Cambridge Savings Bank

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Money Market

How can I order checks for my Money Market Account?

If you already have a Money Market Account with us and need to order replacement checks, click here.

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Careers: Advancement

Are there opportunities for me to transfer to other departments within the organization as a Cambridge Savings Bank employee?

Any full-time or part-time regular employee of Cambridge Savings Bank, who has been in their current position for a minimum of six (6) months, and is performing well in their current role is eligible to explore other opportunities within the company.

Online Business Banking: Security Tokens

Do I need another token if Cambridge Savings Bank enables additional services?

Once activated, the same token is used for all token supported services.

Do I need to activate my token again if my company adds a new service that requires a token?

No. You only need to activate the token one time. Once activated, the same token is used whenever you are prompted to enter a token code.

Do I need to activate the token again if I log in from a different computer?

No. You only need to activate the token one time, regardless of which computer is used.

What should I do if I lose my token?

Contact your company administrator who, in turn, should contact the Cambridge Savings Business Banking Group at (617) 441-7051.

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529 College Savings Plans

What can funds be used for?

You can use 529 College Savings Plan assets to pay for qualified education expenses at almost any college or post-secondary program in the United States or select foreign institutions. Qualified expenses include tuition, room and board, books, fees, supplies and equipment (such as a computer).

Are contributions tax-deductible?

No, contributions are not deductible from federal taxes. For state tax purposes, each state makes its own determination. In Massachusetts, contributions are not tax deductible.

Are my plan assets FDIC or DIF insured?

No, because your assets are invested in mutual funds, they are not protected by FDIC or DIF insurance and can decline in value. However, if you are concerned about risk, Mayflower Advisors can help you find a portfolio that will meet your needs.

Can funds be used for private elementary or high school tuition?

No, the 529 College Savings Plan is limited to undergraduate and graduate tuition and expenses only.

Can I be a beneficiary?

Yes, if you are planning on continuing your education in an undergraduate or graduate program, you can list yourself as a beneficiary.

Can I change beneficiaries?

Yes, you have the flexibility to do so at any time.

Can I change the investment options for the assets in my account?

Each time you contribute to your account, you can elect how each contribution should be allocated among the investment options. However, you may reallocate the assets in your account to one or more alternative investment option(s) only once every calendar year or whenever you change the account’s beneficiary.

Can I continue to contribute to a Coverdell Education Savings Account if I’m enrolled in a 529 College Savings Plan?

Yes, you may. In fact, you may use the money in a Coverdell Education Savings Account to pay for K-12 expenses.

Can I make automatic contributions?

Yes, you can arrange to have funds automatically deducted from a Cambridge Savings Checking or Savings account.

Can I roll over or transfer an Educational IRA, UGMA/UTMA or existing 529 College Savings Plan?

You may roll over or transfer assets from any gifting or qualified savings plan to a 529 College Savings Plan at Cambridge Savings. Rollovers/Transfers may be subject to taxes. A financial advisor from Mayflower Advisors will explain how.

Can I withdraw funds for purposes other than education?

Yes, if you need to access your money, you can withdraw funds and pay a 10% federal penalty on earnings plus any applicable taxes.

Do I have to pay gift taxes on contributions?

The IRS grants each individual an annual gift tax exclusion of $14,000 (as of 2014). In addition, 529 College Savings Plans allow you to accelerate the use of this so that you may contribute $70,000 immediately and avoid gift taxes by using up the next five years of gift tax exclusions.

How do I get started?

Stop by your nearest Branch Location or call us at (888) 418-5626. A Cambridge Savings representative will gather information about you and arrange to have a financial advisor from Mayflower Advisors contact you at your convenience.

How do I know what funds to invest in?

A financial advisor from Mayflower Advisors will take the time to review your timeframe and risk tolerance and will help you build a customized portfolio that addresses your unique situation.

How does the 529 College Savings Plan affect financial aid considerations?

Unlike gifting accounts (UGMA/UTMAs) and Coverdell Education Savings Accounts (formerly Education IRAs), 529 College Savings Plan assets are currently attributed to the account owner, not the student, thereby usually lowering the impact on financial aid. Keep in mind, however, that this could change, given ever-changing financial aid rules.

How much must I invest to start?

Depending on the plan that best suits your needs, you may be able to get started with as little as $15 and continue to invest periodically. You can also invest a lump sum if you prefer.

Is a 529 College Savings Plan the same as a pre-paid tuition plan such as the UPlan?

No, though both are state-sponsored programs and fall under Section 529 of the Internal Revenue Code, they are not the same. With a prepaid tuition plan, you prepay tuition at today’s rates for a beneficiary to attend college at a future date. This involves pre-selecting a participating school, generally a public school. With the 529 College Savings Plan, you have the flexibility to use funds at just about any college in the United States as well as some abroad. Additionally, you can build assets tax-deferred.

Is it a new plan?

