CDs and IRAs

Competitive rates for short and long-term savings goals

Skowhegan Savings offers many options for your longer-term savings and retirement goals. With a fixed rate of interest, you can count on competitive rates and a variety of terms to plan for your future needs. 

 

What is the difference between a CD and an IRA?

Both help your money grow at a fixed, guaranteed rate. The difference is what you're saving for.
 

What is a CD?

A Certificate of Deposit (CD) is a savings account where you agree to leave your money on deposit for a set term, anywhere from a few months to several years. In exchange, Skowhegan Savings pays you a fixed interest rate for the life of the term, so you always know exactly what you'll earn.  View current rates >>

What is an IRA?

An Individual Retirement Account (IRA) is an account built specifically for retirement savings. It offers the same guaranteed, fixed-rate growth as a CD, plus tax advantages designed to help your retirement savings go further over time. View current rates >>

Which one is right for you?

Consider a CD if:
You have money you don't need right away and want to earn a fixed, guaranteed rate over a specific term, whether it's six months or five years. 
Consider an IRA if:
You're saving specifically for retirement and want your savings to grow with the benefit of tax-advantage treatment along the way.
Questions? Call 800.303.9511, contact us through our website or visit any of our 12 locations to get started!
 

How it works

Opening a CD
  1. Choose a term that fits your goal, from short-term to multi-year.
  2. Your CD earns a fixed rate of interest for the full term, with no surprises.
  3. When your CD reaches maturity, you can withdraw your funds, add to them or roll them into a new CD.
  4. Need your money before maturity? You can withdraw early, though an early withdrawal penalty may apply. 
 

 

Opening an IRA
All three options offer the same guaranteed rate, the difference comes down to how each is taxed.
 
Traditional IRA
Contributions may be tax-deductible now, with taxes paid when you withdraw in retirement.
Roth IRA
Contributions are taxed now, so qualified withdrawals in retirement are tax-free.
SEP IRA
Designed for self-employed individuals and small business owners, with higher contribution limits.

 

What you'll need to open your account:

  • Valid government-issued ID
  • Social Security number or Tax ID
  • Minimum opening deposit (View current rates >>)
  • For IRAs: earned income for the tax year you're contributing (Traditional/Roth), or business ownership (SEP)
 
 
Call 800.303.9511, contact through our website or visit any of our 12 locations to start your savings journey.