Savings Account
An up to date way to save your money.
- $25 Minimum Opening Deposit
- No Balance Requirements
- No Service Charge
- Unlimited Transactions
- Quarterly Summary Statements (Unless EFT Activity)
- Quarterly Interest Payments
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Kids Savings
Start your child’s future off right with a Kids Savings Account.
- $5 Minimum Opening Deposit
- No Balance Requirements
- No Service Charge
- Unlimited Transactions
- Quarterly Statements
- Quarterly Interest Payments
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Club Savings
Save for Christmas or an important upcoming event.
- $5 Minimum Opening Deposit
- No Balance Requirements
- No Service Charge
- Unlimited Transactions
- Quarterly Statements (Unless EFT Activity)
- Quarterly Interest Payments
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Money Market
Have access to your money with a better interest rate.
- $100 Minimum Opening Deposit
- $1000 Monthly Average Balance Required to avoid Service Charge of $5
- Monthly Summary Statements
- Earn Interest
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Health Savings
What is an HSA?
A Health Savings Account (HSA) is an account established by an individual to pay for medical expenses, allowing you to do so on a tax-favored basis. Contributions are tax- deductible and eligible distributions are tax-free.
HSAs are offered in conjunction with a high deductible health insurance policy. The high deductible policy provides protection against major medical expenses. The HSA is used to pay for day-to-day qualified medical expenses.
You control the money in your HSA. Money you do not spend can carry forward to future years. You can even use the money penalty-free after age 65 for any purpose you want.
You must meet eligibility requirements to have a Health Savings Account.
- No Minimum Opening Deposit
- No Balance Requirements
- No Service Charge
- Transactions: Must Follow HSA Agreement
- Monthly Summary Statements
- Quarterly Interest Payments on Balances of $1000 or More
- Free Checks
- Debit Card
Financial Advantages of an HSA
- HSA contributions are a direct deduction from your Adjusted Gross Income. You do not have to itemize to receive this benefit. You can pay for day-to-day qualified medical expenses with those pre-tax dollars.
- After age 65, funds can be used for any purpose, penalty-free. However, funds used for non-qualified medical expenses will be subject to income tax.
- The cost of a high deductible plan can be substantially lower than many insurance plans.
- Long term savings - your money earns interest.
- Your account is portable, so it stays with you if you change employers or leave the workforce.
Who is eligible for an HSA?
To be eligible for an HSA, you must:
- Be covered under a high deductible health plan (HDHP) - check with your insurance agent to confirm you have a qualifying plan
- Not be covered by any other plan that is not a high deductible health plan
- Not be enrolled in Medicare
- Not be claimed as a dependent on another person’s tax return
How much can I contribute to an HSA?
The maximum amount you are allowed to contribute changes each year.
Tax Year 2020:
Single Plan $3550
Family Plan $7100
Tax Year 2021:
Single Plan $3600
Family Plan $7200
If you are age 55+, you are allowed a “catch-up” contribution of an additional $1,000 over these amounts.
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