No, the 529 College Savings Plan is not a new plan. However, The Economic Growth and Tax Reconciliation Act of 2001 helped make 529 College Savings Plans more attractive by allowing distributions for qualified higher education expenses to be exempt from federal taxes.

Please Note:

Depending on the plan that best suits your needs, you may be able to get started with as little as $15 and continue to invest periodically. You can also invest a lump sum if you prefer.

What are my investment options?

Most 529 College Savings Plans are invested in a portfolio of publicly-traded mutual funds or similar investment vehicles. Mayflower Advisors can help you determine which 529 College Savings Programs and investment options are right for you.

What are the estate tax benefits of the 529 College Savings Plan?

The Plan’s high contribution limit means a contributor can give away a substantial sum of money in a single year (couples filing jointly can make a gift of up to $140,000 per beneficiary). Gifting large sums can effectively lower the value of one’s taxable estate upon death.

What are the tax benefits of 529 College Savings Plans?

Your contributions and earnings grow tax-deferred and you don’t have to pay federal taxes when funds are withdrawn to pay for qualified expenses. Exemption on earnings from state taxes is determined by the individual state. Plus, in most cases, both your contributions and earnings are not considered part of your taxable estate.

What does tax-deferred growth mean?

When you invest in a 529 College Savings Plan, your earnings will not be assessed federal or state taxes, allowing your assets to accumulate without paying taxes on capital gains, dividends or interest.

What does the 529 College Savings Plan offer that other college savings options don’t?

In general, the 529 College Savings Plan offers tax-deferred growth, tax-free qualified distributions, higher contribution limits, no income or age restrictions, and greater control for the account owner.

What if the beneficiary does not attend college?

You have three options:

  1. Leave the money in the account in case the beneficiary changes their mind;
  2. Change the beneficiary; or
  3. Make a non-qualified withdrawal (which would be subject to a 10% federal penalty on earnings plus any applicable taxes).

What is a 529 College Savings Plan?

Named after Section 529 of the Internal Revenue Code, this state-sponsored college savings program allows individuals to accumulate tax-advantaged funds for financing college expenses for a beneficiary.

What is the maximum amount I can contribute?

Maximum contributions vary by plan (a financial advisor from Mayflower Advisors can help you identify the differences). You may invest as little as $15 per month for some plans, or, depending upon the program you select, you may invest a lump sum and contribute periodically until your total assets in one account equal $305,000. In doing so, you may utilize as much as $70,000 in any five-year period without exceeding your federal gift tax exclusion.

Who can set up a 529 plan?

Anyone can establish a 529 College Savings Plan. You can even establish a plan for yourself. There are no age or income restrictions.

Who is Mayflower Advisors, LLC?

To give you access to 529 Plans, Cambridge Savings has partnered with Mayflower Advisors, LLC1. Mayflower Advisors, LLC is a full-service independent financial consulting firm located in Boston. Mayflower Advisors is dedicated to helping clients build and protect wealth. Mayflower Advisors, LLC offers a wide range of financial products and services to individuals and business owners.

1 Mayflower Advisors, LLC is a separate entity from Wells Fargo Advisors Financial Network, LLC (WFAFN). Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC, Member SIPC.

Who maintains control of the account – the student or me?

Unlike with other college savings plans, a 529 College Savings Plan allows you, not the beneficiary, to maintain control of the plan.

Roth IRAs

Am I eligible for a Roth IRA?

There are two requirements for eligibility to make regular contributions to a Roth IRA: you must have compensation (or your spouse must have compensation) and your modified adjusted gross income (MAGI) for any tax year cannot exceed certain prescribed limits. These limits are subject to annual cost-of-living adjustments (COLAs).

View Roth IRA 2015 Contribution Chart ›
View Roth IRA Contribution Limits ›

Do I pay taxes on my earnings?

No, provided you take the earnings as part of a qualified distribution. That’s the best part of the Roth IRA. Unlike a traditional IRA, you cannot take a tax deduction for any of the contributions that you make to a Roth IRA. However, when you are ready to make a withdrawal, you pay no taxes on any of the earnings that your contributions have generated.

How much can I contribute each year?

You may contribute any amount up to 100 percent of your compensation or the amount set forth in the chart that follows, whichever is less, aggregated between a traditional and a Roth IRA. Additionally, if you have attained age 50 or older by the end of your taxable year, you are eligible to make catch-up contributions.

*Subject to annual cost-of-living adjustments (COLAs).

What assets can I move to a Roth IRA?

Traditional IRA—Traditional IRA assets may be converted to a Roth IRA. The distribution is subject to income tax, but is not subject to the 10 percent premature-distribution penalty tax.

Employer Plan—Eligible assets from an employer plan may be rolled over or directly rolled over to a Roth IRA. The taxable portion of the direct rollover amount is subject to federal income tax.

