Interest Rate | APY* |
|---|---|---|---|---|
| 12 to 17 Months1 | $500.00 | $500.00 | 0.40% | 0.40% |
| 16 Month Step-Up1 | $500.00 | $500.00 | 0.40% | 0.40% |
| 18 to 23 Months1 | $500.00 | $500.00 | 0.50% | 0.50% |
| Retirement Savers IRA1 - 18 Months | $500.00 | $500.00 | 0.50% | 0.50% |
| 24 to 35 Months1 | $500.00 | $500.00 | 0.52% | 0.52% |
| 36 to 47 Months1 | $500.00 | $500.00 | 0.58% | 0.58% |
| 48 to 59 Months1 | $500.00 | $500.00 | 0.60% | 0.60% |
| 60 Months1 | $500.00 | $500.00 | 0.62% | 0.62% |
* Rates are subject to change without notice. APY is defined to mean Annual Percentage Yield.
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.
Fees may reduce earnings.
Wealth Advisory Services
From retirement planning to investment and estate management, our team puts your goals and peace of mind above all else.
Community First Banking
We’re a community bank, but our role in the communities we serve goes far beyond banking.
The Salisbury Bank Difference
We believe banking is more than balances and bottom lines. It’s about building relationships that last a lifetime.