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CDs and Retirement Accounts

North Middlesex Savings Bank pays competitive rates on certificates of deposit of various terms. All deposits are fully insured regardless of the number of accounts or the total amount of funds deposited. Interest is compounded and credited monthly.

Please see our Deposit Rates page for current terms and rates.

Traditional IRA

  • Defer taxes on your earnings until they are withdrawn
  • You are eligible for a Traditional IRA if you are under age 70-1/2 for the entire tax year and either you or your spouse had earned income
  • For specific eligibility requirements, you are encouraged to consult your tax or legal advisor.
  • Even if you are not eligible for a deduction, you may still make a non-deductible contribution and take advantage of tax-deferred earnings

Roth IRA

  • Nondeductible account that features tax-free withdrawals for certain distribution reasons after a five year holding period
  • To be eligible for a Roth IRA, either you or your spouse must have earned Income and your modified adjusted gross income (MAGI) may not exceed certain limits
  • Contributions to a Roth IRA are not tax deductible
  • No mandatory distribution age for a Roth IRA. Contributions may also be made beyond age 70-1/2.

Education IRA

  • Nondeductible account that features tax-free withdrawals for a child's higher education expense. Eligibility considerations are:
    • The child for whom you are contributing may not have had any contributions made on their behalf to a state prepaid tuition program in that year.
    • Your modified adjusted gross income (MAGI) cannot exceed certain limits
    • Withdrawals from an Education IRA for higher education purposes are penalty free and tax-free.