Designated Roth Account—Assets in a designated Roth account that are part of an Internal Revenue Code Section 401(a), 403(b), or governmental 457(b) plan may be rolled over or directly rolled over to a Roth IRA.

What if I need access to my money now?

A helpful feature of the Roth IRA is that, for distributions, regular contribution amounts are returned first without tax or penalty. Converted assets and rollovers from employer plans are returned next. Earnings are returned last.

What is a Roth IRA?

IRA stands for Individual Retirement Account. Named after US Senator William Roth, a Roth IRA is an account that enables you to make tax free* withdrawals upon retirement. Contributions to a Roth IRA are not tax deductible, so, unlike a Traditional IRA, the taxes are paid up front. The funds in a Roth IRA can be invested at your direction in a number of different ways.

*The term “tax-free”means free from federal income taxes.

What is the contribution deadline for funding a Roth IRA?

For a given taxable year, you can open and fund a Roth IRA any time between January 1 and the date your tax return is due for the year, excluding extensions. For most taxpayers, this is April 15 of the following year. The deadline may be extended in some situations. Examples include a federally declared disaster, a terroristic or military action, or service in a combat zone.

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Traditional IRAs

Am I eligible to have a Traditional IRA?

If you are younger than age 701/2 for the entire tax year, and have compensation, you are eligible to establish and make an annual tax-year contribution to a traditional IRA, even if you already participate in certain government plans, a tax-sheltered annuity, a simplified employee pension (SEP) plan, a Savings Incentive Match Plan for Employees of Small Employers (SIMPLE), or a qualified pension or profit-sharing plan established by an employer.

How do I move assets from an employer-sponsored retirement plan (ERP), to a Traditional IRA?

An eligible rollover distribution from one of these plans may be rolled over or directly rolled over to an IRA. Generally, an eligible rollover distribution is any distribution except one that is:

  • Part of a series of substantially equal periodic payments over your single life expectancy or joint life expectancy of you and your beneficiary or for a specified period of ten years or more.
  • A required minimum distribution for an employee age 701/2 or older
  • A hardship distribution.
  • A rollover occurs when assets distributed from your ERP are paid directly to you, then subsequently rolled over by you to a traditional IRA within 60 calendar days.
  • A direct rollover occurs when assets distributed from your ERP are made payable to the IRA custodian/trustee for the benefit of your traditional IRA.

Taxable ERP distributions paid to you that are eligible for rollover are subject to a mandatory 20 percent federal income tax withholding at the time of distribution. Assets moved to an IRA via a direct rollover are not subject to withholding.

As with an IRA-to-IRA rollover, an ERP plan recipient has 60 calendar days following the date of receipt to roll over any portion of the distribution to an IRA. The 12-month limitation does not apply to rollovers from an ERP to an IRA.

How do I move assets from one IRA to another?

There are two methods you can use to move assets from one IRA to another: rollover and transfer. For a rollover, you have 60 calendar days following the date of receipt to roll over the distribution to another IRA. Rollovers from IRAs may not occur more than once during a 12-month period. A transfer occurs when the assets are moved from one IRA to another IRA without you having control or custody of the assets. There are no time or frequency limits on the number of transfers permitted.

How do I open an IRA with a rollover or direct rollover contribution?

See any of our personal bankers or give us a call at (888) 418-5626. We will explain the nature of these accounts in more detail and help you complete the forms necessary to establish your IRA.

This information is intended to provide general information concerning federal tax laws governing traditional IRAs. It is not intended to provide legal advice or to be a detailed explanation of the rules or how such rules may apply to your individual circumstances. For specific information, you are encouraged to consult your tax or legal professional. IRS Publication 590, Individual Retirement Arrangements (IRAs), and the IRS’s web site, www.irs.gov, may also provide helpful information.

This information is intended to provide general information on federal tax laws governing rollover, direct rollover, and transfer transactions. It is not intended to provide legal advice or be a detailed explanation of the rules or how such rules may apply to your individual circumstances. For specific information, you are encouraged to consult your tax or legal professional. IRS Publication 590, Individual Retirement Arrangements (IRAs), and the IRS’s web site, www.irs.gov, may also provide helpful information.

How many rollover or transfer transactions am I allowed?

You are limited to one IRA distribution rollover during a 12-month period. This 12-month rule limits you to only one IRA rollover, regardless of the number of IRAs you own and is determined from the date you receive an IRA distribution that is rolled over.

The 12-month limitation does not apply if the assets are transferred directly from one IRA into another IRA. The 12-month limitation also does not apply to conversions or to distributions from an Internal Revenue Code (IRC) Section 401(a), 403(b), or governmental 457(b) plan rolled over to a traditional or Roth IRA.

Employer Plans-to-IRA Rollovers

Distributions From Certain Employer Plans Are Eligible For Rollover To Another Qualified Employer Plan Or To A Traditional Or Roth Ira.

How much can I contribute to my IRA?

