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Individual Retirement Accounts

Choose the right retirement account to fit your needs.  We offer Traditional, Rollover, Roth, SIMPLE, Education and SEP products. Various investment terms are available, including Certificates of Deposit and our IRA Statement Savings Account. 

• Certificates of Deposit -  CD terms range from 6 months to 5 years; minimums start as low as $250.00. 

At Putnam Bank, you can consolidate all your IRA contributions into one Certificate of Deposit (CD).  Most other banks open new CDs every time you make an IRA contribution.  Managing multiple CDs with varying maturity dates can be a paperwork nightmare.

You may make additional contributions to any of our IRA CDs, up to the maximum allowed, any time during the term of the CD in amounts of $100 or more.

IRA accountholders, aged 59 1/2 or over, may also choose to increase their IRA CD rate once per calendar year.

• IRA Statement Savings Account - An easy way to save for retirement.  Our IRA Statement Savings Account lets you build your retirement nest egg a little bit at a time.  Open with just $50, and make recurring automatic transfers in amounts you can afford.  Before you know it, you'll be on your way to a more comfortable tomorrow.
• Minimum to open account is $50.
• Maintain a minimum balance of $50 to earn interest.

Transfers from an IRA Statements Savings Account to another account or to third parties by preauthorized, automatic, computer, or telephone transfer are limited to six per month, with no transfers by check, debit card, or similar order to third parties.

Early withdrawal penalties apply.

Additional retirement programs are available through Infinex Investments, Inc. located at Putnam Bank.