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Roth IRA

With a Roth IRA as your retirement investment vehicle, you have an opportunity to create tax-free income during retirement.

  • Direct contributions may be withdrawn tax- and penalty-free at any time (total distributions from all Roth IRAs cannot exceed the contribution amount)*
  • Upon meeting the 5-year holding requirement at the minimum age of 59 1/2, earnings can be withdrawn tax- and penalty-free*
  • There are no mandatory withdrawals and you may leave funds to heirs*

*There can be a substantial penalty for early withdrawal of earnings. Consult with your tax advisor about your specific situation. Other restrictions may apply. Melrose Bank accepts deposits and is opening new accounts from customers residing in New England (MA, CT, NH, ME, VT, RI).

 

Effective Date: Wednesday, August 21, 2019

TermMinimum Daily
Balance to earn APY
APYInterest Rate
CDs190 day$500.00.85%.85%
6 months$500.001.25%1.25%
1 year$500.002.10%2.08%
18 months$500.002.20%2.17%
2 years$500.002.50%2.47%
3 years$500.002.70%2.66%
4 years$500.002.25%2.22%
5 years$500.002.25%2.22%

1 Annual Percentage Yield (APY) and rate are effective as of the date posted and are subject to change without notice. Substantial penalty for early withdrawal. Fees may reduce the earnings on the account. Minimum balance of $500.00 required to open the account and obtain APY. Interest compounded and credited monthly for terms of 1 year or greater. Interest does not compound and will be credited monthly for terms of 11 months or less. IRA Accounts with terms of 6 months or longer are eligble for these rates. Melrose Bank accepts deposits and is opening new accounts from customers residing in New England (MA, CT, NH, ME, VT, RI).

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