You may contribute any amount up to 100 percent of your compensation or the amount set forth in the chart below, whichever is less, to a traditional IRA (or aggregated between a traditional and a Roth IRA). Additionally, if you have attained age 50 or older by the end of your taxable year, you are eligible to make catch-up contributions.

* Subject to annual cost-of-living adjustments (COLAs).

What assets are not eligible for rollover to an IRA?

  • Assets From Employer Plans That Are Not Eligible For Rollover To An Ira Include:
  • Required Minimum Distributions Generally Beginning In The Age 70 1/2 Year Or After Death
  • Any Part Of A Series Of Substantially Equal Periodic Payments Over A Life Expectancy Period Or For A Period Of Ten Years Or More
  • Any Hardship Distribution
  • A Loan That Is Treated As A Distribution Due To Default Or Because Other Requirements Have Not Been Met
  • Costs Reported As Distributions Associated With Life Insurance Coverage
  • Distributions Of Excess Contributions Or Excess Deferrals
  • Corrective Distributions Of Irc Section 415 Limit Excesses And Earnings

What happens to my IRA after death?

Your named beneficiary(ies) will receive the entire proceeds of the IRA. Your beneficiary(ies) will not be subject to the 10 percent early distribution penalty tax regardless of age. Distributions to your beneficiary(ies) will be made in accordance with the required minimum distribution rules and your IRA agreement.

What is a direct rollover?

A direct rollover is like an IRA-to-IRA transfer in that an employer plan distribution is paid directly to an IRA or another qualified employer plan without your direct control or custody of the assets. Direct rollovers to traditional IRAs incur no federal income tax or penalties. Therefore, direct rollover distributions are not subject to the mandatory 20 percent federal income tax withholding.

What is a Rollover?

A rollover occurs when IRA assets are paid directly to you and you contribute them to an IRA (including back to the distributing IRA) within 60 calendar days of receipt. The 60-day period begins the day after you receive the distribution.

What is a rollover?

If you receive an eligible rollover distribution from your employer’s plan, you can contribute or roll over all or a portion of that distribution to a traditional or Roth IRA or another qualified employer plan within 60 calendar days of receipt. The 60-day period begins the day after you receive the distribution.

An eligible rollover distribution paid directly to you is subject to a mandatory 20 percent federal income tax withholding at the time of the distribution.

Any portion of the distribution (including the 20 percent withheld by the plan administrator) not rolled over to a traditional IRA within 60 calendar days may be taxed as ordinary income, and a 10 percent additional penalty tax may apply if you are younger than age 59 1/2. Rollovers to Roth IRAs are generally taxed as ordinary income but avoid the 10 percent penalty tax.

What is a spousal IRA?

The spousal IRA rules allow contributions to an IRA on behalf of a spouse. A married couple can contribute up to 100 percent of their combined compensation or the contribution limit, whichever is less. The amounts can be divided in any manner between the two spouses’ IRAs with no more than the annual limit being contributed to either spouse’s IRA. Catch-up contributions are available for eligible spousal IRA arrangements and would increase the allowable contribution limits.

What is a Traditional IRA?

IRA stands for Individual Retirement Account. A Traditional IRA is an account that enables you to make pre-tax contributions (e.g. with no taxes taken out now) to save for retirement. When you retire and begin taking distributions from your account, you pay the taxes at that time. The funds in a Traditional IRA can be invested at your direction in a number of different ways.

What is a Transfer?

A transfer occurs when IRA assets move directly from one IRA to another IRA without your direct control or custody of those assets.

What is compensation?

Compensation is the salary or wages you receive as an employee. If you are self-employed, compensation is your net income for personal services performed for the business. All taxable alimony is considered compensation. Interest, dividends, and most rental income are passive income sources and are not considered compensation.

View Traditional IRA Contribution Limits ›

When am I eligible for a distribution from my employer’s plan?

Ask your employer or check the summary plan description you received when you became a participant. Common distribution events for plan participants may include:

  • Separation from service—including retirement
  • Your disability
  • Attaining normal retirement age under the plan
  • Termination of the plan

Which employer plans can make eligible rollover distributions?

Employer Plans That Can Make Eligible Rollover Distributions Include:

  • Qualified Trusts Under Irc Section 401(A)
  • Annuity Plans Under Irc Section 403(A)
  • Annuity Contracts Under Irc Section 403(B)
  • Certain Governmental Irc Section 457(B) Plans

Traditional IRAs: Compensation

How much can I contribute to my IRA?

You may contribute any amount up to 100 percent of your compensation or the amount set forth in the chart below, whichever is less, to a traditional IRA (or aggregated between a traditional and a Roth IRA). Additionally, if you have attained age 50 or older by the end of your taxable year, you are eligible to make catch-up contributions.

* Subject to annual cost-of-living adjustments (COLAs).

What is compensation?

