What is the minimum balance required to open an NSB Certificate of Deposit (CD)?

$1,000 is the minimum balance required to open an NSB Certificate of Deposit. If you withdraw some of your funds before maturity and the balance falls below $1,000, you must close your account.

Does my NSB CD automatically renew?

Yes, this account will automatically renew at maturity. You will have 10 calendar days after the maturity date to withdraw funds or change the term without penalty.

What are the transaction limits for my NSB CD?

$500 is the minimum additional deposit for terms less than one year, and no additional deposits are allowed for terms one year or greater. (Varies by account. See account disclosure for details.)

What happens if I withdraw from my NSB CD’s principal prior to maturity?

$500 is the minimum you may withdraw from principal. We may impose a penalty if you withdraw any of the principal before the maturity date. The penalty will equal:

  • 3-months interest on the amount withdrawn if the term is less than 6 months.
  • 6-months interest on the amount withdrawn if the term is 6 to 12 months.
  • 12-months interest on the amount withdrawn is the term is greater than one year.
What are the advantages of a traditional IRA?

Here are some of the main advantages of traditional IRAs.

  • Tax Advantages: Unlike most investments, the interest earned on a Traditional IRA is not taxable in the year it is received. Your IRA earnings are not subject to taxation until they are removed from the account.
  • Power of Compounding: This tax deferment allows your savings to grow faster and is perhaps the greatest long-term benefit of the Traditional IRA. Tax deferral on gains leaves more money in the account to compound, allowing an investment to grow larger than it would if taxes were paid along the way.
  • Up-front Tax Breaks: Some investors are permitted to deduct IRA contributions from their federal income tax (depending on their eligibility).
  • Special Purpose Withdrawals: Withdrawals may be made from a Traditional IRA without tax penalty by individuals under the age of 59 ½ for certain qualified purposes.

As in any tax situation, consult with your tax advisor, review IRS Pub 590 or consult the IRS website.

What are the advantages of a Roth IRA?

Here are some of the main advantages of Roth IRAs.

  • Tax Advantages: Although contributions are not tax deductible, the earnings do accumulate tax free. Deposits are taxed up front, but the future payoff could be greater.
  • Extra Withdrawal Options: After five years with a Roth, qualified homebuyers can withdraw up to $10,000 per lifetime before age 59 ½, tax-free for a first-time home purchase.
  • Liberal Eligibility Rules: You cannot be prevented from opening one just because you are covered by a retirement plan at work or contribute to a self-employment plan such as a Keogh account. And if a child earned $3,000, a parent could put $3,000 into a Roth IRA for a child.
  • Wholly Tax-free Withdrawals: Roth IRAs can also be an estate-planning tool—with no mandatory withdrawal age, funds can compound for a heir.

As in any tax situation, consult with your tax advisor, review IRS Pub 590 or consult the IRS website.

How do I make a loan payment?

We offer several ways to make a loan payment.

  1. If you are set up with online banking, log in at nsvbt.com or NSB mobile app and click "make a payment"
  2. Mail your payment to Northfield Savings Bank, PO Box 7180, Barre VT 05641
  3. Visit your local Northfield Savings Bank branch
Is there a penalty to pay my personal loan off early?

We do not assess any penalties for paying off any type of NSB loan before the term is up.

How do I access/manage my money from my Business Checking account?

You can access your funds through online banking (if you are enrolled) or through ACH service (if you are enrolled).

How are interest rates determined?

Interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy. Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation's central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.