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Retirement Accounts

Save tax dollars while directing your money towards your future retirement with a Bank of Salem Individual Retirement Account (IRA’s).

Bank of Salem offers Traditional, Roth, Simple Individual Retirement Accounts as well as Simplified Employee Pension Plan Accounts. Individual Retirement Accounts terms offered are 6, 12, 15, 18, 24, 36, 48, or 60 months.

No minimum balance requirement to open any IRA at Bank of Salem and it is automatically renewable at maturity. In addition, Bank of Salem IRA’s earn competitive rates.

Other Advantages to IRA’s include:

  • No Fees or Commissions
  • Check with a Customer Service Representative or a Tax Advisor for tax deduction eligibility and contribution limits
  • All retirement accounts are insured by FDIC up to $250,000, separately from other funds
  • Flexible contributions or payroll deduction plans are available
  • Interest compounds quarterly
  • Principal and Interest are non-taxable until withdrawn on traditional IRA’s

USA Patriot Act Notice

Important information about procedures for opening a new account:
To help the government fight the funding of terrorism and money laundering, Federal law requires financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, physical address, date of birth, and other information that will allow us to identify you. We will also ask to see your driver’s license and/or other identifying documents.

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