Compensation is the salary or wages you receive as an employee. If you are self-employed, compensation is your net income for personal services performed for the business. All taxable alimony is considered compensation. Interest, dividends, and most rental income are passive income sources and are not considered compensation.

View Traditional IRA Contribution Limits ›

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Traditional IRAs: Employer Plans-to-IRA Rollovers

How do I open an IRA with a rollover or direct rollover contribution?

See any of our personal bankers or give us a call at (888) 418-5626. We will explain the nature of these accounts in more detail and help you complete the forms necessary to establish your IRA.

This information is intended to provide general information concerning federal tax laws governing traditional IRAs. It is not intended to provide legal advice or to be a detailed explanation of the rules or how such rules may apply to your individual circumstances. For specific information, you are encouraged to consult your tax or legal professional. IRS Publication 590, Individual Retirement Arrangements (IRAs), and the IRS’s web site, www.irs.gov, may also provide helpful information.

This information is intended to provide general information on federal tax laws governing rollover, direct rollover, and transfer transactions. It is not intended to provide legal advice or be a detailed explanation of the rules or how such rules may apply to your individual circumstances. For specific information, you are encouraged to consult your tax or legal professional. IRS Publication 590, Individual Retirement Arrangements (IRAs), and the IRS’s web site, www.irs.gov, may also provide helpful information.

What assets are not eligible for rollover to an IRA?

  • Assets From Employer Plans That Are Not Eligible For Rollover To An Ira Include:
  • Required Minimum Distributions Generally Beginning In The Age 70 1/2 Year Or After Death
  • Any Part Of A Series Of Substantially Equal Periodic Payments Over A Life Expectancy Period Or For A Period Of Ten Years Or More
  • Any Hardship Distribution
  • A Loan That Is Treated As A Distribution Due To Default Or Because Other Requirements Have Not Been Met
  • Costs Reported As Distributions Associated With Life Insurance Coverage
  • Distributions Of Excess Contributions Or Excess Deferrals
  • Corrective Distributions Of Irc Section 415 Limit Excesses And Earnings

What is a direct rollover?

A direct rollover is like an IRA-to-IRA transfer in that an employer plan distribution is paid directly to an IRA or another qualified employer plan without your direct control or custody of the assets. Direct rollovers to traditional IRAs incur no federal income tax or penalties. Therefore, direct rollover distributions are not subject to the mandatory 20 percent federal income tax withholding.

What is a rollover?

If you receive an eligible rollover distribution from your employer’s plan, you can contribute or roll over all or a portion of that distribution to a traditional or Roth IRA or another qualified employer plan within 60 calendar days of receipt. The 60-day period begins the day after you receive the distribution.

An eligible rollover distribution paid directly to you is subject to a mandatory 20 percent federal income tax withholding at the time of the distribution.

Any portion of the distribution (including the 20 percent withheld by the plan administrator) not rolled over to a traditional IRA within 60 calendar days may be taxed as ordinary income, and a 10 percent additional penalty tax may apply if you are younger than age 59 1/2. Rollovers to Roth IRAs are generally taxed as ordinary income but avoid the 10 percent penalty tax.

When am I eligible for a distribution from my employer’s plan?

Ask your employer or check the summary plan description you received when you became a participant. Common distribution events for plan participants may include:

  • Separation from service—including retirement
  • Your disability
  • Attaining normal retirement age under the plan
  • Termination of the plan

Which employer plans can make eligible rollover distributions?

Employer Plans That Can Make Eligible Rollover Distributions Include:

  • Qualified Trusts Under Irc Section 401(A)
  • Annuity Plans Under Irc Section 403(A)
  • Annuity Contracts Under Irc Section 403(B)
  • Certain Governmental Irc Section 457(B) Plans

Traditional IRAs: Family

What happens to my IRA after death?

Your named beneficiary(ies) will receive the entire proceeds of the IRA. Your beneficiary(ies) will not be subject to the 10 percent early distribution penalty tax regardless of age. Distributions to your beneficiary(ies) will be made in accordance with the required minimum distribution rules and your IRA agreement.

What is a spousal IRA?

The spousal IRA rules allow contributions to an IRA on behalf of a spouse. A married couple can contribute up to 100 percent of their combined compensation or the contribution limit, whichever is less. The amounts can be divided in any manner between the two spouses’ IRAs with no more than the annual limit being contributed to either spouse’s IRA. Catch-up contributions are available for eligible spousal IRA arrangements and would increase the allowable contribution limits.

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Traditional IRAs: Moving Assets

How do I move assets from an employer-sponsored retirement plan (ERP), to a Traditional IRA?

