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Traditional IRA

With a Traditional IRA as your retirement investment vehicle, you can gain tax advantages while saving for retirement.

  • Earnings and deductible contributions grow tax-deferred until withdrawal*
  • Withdrawals can begin at age 59 1/2 and must begin at 70 1/2*
  • Annual contributions may be tax-deductible depending on the taxpayer's income, tax filing status and other factors*

*There can be a substantial penalty for early withdrawal. Consult with your tax advisor about your specific situation. Other restriction's 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: Tuesday, October 22, 2019

TermMinimum Daily
Balance to earn APY
APYInterest Rate
CDs190 day$500.00.75%.75%
6 months$500.001.00%1.00%
1 year$500.002.10%2.08%
18 months$500.001.95%1.93%
2 years$500.002.00%1.98%
3 years$500.002.25%2.22%
4 years$500.002.15%2.12%
5 years$500.002.15%2.12%

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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