Retirement Savings Accounts
It's never too early to save for retirement with both Roth IRA and Traditional IRA options.
Let your retirement savings grow tax-deferred in an IRA at Walden Savings Bank.
We offer Traditional IRA's, Roth IRA's and Coverdell IRA's which provide you with all the essential services from opening your tax-qualified plan to distributing funds to you upon retirement. All of our savings accounts and CD accounts are available as IRAs.
Check our Deposit Rates for current interest rates and terms on our retirement savings account options.
Retirement Accounts FAQs
Walden Savings Bank offers both Traditional IRA and Roth IRA accounts.
The minimum opening deposit for an IRA Statement Savings account is $50. IRA Certificates of Deposit require a minimum opening deposit of $1,000.
Yes. Walden Savings Bank accepts rollovers and transfers from existing retirement accounts into eligible IRA products.
Traditional IRA contributions are tax-deferred, meaning taxes are paid when funds are withdrawn. Roth IRA contributions are made with after-tax dollars, and qualified withdrawals are generally tax-free. Customers should consult a tax professional for guidance specific to their situation.
Withdrawals made before age 59½ may be subject to a 10% IRS early withdrawal penalty, depending on the type of IRA and individual circumstances. Additional taxes may apply, so customers are encouraged to consult a tax advisor?
Required Minimum Distributions are calculated based on IRS life expectancy tables and the account balance as of December 31 of the prior year. Walden Savings Bank provides life expectancy charts and calculators to assist customers with RMD calculations.
