Savings & IRA Savings - Presencebank

Savings (& IRA Savings)

Saving money is essential to provide financial stability and security for emergencies and to meet future goals. Savings accounts help you accumulate wealth over time, allowing your money to grow.

An IRA savings account is the perfect way to start saving for retirement and building a nest egg. This account offers a low minimum balance requirement and a tiered interest structure to help you, and with over a 100-year legacy, you can trust Presence Bank to further your saving goals.

Open An Account

Why Use an IRA Savings Account?

An individual retirement account (IRA) offers a unique way to save for the future. Industry experts estimate that Americans need over $1 million to retire comfortably. With only about 10% of retirees meeting this benchmark, there has never been a better time to start saving.

Benefits of an IRA Savings Account

Maximize your hard-earned retirement efforts with an IRA account:

Leverage tax advantages: Traditional IRAs deliver tax breaks now. The account’s tax-deferred growth means you only have to deal with tax contributions when you start taking the minimum distribution at age 73.
Save on fees: IRA savings accounts mean lower or no annual custodial fees.
Secure deposits with FDIC insurance: With an IRA savings account, your funds are secured by the Federal Deposit Insurance Corporation (FDIC) — deposits are insured up to $250,000 per depositor.

How Does an IRA Savings Account Work?

An IRA savings account works by making deposits into an interest-paying account or investing your money in the stock market. As your money grows, your savings have the potential to grow faster because the money is not taxed immediately.

Our Personal Savings Account Options

Discover which one suits your needs below.

IRA and Savings Accounts

CD and IRA CD

Money Market IRA

Kids Savings

IRA and Savings Accounts

Savings and IRA accounts are the perfect way to start saving — whether you have a specific goal or dream or you’re building a nest egg. These account types offer a low minimum, balance requirement and tiered interest structure to help you get there. The account is also available as an IRA.

Open An Account

CD and IRA CD

Certificates of Deposit (CD) are available in various terms ranging from six months to 84 months. Choose the term that’s right for you, and receive a higher interest rate than a typical savings account to maximize your savings goals. IRA CDs are IRA accounts where you invest all your money in Certificates of Deposit. It’s a combination of IRA and CD accounts.

Learn More

Money Market IRA

A Money Market account allows convenient check and ATM access to your account while rewarding high balances with higher interest rates and a tiered interest structure. Money Market IRA accounts don’t carry a bank penalty fee for early withdrawals — however, there may be federal tax implications if you draw before you are 59½.

Learn More

Kids Savings

Teach your children the benefit of saving early with a savings account just for them. The Kids Savings account is designed to encourage wise financial habits through a tiered interest structure.

Learn More

Why Enroll at Presence Bank?

At Presence Bank, we believe that exceptional banking is about establishing lasting relationships and helping clients maximize their individual goals. We offer:

Extensive experience: With over a century of experience, you can trust our services will help you build the legacy you want.
Innovative and tried-and-tested solutions: We are a state-chartered FDIC banking institution with cutting-edge financial products and services you can access in person or online. We also offer timeless solutions that deliver results.
Customer-centric service: As a trusted local bank, we care for each client and offer accounts, products and services for every life stage, making us your go-to banking partner for years to come.

Secure Your Future by Enrolling Today

Plan to retire well and save for the future with one of our IRA savings accounts. Presence Bank will help you determine which account best suits your financial needs and goals.

Get started — enroll online today.

Open An Account Contact Us