Saving your money is for more than just rainy days, it’s for sunny days, too. At Thomaston Bank, we understand that you work hard for your money, so we’ve designed savings accounts that let your money work hard for you. Check out our competitive rates and see how fast your money can grow!
Our simplest, most straightforward account. Deposit your money and watch it grow, or withdraw it when you need it – because, unlike other banks, we offer you the flexibility of unlimited deposits and withdrawals. You can also track your account history with either a passbook or monthly statements.
Relationship Savings Account
This savings account is for customers who maintain high balances and a checking account with us. Link these accounts together and you’ll receive a premium interest rate on your savings. Learn more about our Relationship Checking.
Holiday Club Account
Our Holiday Club account is a great way to set aside extra money for the holidays. This account conveniently allows you to set up an automatic transfer of funds from your checking or another savings account on a weekly, bi-weekly, or monthly basis, so you’ll never forget to make a deposit. With no service charges, small minimum deposit ($1), and competitive interest rates, this account makes it easy to save money for something special.
Health Savings Account (HSA)
When you need to see your doctor, you don’t want to have to worry about the cost. With our Health Savings Accounts (HSA), individuals with High-Deductible Health Plans can focus on their health instead of their wallets. These tax-deductible accounts allow you to cover qualified current and future medical expenses. Best of all, there are no monthly service or transaction fees!
Money deposited and interested earned on this account are tax-deferred, and can be withdrawn tax-free. We provide free checks, a VISA® HSA Check Card, and free online banking and bill pay, making it easy for you to manage the cost of your healthcare. Additionally, our HSA is a tiered rate product, allowing you to earn more when you save more.
Still have questions? Visit one of our branches, or call us at 860.283.1874.
Certificates of Deposit (CDs)
Our Certificates of Deposit are a flexible, attractive option for growing your money. We’re proud to say that Certificates of Deposit (CDs) at Thomaston Savings Bank offer some of the most competitive CD rates in the area. You can open a CD with us with a low minimum deposit and varying terms, from 91 days to 5 years. We also offer higher rates for accounts with "jumbo" balances of $100,000 or more.
This is a tiered-rate account, meaning you earn more money as your balance increases. Our money market account provides easy access to your funds with the convenience of writing up to six checks per month.
Individual Retirement Account (IRA)
When you’re ready to make the commitment to saving for your retirement, Thomaston Savings Bank is here for you with both Traditional and Roth IRA savings options and a knowledgeable staff to help you choose the right one for you. To get started, review these descriptions to see what you’re eligible for.
IRA Contribution Limits - for 2013 and 2014 Tax Years
The maximum you can contribute to all of your traditional and Roth IRAs is the smaller of:
- $5,500 ($6,500 if you're age 50 or older), or
- Your taxable compensation for the year
The IRA contribution limit does not apply to:
- Rollover contributions
- Qualified reservist repayments
- Tax-deductible contributions
- Federal and/or State withholding available at time of withdrawal.
- Penalties apply for withdrawals before age 59 ½ and required minimum withdrawals must be made starting at age 70 ½
- Contributions are not tax-deductible
- All earnings and principal are 100% tax-free upon withdrawal
- No mandatory distribution age
- Income limits apply when attempting to open a Roth IRA*
*Consult your tax advisor for current limits for your individual situation.