Making Saving
Simple Making Saving
Simple

Passbook & Statement Savings

Basic savings account

Our Statement Savings1 and Passbook Savings accounts are straightforward, free and ready to help you save.

For more information, stop by your nearest branch, call 508.228.0580 or contact a Personal Banker directly.

 

1. Transfers from savings or money market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by a debit card or similar order to third parties are limited to six per statement cycle. Limits do not apply to deposits and they do not apply to withdrawals or transfers made at a branch, by mail, or by ATM.

Ultimate Savings

Premium savings account

Whether you’re saving for a fun trip, event or unexpected expenses, the Ultimate Savings1 account is sure to maximize the return on your hard-earned money. You’ll also enjoy these great benefits:

For more information, stop by your nearest branch, call 508.228.0580 or contact a Personal Banker directly.

 

1. Transfers from savings or money market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by a debit card or similar order to third parties are limited to six per statement cycle. Limits do not apply to deposits and they do not apply to withdrawals or transfers made at a branch, by mail, or by ATM.

CDs and IRAs

Saving for the long haul

Saving money can be tough. Make it a little easier by putting your money away in a CD or IRA that will help it grow quickly.

Certificate of Deposit

Making your hard-earned money work a little harder in a Certificate of Deposit is a great way to meet your saving goals:

  • Available in a variety of terms from 91 days to 5 years
  • Guaranteed rate for the length of the term1
  • $500 minimum opening deposit for terms of 12 months or longer
  • $1,000 minimum opening deposit for terms less than 12 months
  • Fully insured deposits by the FDIC and DIF

Monthly Interest

  • Monthly interest is earned on balances of $10 or more
  • Interest is earned from the day of deposit to the day of withdrawal1 and credited monthly
  • If preferred, monthly interest can be deposited into a Nantucket Bank checking or savings account

For more information, stop by your nearest branch, call 508.228.0580 or contact a Personal Banker directly.

 

1. Early withdrawal penalties apply.

IRAs

Tax-sheltered growth is the key benefit of IRAs. Whether you choose a Roth or Traditional plan, the interest you earn will grow quickly in a tax-sheltered environment. Be sure to consult a tax advisor for further information regarding IRAs.

Traditional IRA

For most workers, an IRA’s immediate benefit is seen in lower taxes thanks to qualified deposits that reduce taxable income. Depending on your income level and retirement plan coverage, up to $5,5001 can be deducted from your gross earned income each year; up to $11,0001 for couples filing jointly. Plus, people age 50 or better can contribute an extra $1,000 each year as a “catch-up” contribution.

Roth IRA

While Roth deposits do not qualify for tax deductions, interest and withdrawals may be tax-free. So if you’re young and can afford to make deposits without the tax cuts, the Roth IRA may be for you. Withdrawals will never be taxed (if you meet certain qualified distribution reasons) and you will be allowed to continue contributing for as long as you are working. Many experts see this IRA as a perfect estate builder.

Not Just for Retirement

Another benefit of having a traditional IRA is the ability to withdraw up to $10,000 to use toward a first home without incurring penalties. An additional advantage of both traditional and Roth IRAs is that they allow penalty-free withdrawals for higher education for you, your spouse, your children or grandchildren.

 

For more information, stop by your nearest branch, call 508.228.0580 or contact a Personal Banker directly.

 

1. Not to exceed 100% of your modified adjusted gross income. Please consult a tax attorney or CPA for details on your particular circumstances.