An eligible rollover distribution from one of these plans may be rolled over or directly rolled over to an IRA. Generally, an eligible rollover distribution is any distribution except one that is:

  • Part of a series of substantially equal periodic payments over your single life expectancy or joint life expectancy of you and your beneficiary or for a specified period of ten years or more.
  • A required minimum distribution for an employee age 701/2 or older
  • A hardship distribution.
  • A rollover occurs when assets distributed from your ERP are paid directly to you, then subsequently rolled over by you to a traditional IRA within 60 calendar days.
  • A direct rollover occurs when assets distributed from your ERP are made payable to the IRA custodian/trustee for the benefit of your traditional IRA.

Taxable ERP distributions paid to you that are eligible for rollover are subject to a mandatory 20 percent federal income tax withholding at the time of distribution. Assets moved to an IRA via a direct rollover are not subject to withholding.

As with an IRA-to-IRA rollover, an ERP plan recipient has 60 calendar days following the date of receipt to roll over any portion of the distribution to an IRA. The 12-month limitation does not apply to rollovers from an ERP to an IRA.

How do I move assets from one IRA to another?

There are two methods you can use to move assets from one IRA to another: rollover and transfer. For a rollover, you have 60 calendar days following the date of receipt to roll over the distribution to another IRA. Rollovers from IRAs may not occur more than once during a 12-month period. A transfer occurs when the assets are moved from one IRA to another IRA without you having control or custody of the assets. There are no time or frequency limits on the number of transfers permitted.

Traditional IRAs: IRA-to-IRA Rollover & Transfer

How many rollover or transfer transactions am I allowed?

You are limited to one IRA distribution rollover during a 12-month period. This 12-month rule limits you to only one IRA rollover, regardless of the number of IRAs you own and is determined from the date you receive an IRA distribution that is rolled over.

The 12-month limitation does not apply if the assets are transferred directly from one IRA into another IRA. The 12-month limitation also does not apply to conversions or to distributions from an Internal Revenue Code (IRC) Section 401(a), 403(b), or governmental 457(b) plan rolled over to a traditional or Roth IRA.

Employer Plans-to-IRA Rollovers

Distributions From Certain Employer Plans Are Eligible For Rollover To Another Qualified Employer Plan Or To A Traditional Or Roth Ira.

What is a Rollover?

A rollover occurs when IRA assets are paid directly to you and you contribute them to an IRA (including back to the distributing IRA) within 60 calendar days of receipt. The 60-day period begins the day after you receive the distribution.

What is a Transfer?

A transfer occurs when IRA assets move directly from one IRA to another IRA without your direct control or custody of those assets.

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Careers: Student Relations

Are internships paid opportunities?

Yes, students are generally paid an hourly rate based on their academic level and previous work experience.

Can recent college graduates apply for full-time positions?

Yes! We are interested in hiring qualified candidates who have creative approaches to meeting the needs of our customers. We encourage recent college graduates to review our job postings under the job opportunities section on our website. Once you identify a position(s) that interests you, submit your resume for that specific position. We encourage recent college graduates who complete internship assignments at Cambridge Savings Bank to apply for full-time, regular positions upon graduation.

Does Cambridge Savings Bank post their internship opportunities?

When an internship opportunity is available at Cambridge Savings Bank, we will post the position on our website, as well as at specific colleges and universities.

Mobile Deposit

How do I know if I am eligible to use Mobile Deposit?

To use mobile deposit, you must be a current Cambridge Savings Bank customer with a checking or savings account. You must also be enrolled in our online banking system and have downloaded the free Cambridge Savings Bank Mobile Banking app. Before depositing your first check, you must read and accept the Remote Deposit Capture Services disclosure and agreement.

How do I make my first Mobile Deposit?

  • Make sure you have downloaded the Cambridge Savings Bank Mobile Banking app for either your iPhone®, iPod touch®, iPad® or AndroidTM smartphone device
  • Sign into the Cambridge Savings Bank Mobile Banking app using your online banking user ID and password
  • Choose “Deposit Checks”
  • As part of enrollment in the service you will be asked to read and accept the Remote Deposit Capture Services disclosure and agreement (It may take up to one business day to receive approval)
  • Select the checking or savings account into which you want to deposit the check
  • Enter the amount of your check
  • Endorse the back of your check with “For Mobile Deposit Only”
  • Snap pictures of the front and back of your check
  • Submit the check for deposit

You will receive onscreen confirmation that your check was received.

How much does it cost to deposit a check with my phone?

Mobile check deposit is free for Cambridge Savings Bank customers.* Just download the Cambridge Savings Bank Mobile Banking app to begin.

*Cambridge Savings Bank does not charge you a fee for using this service. However, charges from your wireless carrier may apply. Regular account charges apply. The Mobile Check Deposit service is subject to eligibility. Deposit limits and other restrictions apply. Access to Cambridge Savings Bank’s Mobile Banking apps and Mobile Deposit require a valid Cambridge Savings Bank online banking username and password.

How will I know when the check has been posted to my account?

