CD's | IRA's | HSA's


Certificate of Deposit (CD)

  • $500.00 minimum opening deposit required
  • Time deposits with terms from 7 days to 5 years
  • Tiered interest rates available based on total deposits or balances over $10,000, $25,000, and $50,000
  • Interest compounded quarterly
  • Penalty imposed for early withdrawal

 


Individual Retirement Account (IRA)

  • Traditional IRA
  • Roth IRA
  • Simple IRA
  • SEP (Simplified Employee Pension Plans)
  • Profit Sharing Plans

 

Choose Your Retirement Option:

VARIABLE

  • Funds are invested in a Personal Savings account
  • Interest compounds daily and is credited monthly
  • Deposits can be added at any time
  • The rate is variable and is subject to change daily

FIXED

  • Funds are invested in a Certificate of Deposit (CD)
  • Rate is determined at account opening and is fixed for the initial term of the CD. The rate may change upon maturity.
  • Interest is compounded and credited quarterly

 

The maximum annual contribution amount for account holders under the age of 50 to a Traditional and/or Roth IRA:

Tax Year      Amount
   2015         $5,500.00
   2016         $5,500.00

 

The maximum annual contribution amount for account holders age 50 and over to a Traditional and/or Roth IRA:

Tax Year      Amount
   2015         $6,500.00
   2016         $6,500.00

 


Health Savings Account (HSA)

A Health Savings Account (HSA) is a tax-exempt trust or custodial account, established exclusively for the purpose of paying qualified medical expenses for the account beneficiary, who is covered under a high-deductible health plan.

 

Health Savings Accounts work like a regular checking account and you can use a check or debit card to pay for qualified medical expenses. The funds in the account continue to grow tax-free, year after year.*

  • Competitive interest rates
  • Local service
  • Free HSA debit card
  • Check writing (first box free)
  • Monthly statements
  • Year-end reporting for tax purposes

 

High Deductible Health Plans:

Single Coverage

2016 minimum annual deductible: $1,300.00

2016 maximum annual out-of-pocket expenses: $6,550.00

2016 maximum contributions: $3,350.00

 

2017 minimum annual deductible: $1,300.00

2017 maximum annual out-of-pocket expenses: $6,550.00

2017 maximum contributions: $3,400.00

 

Family Coverage

2016 minimum annual deductible: $2,600.00

2016 maximum annual out-of-pocket expenses: $13,100.00

2016 maximum contributions: $6,750.00

 

2017 minimum annual deductible: $2,600.00

2017 maximum annual out-of-pocket expenses: $13,100.00

2017 maximum contributions: $6,750.00

 

HSA Catch-Up Contributions

2016 Age 55 and older: $1,000.00

2017 Age 55 and older: $1,000.00

 


 

Try our Investment Goal Calculator to learn how to reach your financial goals!

 


*There are limits to how much money can be contributed to a Health Savings Account.