CD's

Watertown Savings Bank Certificate of Deposit and IRA accounts are a safe and secure way to earn a higher return on your investment.

• Maturities for CD's range from 6-months to 5-years.
• Minimum balance to open a CD is $500.00.
• 6 mo. accounts are Simple interest, paid quarterly and at maturity.
• 1 to 5-year accounts are compounded daily and credited quarterly and at maturity.
• Interest can be credited to the account, transferred to any statement account, or mailed.
• A penalty may be imposed for withdrawals before maturity.

Traditional IRA

A traditional IRA is a deductible personal savings plan that can be used to build a substantial retirement fund with deferred taxes on both principal and accrued interest. IRA contributions may drop your taxable income into a lower tax bracket, reducing your taxes even more. Only earned income is eligible for an IRA.

Roth IRA

The Roth IRA is a nondeductible IRA that offers tax free distributions. Tax-free earnings allow you to grow your savings at a faster pace than taxable investments. But, the best part about this investment product is that it offers tax-free distributions for qualified reasons. That means the money you withdraw is yours and yours alone and doesn’t have to be included at tax time.

• Maturities for IRA accounts are 6-months to 5-years.
• Minimum balance to open an IRA is $500.00.
• 6-month accounts are Simple interest, paid quarterly and at maturity.
• 1 to 5-year accounts are compounded daily and credited quarterly and at maturity.
• A penalty may be imposed for withdrawals before maturity.
• Monthly income IRA options are available.
• No commissions, fees or set-up charges.

Early Withdrawal Penalty

If any or the entire principal is withdrawn before the maturity date, we may impose a penalty. Any penalty or fees may affect the Annual Percentage Yield (APY).

Penalties will be waived if the withdrawal is made after the death of a titled account holder or if the account holder is declared to be mentally incompetent.

For more information about any of our CD or IRA products, CONTACT US at any of our locations and we would be happy to help you.