Tax-Sheltered Savings Program

An Individual Retirement Account is a personal tax-sheltered retirement savings program. Individuals with earned income can make tax deductible contributions to an IRA, and get tax savings now and retirement income later. Williamsville State Bank and Trust currently offers these accounts in the form of a CD. The terms, conditions, and rates are the same as the regular CDs except the 6 month IRA CD can be opened for less than $1,000. 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.


  • Contributions are accepted up to the lesser of 100 percent of earned income or $6,000 for 2022, or $7,000 if age 50 or more
  • IRA accounts are insured by the FDIC up to $250,000
  • Contributions can be made until April 15 of each year for the previous year
  • $1,000 catch up contribution may be made if over age of 50

A variety of CD terms are available.