After submitting images of the front and back of your check, you will receive onscreen confirmation that Cambridge Savings Bank has received your deposit. You will also have the option to email a confirmation number to yourself. At that time, your check will be processed by a Cambridge Savings Bank staff member. Please see the Cambridge Savings Bank Funds Availability Policy for more information about deposits. Please do not dispose of your check or attempt to process at another institution or through another channel (ATM or in-branch). You should hold onto your check for 91 days and then destroy or shred it.

Is Mobile Deposit secure?

Check deposits made through the Cambridge Savings Bank mobile banking app are protected according to the highest financial industry standards. Security features include: password protection, internet firewalls, and 128-bit encryption. Making a deposit with your smartphone or supported tablet is safe through our online banking system.

What is Mobile Deposit?

Mobile deposit is a way to electronically deposit checks from your iPhone®, iPod touch®, iPad®, or AndroidTM device using the Cambridge Savings Mobile Banking app.

Why am I unable to deposit my check?

There are a few common errors that may cause your check to be rejected:

  • Folded or torn corners
  • Front image is not legible
  • Dollar Amounts do not match
  • Routing and account numbers are unclear
  • No camera on the phone device
  • Image is too dark

It is best to make your mobile deposits in a well lit area to prevent shadows and poor image quality, and keep your hands and fingers out of the image before taking the picture.

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Online Business Banking

Are there any additional security features?

We utilize Enhanced Login Security, or ELS, which strengthens security at login by adding an additional authentication factor beyond the basic login requirements. So, when you login with ELS, our online banking system is not only authenticating your credentials, it is validating that the access is being requested from your computer and browser. Enhanced Login Security is required and is an easy way to further help prevent identity theft and fraud.

Are there minimum or maximum amounts for bill payments?

Bill payments can be made for any amount up to $9,999.99 per item, with a maximum of up to $19,999.99 total payments per day.

Can all of my bills be electronic bills?

Electronic billing is only available from select companies and the list of companies continues to grow.

Can I access Business Online Banking any time?

Yes, you have access to your account information 24 hours a day, 7 days a week.

Can I assign “nicknames” to my business accounts linked to online banking?

Yes, you can name your accounts in a manner that allows you to easily identify them. In fact, this is encouraged since certain applications generate e-mail confirmation messages back to the company and reference the account by the account description or “nickname” assigned.

Can I download my account transactions into my personal finance management software?

Yes, you can download your transactions from within the online banking system to QuickBooks® or Quicken®. You can also create a comma-delimited text file that can be read by most database systems, spreadsheets and word processors.

Can I register more than one computer for ELS?

If you try to login to the online banking system on an additional computer/browser, the system will give you the opportunity to enroll for ELS by presenting you with security questions, displaying two of the five questions you have already set-up. You will need to answer those two questions correctly in order to login. Any computer you intend to use with regularity should be registered in the online banking system. To do this, login to the online banking system and select “Enroll this Computer for Future Use”.

Note: We highly recommend that you do not enroll public computers, such as those found in libraries and internet cafes for ELS.

Can I set-up notifications about Bill Payment services?

Yes, with you can set-up a variety of alerts that serve as notifications or reminders of payments related to a particular payee or online billing. The alert notifications are sent via email. To set-up these alerts, go to the Payee screen. Next to the payee, under Email Notifications, click Change. You will be able to add, edit or delete notifications on this screen.

Can I transfer funds between different banks?

Transferring funds to accounts at other banks can be done by wire transfer or through the ACH service; both are available as optional services requiring Bank approval.

How can I verify that a payment has been made or cancel a payment?

Go to the Payments screen to view, edit or delete a payment. This screen displays the status of all bill payments that are pending or have been sent to the payee. Payments with a status of “pending” may be edited or deleted.

How do I apply for Bill Payment?

You should discuss applying for Bill Payment with a Cambridge Savings Bank representative. They will assist you with the application process.

How do I get started?

To apply, call 888-864-BANK and ask to speak to a Business Relationship Manager.

How do I know if my payee sends electronic bills?

If a payee can provide electronic billing, you will be prompted by the online business banking system with a “Set up e-Bills” or “Set up online bills” screen. Just fill in the requested information and click “Continue” to start receiving electronic billing from that payee.

How do I pay electronic bills?

You can pay one or more electronic bills from several places within the online business banking system. Unpaid bills appear in the Incoming Bills area on the Payments Overview page. Recurring payments to an electronic biller can be found in the Pending Payments section of this page. At any point, you can opt to View Bill. After viewing a bill, you can select Pay Bill to provide payment instructions. Or, you can select File Bill to merely have the bill stored.

How do users access the online business banking system?

The system is accessible through our web site, www.cambridgesavings.com. The Primary Administrator has full access and authority for the assigned accounts and is able to add and delete users at any time.

Each company has a unique Company ID and secret Company Password. In addition, each user will have a unique User ID and secret User Password. Both are needed to access accounts through online banking.

How does Enhanced Login Security work?

The online banking system will prompt you to choose five security questions and enter answers for each. You will then be asked to add extra security to your computer.

