Savings 

 

All Savings accounts include the following 

 

 

R-Banking Savings Club 

 

R. Banking Friends is a great way to begin educating your children about handling money in a real and rewarding way.  This account can be opened for any child under the age of 13 with a social security number.  

   ** Account must be opened with an adult as a joint signer 

 

 

Teen Savings Club 

 

This account is designed to help teens develop an education on their finances and save money for college! This account can be opened for any person from the ages of 13 to 20 (must have continued education after the age of 18)  

  **Account must be opened with an adult as a joint signer 

 

 

Statement Savings 

 

This hassle free account keeps you current on your savings with a free monthly statement and a convenient easy to use savings register. 

 

 

E-Savings 

 

Are you that kind of person who has no time…why not give our e savings account a try?  This account is our hassle free exclusive online account.  This account must be opened online and you must currently hold a checking, money market, or savings account with us.  Interest on an E-Savings account is paid on a tiered rate. 

Features include: 

 

 

Christmas Clubs 

 

Deduce your stress during the holidays and open a Christmas Club account.  You may choose from either a coupon book or automatic transfer from an existing HSB account.   

  **Debit cards and online bill pay not available for this account 

  **Withdrawal not allowed on account without penalty until annual payout is issued by the bank in October 

 

 

FEES MAY REDUCE EARNINGS 

INTEREST RATES ARE VARIABLE AND MAY CHANGE AT ANY TIME 

 

 

Certificate of Deposit or CD 

 

A CD is a savings instrument with short term and long term options available.  Interest rates are established by market demand and competition, it is a type of savings account. 

 

CLICK HERE FOR RATES 

 

 

Individual Retirement Account  or IRA 

 

Individual retirement accounts (IRAs) are self-directed investment accounts that provide the incentive of tax-deferred (in the case of traditional IRAs) or tax-free (in the case of Roth IRAs) earnings on assets in the account. 

 

The Harvard State offers a variety of IRA plans to help you build up your retirement nest egg. 

We encourage you to discuss your retirement plans with your investment broker/tax advisor. After deciding which product is best for you, please contact any of our Personal Bankers for further information. 

 

 

Traditional IRA  

 

This form of IRA allows you to contribute a certain dollar amount each year of your earned income for retirement purposes. The benefit of investing in a traditional IRA include: tax-deferred earnings, and for many people, tax deductibility. This account also accepts rollover deposits from either another IRA or from a qualified plan distribution. 

 

 

Roth IRA  

 

A Roth IRA allows only non-deductible contributions, but features federal income tax-free withdrawals for certain distribution reasons after a five-year holding period. To be eligible you must have compensation and your modified adjusted gross income cannot exceed certain limits.  

 

 

Education Savings Account 

 

Formerly known as education IRA’s this is a non-deductible account that features tax-free withdrawals for a very specific purpose – a child’s education expenses. Up to $2,000 per year may be contributed by any individual per child benefited. 

 

Health Savings Account 

 

Info yet to be added…..