For an IRA Account, BankFive Offers Great Options

At BankFive, we know the security that having an IRA account can give people and families. We offer IRA accounts because the future of our customers in MA and RI is important to us. Our team members are on hand in our 13 branches to answer any questions you may have about opening IRA accounts or the role an IRA account can play in your overall retirement strategy. We want our customers to make smart choices about the future, which is why we ensure our IRA account customers have access to the latest information about traditional IRAs, Roth IRAs, and other retirement accounts. Click Here for our IRA FAQs.

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Our IRA Accounts

We have three types of IRA accounts:

  • Traditional
  • Roth
  • Coverdell Education Savings Account (CESA)

Our IRA accounts in MA and RI can help you save for a more secure future, and may reduce your current taxes. Fixed- and variable-rate certificate accounts are available.

Benefits of a BankFive IRA 

  • No IRA Account start-up cost or commissions to pay other than a $10 per year maintenance fee and a $30 transfer/termination fee (when applicable).
  • Semi-annual statements issued.
  • High earnings paid on your investment.
  • Interest earned is tax-deferred until withdrawn.
  • Contributions to your IRA Account may be tax-deductible.*
  • No minimum annual contribution required for variable rate IRAs.
  • Rollovers from other pension plans accepted.
  • Automatic payroll deductions or transfers accepted on a weekly or monthly basis to a variable rate IRA Account.


*Please consult your tax advisor before making any tax-related decisions. 

Contact Us to Open an IRA Today!

Is an IRA right for you?

An IRA is a tax advantaged savings plan that allows the power of compound interest to work for you.

  • Accumulate tax-deferred earnings.
  • Contributions may be tax-deductible.*
  • No minimum annual contribution amounts.
  • Catch-up contributions for individuals 50+.

IRA Frequently Asked Questions (FAQs)

Contact us if you have any outstanding questions.
*Please consult your tax advisor before making any tax-related decisions.

More questions?

Have questions about traditional or Roth IRAs? Please call us at 1-800-679-4420 to speak with one of our expert team members about funding your retirement accounts, or Contact Us online.