Welcome Elmira Savings Bank Customers

We're excited to welcome you as a Community Bank customer! Click here for more information.
Having issues logging in? Click here.
If you're looking to pre-qualify for a mortgage, click here.

We're excited to welcome you as a Community Bank customer! Click here for more information.

Having issues logging in? Click here
If you're looking to pre-qualify for a mortgage, click here.
Fun Dinner

IRA

Whether retirement is just around the corner or decades away, you can take steps today to save on taxes and secure your future. With a traditional IRA, you save on taxes now because your contributions may be tax-deductible. With a Roth IRA, you pay taxes on your contributions now, but you don’t pay taxes on your distributions.

Traditional IRA

With a traditional IRA, you may get double tax benefits: You’re often able to deduct your contributions from your taxable income and the interest grows tax-deferred. That means you don’t have to pay taxes on your investment earnings until you request a distribution—and at that time, you may be in a lower tax bracket. Calculate your future finances by utilizing this retirement planning calculator.

Roth IRA

With a Roth IRA, your earnings and withdrawals grow tax-free. That is, when you withdraw your money, you may not have to pay taxes! Plus, after you’ve owned the account for five years, you can request a distribution of your money anytime after age 59½.

Traditional IRARoth IRA

Age limit to contribute

Under 70 1/2

None

Income limits

Earned income

Can't exceed annual income for Modified Adjusted Gross Income (MAGI) limits

Contributions may be tax-deductible

Yes

No

Pay taxes on distributions

Yes

No (as long as all requirements are met)

Penalties on distributions before age 59 1/2

Yes, a 10% federal penalty tax

A 10% federal tax penalty on interest earned

Required minimum distributions (annually beginning at age 70 1/2)

Yes

No

Find a branch Arrow
Hammock
Certificates of Deposit
Grow your money faster

Earn solid rewards without the risk.

Getty 1194611585 RT 1600x900
Money Market Accounts
Save, Earn, Repeat

Money market accounts are a smart option for those who want to grow their funds but limit their risk. The more you save, the more you earn.

BANKING YOU CAN COUNT ON

Better banking starts with trust—and we’re honored to be recognized for it.

Nwswk Horiz RGB
Forbes WB Banks2022 Logo Rec White RGB
Amer Best Banks SQ Color RGB

Please enter your zip code then select a location from the options shown. You will then be taken to the full form. Thank you


Enter your address
GO

Locations near ${locationSelectionSearchedAddress}
Select Your Branch Below

Select Your Branch Below

${location.address1}
${location.address2}${location.phone}View Branch Details

No locations found. Please enter a specific address.


See more locations and details