CDs & IRAs

CDs & IRAs

A happier tomorrow, starts today

Plan for the future confidently by saving today. CDs and IRAs are great options to get you started.

Certificates Of Deposit

Whether you’re saving for the long-term, or just looking to earn interest on some extra funds, Andover Bank offers competitive rates for certificates of deposit (CDs) that fit your needs.

All Andover Bank CDs offer:

  • Competitive rates with flexible terms
  • Minimum deposit to open of $1,000
  • Early withdrawal penalties apply

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Individual Retirement Accounts (IRAs)

IRAs are a smart option for diversifying your retirement portfolio. Andover Bank offers both Traditional, Roth, and Coverdell Education Savings IRA accounts. You can rely on us to help determine the right type for your situation.

Traditional IRA

If you’re expecting a lower tax rate during retirement, a traditional IRA allows you to take tax deductions on your deposits today, and pay taxes on your withdrawals during retirement.

Roth IRA

If you anticipate a higher tax rate during retirement, a Roth IRA is funded by after-tax income, allowing you tax-free funds upon withdrawal during retirement.

Coverdell Education Savings IRA

Similar to a Roth IRA plan, a Coverdell Education Savings IRA allows parents to deposit after-tax income today, for tax-free withdrawals for educational expenses in the future.

Flexible Savings Options Plan

With all our IRAs, we give you the flexibility to saving how you want to save. Choose whichever option works best for you.

Savings Plan

With a Savings Plan, you can contribute to your IRA with either weekly or monthly deposits. An opening balance of $100 is required with minimum deposits of $20 thereafter.

Certificate Plan

With a Certificate Plan, you can contribute to your IRA at maturity in one lump sum deposit. You can make your deposits at maturity. A minimum deposit of $1,000 is required to open.

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All IRA plans follow Federal and IRS regulations. There are substantial penalties for early withdrawal.