The smart ATMs at our Northampton Branch Lobby & Drive-up, Northampton VA Branch, and Worcester Branch are temporarily out of service. All UMassFive locations, including our Contact Center, are still available during normal business hours, and our online and mobile banking services remain available as usual.
IRA Savings Details & Disclosures
An IRA (Roth and Traditional) can be opened with as little as $100 in an IRA Share Account.
IRA Term Share Certificate options earn a higher rate of interest and can be opened with a minimum of $500. IRA Certificate terms range from 90 days to five years. A penalty will be imposed for early withdrawal of Term Deposit principal. For Certificates less than 1 year in duration the penalty is 3 months interest. For Certificates equal to or greater than 1 year in duration the penalty is 6 months interest.
Traditional IRA Retirement Savings Details
Eligibility: Anyone who has earned compensation (i.e. wages, salaries, tips, etc.) during the year of the contribution is eligible to contribute to a Traditional IRA.
Traditional IRA Aggregate Annual Contribution Limits (per tax year):
Contributions up to $6,000 per year (or up to $7,000 for those 50 years of age or older).
Roth IRA Retirement Savings Details
Eligibility: Anyone who has earned compensation (i.e. wages, salaries, tips, etc.) and does not exceed the Modified Adjusted Gross Income (MAGI)* limit is eligible to contribute to a Roth IRA. (See below for Annual Contribution Limits).
Roth IRA Aggregate Annual Contribution Limits (per tax year):
Contributions up to $6,000 per year (or up to $7,000 for those 50 years of age and older).