Savings Accounts, CDs/Money Market Accounts and IRAs

Putting aside money for the future or for a rainy day is more important than ever. A Statement Savings Account from Norwood Bank is for those who prefer an automated account to avoid teller lines, prefer a monthly statement, would like to use an ATM in association with the account and do not want to carry a passbook. A variable rate of interest is paid on deposits; interest accrues daily and is compounded daily.

Savings Account Highlights:

  • Free Online Banking
  • Monthly statement of account transactions by mail or eStatement
  • Link your savings statement to your checking statement
  • Free debit card to withdraw funds

To open a savings account, or learn more about our account options, please visit our Norwood, MA bank branch and speak with an account specialist.

CDs/Money Markets:

Certificates of Deposit

Certificates of Deposit represent an excellent savings program when you want investment safety and a higher rate of interest on your savings funds. You are paid a guaranteed rate of interest when you agree to leave a specific dollar amount on deposit for a specific period of time, called the term.

Account Highlights:

  • Select from a range of CD terms from 3 months to 72 months
  • All deposits are fully insured
  • Interest is credited monthly and may be withdrawn at any time
  • Click here to View Current Rates and Terms

Money Market and Advantage Money Market Account

This account offers safety and liquidity — with the convenience of limited check-writing capabilities.

Account Highlights:

  • Limited check-writing privileges
  • Tiered variable rate of interest
  • Free Online Banking
  • Free debit card
  • Monthly statements can be combined with checking account statements

Individual Retirement Products:

Life changes such as retirement or sending a child to college may be years away, but now is the time to invest in your future. We offer a full-range of IRAs that will provide you the peace of mind that comes with financial security. We’ll help you pick out the plan that best fits your needs.

Roth IRA

The Roth IRA is a non-deductible account that, after a five-year holding period, features tax-free withdrawals prior to retirement age for certain distribution reasons:

  • You reach age 59 1/2
  • Permanent disability
  • A first-time home purchase
  • In the event of your death

When you’re ready to take a withdrawal, you pay NO federal income taxes on any of the earnings that your money has generated. Since Roth IRA contributions are non-deductible and taxed the year they are earned, people who expect to be in a higher tax bracket when they retire may benefit more from these accounts than from a traditional IRA. Also, unlike the traditional IRA which requires minimum withdrawals at age 70 1/2, there are no required distributions from a Roth IRA.

Traditional IRA

The traditional IRA (Individual Retirement Account) is a tax-sheltered retirement savings plan — an account which allows you to defer taxes on your earnings until they are withdrawn. Also, certain eligible contributions are tax deductible in the tax year for which they are made. You must begin to take minimum required withdrawals when you reach age 70 1/2.

Norwood Bank offers two alternatives for Retirement Account funds:

  • An IRA Certificate of Deposit, which works the same as our regular certificates
  • An IRA Money Market Account or Savings Account, which enables you to deposit your IRA funds over time