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Traditional IRA

Individual Retirement Account can be used to supplement your retirement income.  The traditional IRA allows you to defer taxes on both the funds deposited and the interest earned until they are withdrawn. We strongly recommend that you consult qualified professions for tax advice.

Roth IRA

Contributions to a Roth Individual Retirement Account (IRA) are not tax deductible. Distributions from these accounts however are not taxable.  IRS guidance on personal earnings should be observed.

Coverdell Education Savings Account

This account features tax-free withdrawals to pay for board, tuition, supplies, etc. for a covered dependent’s education expenses.  Contributions are not tax deductible, however, interest earned on this account is not taxable if the withdrawals are restricted specifically for educational purposes.*

 *Consult your tax advisor concerning eligible expenses.

Lost or Stolen Card

Should you discover that your Spratt Savings Bank Debit Card has been lost or stolen, please call the following number immediately:


» NOTICE: The Federal Regulation that limits the number of third party transactions allowed per month on our Money Market Demand Account (MMDA) and our Preferred Investment Account has changed. Third party transactions are defined as those you do not conduct at the bank or at an ATM. Third party transactions include checks, electronic debits, drafts, debit card purchases, phone transfers to other accounts and online and phone banking transfers to other accounts. The regulation limited these to six, of which no more than three could be by check. The limit is still six, but now, all can be by check.

Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules. The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs). It does not include other accounts, such as traditional checking, or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts. For more information about temporary FDIC insurance coverage of transaction accounts, visit

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