To avoid the need to answer your security questions at subsequent logins, please click the checkbox on the Enhanced Login Security screen that says ‘Enroll this Computer for Future Use.’

How frequently is my Cambridge Savings Bank information updated?

Typically, your account’s balance is current. But, if an asterisk appears next to a balance, it is as of the last business day.

How long does it take for a payment to reach the payee?

An electronic bill takes approximately 3 business days to reach the payee; a paper check will take up to 5 business days to reach the payee. Your payee list will display what payment form (check or electronic) the payee accepts.

How long does it take to set up a new payee in the Bill Payment system?

It just takes a few minutes. Once you have entered a new payee, you may enter a payment to your new payee immediately.

How much history is available in Business Online Banking?

Your Balance information, Account History transaction information, and your Bill Payment history are stored up to 12 months.

Is the online business banking system secure?

At Cambridge Savings Bank, we have taken every precaution necessary to be sure your account information, transactions and emails within the system are transmitted safely and securely. The latest methods in internet banking system security are used to increase and monitor the integrity and security of the system. Our system supports 128-bit data encryption which is the highest level available commercially. You will need a browser that supports this level of encryption.

What capabilities are provided with the wire transfer service?

The online banking system simplifies the process of sending wire transfers. Authorized users can set up electronic wire transfer requests within the system to wire funds up to the approved dollar limit.

What features and services are available through the ACH2 system?

ACH services provide an automated and electronic means to send and receive payments. Direct Deposit allows you to process transactions such as employee payroll, dividend payments, expense reimbursements and trust disbursements. Direct Payment allows you to collect payments such as rents, leases, membership dues and utility bills.

What happens if I make a bill payment and there are insufficient funds in my account?

If a “non-sufficient funds” (NSF) condition exists, the payment will be returned via banking channels. You may also be charged a fee (please refer to the current Fee Schedule).

If a payment is returned, your bill payment account will be “blocked,” preventing any scheduled or recurring bill payments until the NSF condition is resolved. In the event that your account is “blocked,” please contact us to resolve it. If you make a deposit so your account balance is positive, the bill payment service will not work until you have contacted us.

What is “EFTPS” and what payments can be made through this service?

The Electronic Federal Tax Payment System is an internet based system allowing businesses to make Federal tax payments electronically. To use this system, you must submit an enrollment form to the IRS.

What is electronic billing?

Electronic billing is a digital version of your paper bills that you can receive through the online business banking bill payment service. Electronic bills come directly from your biller. You can view balances, transactions and other statement information on your electronic bill, and then pay your bill online with the online business banking system.

What services are available through online business banking?

You can view detailed deposit and loan account information, transfer1 funds between designated Cambridge Savings’ deposit accounts, place stop payments on checks, initiate balance alerts, set up automated transfers1 between Cambridge Savings’ checking and savings accounts based on designated balance levels, view images of cleared checks and order checks. Optional services include viewing and paying your bills online, making wire transfers, initiating Automated Clearing House2 (ACH) transactions, and making tax payments through the Electronic Federal Tax Payment System (EFTPS). Online banking also allows you to create customized reports to assist you with tracking and monitoring account activity.

1 Transfers from a money market account to another account or to third parties by preauthorized, automatic, telephone/facsimile, or computerized transfer are limited to six per statement cycle with no more than three by check, draft, point-of-sale, debit card, or similar order to third parties. For statement savings accounts, the limit is six transfers per monthly statement cycle.

2 Subject to approval.

What type of accounts can I access through online banking?

You can link any business checking, statement savings, money market, CD and most business loans and lines of credit accounts. For loan accounts, you can view information but transaction capabilities are not available at this time.

Which versions of personal finance management software are supported?

PFM software versions are always changing and being updated. The Cambridge Savings Bank online business banking system can be used with the most recent versions of QuickBooks® and Quicken®, plus the previous two releases. We support both Windows and Macintosh PFM applications.

Who do I contact if there is a problem with my payment?

Please contact our Customer Service Center at 888-418-5626 with the payee name and confirmation number of the payment that can be found on the Reports screen.

Who will be able to access the company’s accounts?

A company official with account signing authority will designate their company’s primary administrator for the online banking system. This individual will have total access to the system, and will have the ability to set up other users. For security purposes, each additional user can have full or limited access and authority based on the user’s responsibilities.

Careers: Application Process

How do I apply for a job at Cambridge Savings Bank?

You can create your personal profile and submit your resume to Cambridge Savings Bank by clicking the title of the position you are interested in.

How do I know my resume was submitted?

You will receive an automated email confirming submission of your resume into the database.

What happens to my resume once it goes into the system?

The resume is reviewed by an HR representative.

Will I be contacted directly by Cambridge Savings Bank?

Yes, if your skill set matches the job requirements, a member of the Human Resources department will contact you to schedule an interview.