Savings & Investment Accounts
Lorem ipsum dolor sit amet consectetur adipiscing elit. Possimus similique ex rerum adipiscing voluptate. Consequatur atque ut adipiscing id reprehenderit accusamus.
Mollit temporibus esse ea. Et placeat possimus imperdiet est dolore. Ullamco molestias nulla culpa amet in ea quibusdam ut do id.
Personal Savings
A basic savings account that pays interest quarterly.
Additional Information:
- $2.00 withdrawal fee after 6 debits per month
- Complimentary Online Banking
- Complimentary eStatements or Annual Mailed Statement
Christmas Club
Christmas Club Account helps you save money throughout the year. In November, a check is mailed to you including the interest you earned over that period of time.
Additional Information:
- No Early Withdrawals Allowed
Health Savings Account
An HSA allows you to put away money for approved medical expenses.
Additional Information:
- Must have a High Deductible Health Plan to be Eligible
- Complimentary eStatements or Semi-Annual Mailed Statement
- No “Use it or Lose it” Policy; Funds Automatically Roll Over
- Contribution Limits and Parameters set each year by the IRS
Certificate of Deposits (CDs)
This investment allows you to earn higher dividends than with regular savings accounts, while your rate remains unchanged. We offer a variety of terms to suit your savings goals.
Additional Information:
- Great Low-Risk Investments
- Higher Returns than Savings Accounts
- Guaranteed Fixed Rates for Guaranteed Returns
- Early Withdrawal Penalties Apply
Coverdell Education Savings Account (CESA)
It is a tax-advantaged educational savings account established for the benefit of each child (known as a designated beneficiary) up to the age of 18, which allows maximum nondeductible annual contribution of up to $2,000 per child per year.
Additional Information:
- The earnings on the contributions accumulate tax-free if used for a qualified educational expense for any level of education.
- There is no minimum age for a contributor to open or contribute to a CESA and no earned income in required.
Individual Retirement Accounts (IRA)
There are Two Kinds of IRA’s to choose from, each with Distinct Tax Advantages. These Interest Earning Accounts were Created so You can have Money Saved for Your Future.
Additional Information:
- No Setup Fees
- Additional $1,000 “catch-up” Contribution Allowed for Ages 50+
- Tax-Advantaged Retirement Savings (IRAs are FDIC insured separately from your other accounts.)
- Traditional, Roth and Education IRA options
- Funds can be Deposited into our IRA Variable Account & IRA Certificates of Deposits (CDs)
Traditional IRA
These Interest Earning Accounts were Created so You can have Money Saved for Your Future.
Additional Information:
- Anyone with earned income or files income tax jointly with a spouse who has earned income and is under 70 ½ can contribute
- Contributions may be tax deductible1
- Earnings are tax deferred until withdrawal
- Penalty free withdrawals can begin at age 59 ½
- Mandatory withdrawals at age 72
1 Subject to conditions. Consult a tax advisor.
ROTH IRA
These Interest Earning Accounts were Created so You can have Money Saved for Your Future.
Additional Information:
- Anyone with earned income or files income tax jointly with a spouse who has earned income and is within certain income limits can contribute.
- Earnings are tax deferred1
- Qualifying withdrawals are tax free1
- Contributions can be withdrawn without tax or tax penalty
- No mandatory distribution
1 Subject to conditions. Consult a tax advisor.
Simplified Employee Pension Plan (SEP)
A retirement account designed for small businesses or a self-employed person to set up a retirement plan for themselves and all employees who meet the qualifications. The employer makes tax-deductible contributions directly into the IRA of all eligible employees.
Additional Information:
- Larger amount can be contributed to a SEP than to a Traditional or Roth IRA
- Tax Deduction to Employer for all Contributions
- The Employer may choose to contribute nothing for himself or his employees in any given year.