Logon To:
Access ID:
Log In to Business Online Banking

Online Banking

Phone: 978-283-0246
  888-283-2272

SEP IRA

Gloucester Massachusettes Band Stand Gazebo

It is never too early to plan for retirement! Tax-deferred retirement accounts offer some of the best opportunities for building financial security for you and your family.

A SEP is a retirement plan established by employers, including self-employed individuals (sole proprietorships or partnerships). The SEP is an IRA-based plan to which employers may make tax-deductible contributions on behalf of eligible employees, including the business owner. The employer is allowed a tax deduction for plan contributions, which are made to each eligible employee's SEP IRA on a discretionary basis.

Need professional help with your retirement planning? If you would like to talk to a retirement specialist at Cape Ann Savings Bank then please Contact Us. We would be happy to answer your questions.

Note: Any fee(s) assessed could reduce earnings on such an account.

Retirement Account Rates
Product NameInterest RateAnnual Percentage Yield (APY)Minimum daily balance to open account and to earn APY
6 Months 0.50% 0.50% $500.00
1 Year 0.60% 0.60% $500.00
1 1/2 Years 0.75% 0.75% $500.00
2 Years 0.75% 0.75% $500.00
2 1/2 Years 1.00% 1.00% $500.00
3 Years 1.25% 1.26% $500.00
4 Years 1.75% 1.76% $500.00
5 Years 1.75% 1.76% $500.00
Savings Account 0.25% 0.25% $10.00
* A penalty may be assessed for early withdrawals.
** A 1/4% more interest for CDs of $50,000 or more with terms from 1 to 5 years.

Rates are applicable as of 6/24/2017.