IRA Accounts

Planning for retirement doesn't have to feel overwhelming. At Shoreham Bank, our Individual Retirement Accounts (IRAs) are designed to help you save confidently. 
 

IRAs Built for Your Future

Whether you're just starting to save or looking for a safe place to continue growing your funds, we provide the reliability of a local bank that knows your community and values long term relationships. Our IRA accounts can be opened at any of our branch locations. Our IRA Accounts can be opened at any branch location. Stop by today or call us for details (401) 732-1991.

Our Locations

 

Our Rates

 5 Year IRA

3.50%

APY1

3.44% Interest Rate
Minimum of $1,000 to Earn APY
$1000 Minimum Opening Deposit

 4 Year IRA

3.25%

APY1

3.20% Interest Rate 
Minimum of $1,000 to Earn APY
$1000 Minimum Opening Deposit

 3 Year IRA

3.00%

APY1

2.96% Interest Rate 
Minimum of $1,000 to Earn APY
$1000 Minimum Opening Deposit

 2 Year IRA

2.75%

APY1

2.71% Interest Rate 
Minimum of $1,000 to Earn APY
$1000 Minimum Opening Deposit

 1 Year IRA

2.00%

APY1

1.98% Interest Rate 
Minimum of $1,000 to Earn APY
$1000 Minimum Opening Deposit










Why open an IRA with Shoreham Bank? 

We're not a faceless financial app, we're a local community that cares about your future. When you open an account with Shoreham Bank, you get:

  • Personalized service and local decision making

  • Clear explanations

  • A customer relationship focused approach to banking

  • A safe, reliable, and dependable place for long-term savings

We believe that retirement planning should feel approachable, not overwhelming.

 

Take the next steps in your financial journey.

Opening an IRA account with Shoreham Bank is simple! 

  • Visit one of our branch locations

  • Speak with a Shoreham Banker about your goals

  • Fund your account and start saving for retirement

Any visit to a Shoreham Bank branch comes with no obligation or pressure, we're happy to talk things through if you have any questions before getting started! 
 
 

Frequently Asked Questions about IRAs

 
What is the different between a Roth IRA and a Traditional IRA?

Roth IRAs are funded with post-tax dollars and do not require an RMD (required minimum distribution) when you reach retirement age.  You do not need to pay taxes on distributions taken from a Roth IRA.  Traditional IRAs are generally funded with pre-tax dollars and RMDs are required once you reach the required age.  Any distributions taken from a Traditional IRA will be considered income, requiring taxes be paid on the amount distributed over the year.

 
How much can I contribute to my IRA account each year?
Contribution limits are set in place by the IRS and may differ year to year based on Age and Income. You can learn more on the IRS website.
 
Can I open an IRA account if I already have a 401(k)?
Yes, it is common for individuals who are planning for retirement to have both an IRA and 401(k) account! Your ability to deduct contributions can vary depending on income type and plan type. 
 
What happens if I withdraw money early from my IRA account?
Withdrawing funds early from your IRA account may result in taxes and penalties, depending on the account type and circumstances. 
 
 
 
1. Annual Percentage Yield (APY) Effective 8/31/26 Subject to change without notice. Early withdrawal penalty applies on any withdrawal, either partial or whole prior to maturity if under the age of 59 ½. Your account will automatically renew at maturity. You will have a grace period of 10 calendar days after the maturity date to withdraw funds in the account without being charged an early withdrawal penalty. No penalty for Required Minimum Distributions (RMD). Fees could reduce earnings. Account type is only available in-branch.