Tax-Advantaged Savings Plan

An Individual Retirement Account is a personal tax-advantaged retirement savings plan. Individuals with earned income can make tax deductible contributions to an IRA, and get tax savings now and retirement income later. Williamsville State Bank & Trust currently offers these accounts in the form of a CD. The terms, conditions, and rates are the same as the regular CDs. Questions should be referred to a new accounts representative.
Customers should always consult their tax advisor before making a contribution. Not all of the contribution may be tax deductible.

Features

  • Contributions are accepted up to the lesser of 100 percent of earned income or $7,000 for 2024
  • IRA accounts are insured by the FDIC up to $250,000
  • Contributions can be made until tax day of each year for the previous year
  • $1,000 catch up contribution may be made if over age of 50
  • Regular contributions are no longer limited by age

A variety of CD terms are available.