ALL SAVINGS ACCOUNTS INCLUDE THE FOLLOWING:
Free Online Banking
Free Debit Card upon approval and only available for customers with a checking account
Free 24-hour bank by phone (Info-Line)
STATEMENT SAVINGS
This account is an easy way to earn interest on your money while still having immediate access to your funds.
Minimum to Open
$100.00
$25.00 (Under the age of 18)
Service Charge
$5.00 if the balance drops below $100.00 during the quarter.
$5.00 if the balance drops below $25.00 during the quarter for customers under the age of 18.
Transaction Fees
Excessive debit fee of $1.00 for each debit transaction in excess of 18 per quarter.
Rate Information
Click here to view current rates
R-Banking Savings Club (for those who are 12 years and younger)
R. Banking Savings Club is a great way to begin educating your children about handling money in a real and rewarding way. The benefits of this club are:
$2.00 bank contribution to account upon opening
$2.00 coupon sent to minor on their birthday to be deposited to the account
Quarterly newsletter
E-SAVINGS
This account pays competitive interest rates and is designed for the customer who does their withdrawals online or electronically, instead of with a teller. The customer must have an existing checking, money market, or savings account at our bank in order to open this account.
Minimum to Open
$2,500.00
Service Charge
$20.00 if the balance drops below $2,500.00 during the quarter.
Transaction Fees
Excessive debit fee of $2.50 for each debit transaction in excess of 18 per quarter.
$2.50 for each withdrawal performed by a teller.
Rate Information
Click here to view current rates
CHRISTMAS CLUB SAVINGS
The Christmas Club Savings provides customers with a convenient method of savings for the Holiday Season. There are no limits on the amounts of the deposits that you can make into this account.
Minimum to Open
$5.00
Deposit Options
Deposits can be made with a teller
Deposits can be set up as an automatic transfer from a different account with us
Deposits can be made through Direct Deposit from your payroll
Penalties for Early Withdrawal
Withdrawals prior to the maturity will result in the closure of the account and an early withdrawal penalty of $20.00 will apply along with the loss of all accrued interest.
Rate Information
Click here to view current rates
* Debit card not available with Christmas Club Savings
CERTIFICATE OF DEPOSIT OR CD
A Certificate of Deposit or CD is a time deposit. CDs are similar to savings accounts in that they are insured and offer the safety of an FDIC insured investment up to the allowable deposit balances. CD accounts are recommended for customers who do not need to have immediate access to their funds.
Fixed Rate CDs are different from savings accounts in that the CD has a specific, fixed term (ranging from 3 months to 5 years), and a fixed interest rate. It is intended that the CD be held until maturity. In exchange for keeping the money on deposit for the agreed-upon term, CDs usually receive a higher interest rate than a savings account.
INDIVIDUAL RETIREMENT ACCOUNT OR IRA
IRA’s are retirement accounts that are regulated by the IRS. They have restrictions on withdrawals and deposits, maximum annual deposit amounts, and tax benefits depending on the type IRA. IRA’s are available to individuals.
The Harvard State Bank 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 or tax advisor.
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.
HEALTH SAVINGS ACCOUNTS (HSA)
A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents.
You are eligible for a regular HSA contribution if, with respect to any month, you:
Are covered under a high-deductible health plan (HDHP) on the first day of such month;Are not also covered by any other health plan that is not an HDHP (with certain exceptions for plans providing preventive care and limited types of permitted insurance and permitted coverage);Are not enrolled in Medicare; andCannot be claimed as a dependent on another individual’s tax return.
An HDHP (High-Deductible Health Plan) is a plan with an annual deductible and out-of-pocket expenses that cannot be less than certain limits.
Contact one of our IRA/HSA Representatives for further details.
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