IRAs (Individual Retirement Accounts)

Save for your retirement and enjoy potential tax savings with Reading
Co-operative Bank’s Traditional and ROTH IRAs. By starting an IRA now and diligently funding it, you’ll be prepared when you’re ready to retire. IRAs offer increased maximum contributions and greater flexibility than ever before, including catch-up contributions for customers age 50 and over as well as other benefits.

Traditional IRA

• Contributions may be tax deductible
• Withdrawals may begin at 59½ years of age and are mandatory at 70½ years of age
• Earnings are tax deferred until withdrawal
• All deposits are insured in-full by the FDIC and the SIF
• Available to everyone under 70½ years of age with earned income
• Penalties for early withdrawals may apply

Roth IRA

• Contributions are not tax deductible, however your earnings are tax free
• No required minimum distributions
• Earnings grow tax free
• All deposits are insured in-full by the FDIC and the SIF
• Income limits may apply
• Penalties for early withdrawals may apply
• Contributions have no age limits
• Must have earned income

Coverdell IRA
Coverdell Education Savings Accounts (formerly known as Education IRAs) are a great way to save money to help a child, grandchild or any young person you know pay for higher-education expenses. Contributions to a Coverdell Education Savings Account are not tax-deductible, but distributions used to pay for the qualified education costs of the named beneficiary are generally tax-free. You can contribute up to $2,000 annually, provided you meet certain income limits.

To find out which IRA is best for you, contact one of our knowledgeable Customer Service Specialists at 781.942.5000.

CDs (Certificates of Deposit)

With Reading Co-operative Bank’s Certificates of Deposits, you’ll find the peace of mind that comes with knowing your savings are earning a competitive interest rate and are insured in-full by the FDIC and SIF. Our CDs deliver a higher rate than a standard savings account, and your funds will be buffered from the ups and downs of the stock market.

We offer a varied range of CD terms, from a 6 month CD to a 5 year CD; we also offer a variable rate certificate, with a rate that adjusts with Prime over the duration of the CD. You’ll be sure to find one that meets your needs, whether you are looking for a short-term savings vehicle or a longer-term investment strategy. We also allow you to borrow against the balance of your certificate, and give you access to your accumulated interest.

There is a $500 minimum opening deposit required for all CDs.

We update our CD offerings regularly, so stop by one of our offices, or call us at 781.942.5000 for an up-to-date listing of terms and interest rates.

Click here for our current rates.