Regular Savings Account
- $50 minimum opening balance.
- Interest paid on all balances.
- Withdrawals limited to 6 per month. Additional withdrawals are $2.00 each.
- If the average account balance falls below $100 in a month, a $2 fee will be assessed.
Young Savers Account
- Young savers under age 18 are eligible to open this account with a parent/grandparent/guardian as co-owner.
- $25 minimum opening balance.
- Interest paid on all balances.
- Withdrawals limited to 6 per month. Additional withdrawals are $2.00 each.
- No minimum balance fees.
Health Savings Account
If you have a High Deductible Health Plan, you can pay “out of pocket” expenses from tax-free contributions to a Health Savings Account.
- $50 minimum opening balance
- Interest paid on all balances
- Unlimited checking privileges with no minimum balance requirement
- Complimentary first check order
- Monthly statement
- Annual IRS report filed by the bank
As a result of the 2003 Medicare reform bill, people with High Deductible Health ("Catastrophic Insurance") plans now have the option of establishing a Health Savings Account. Since these plans generally cost less than traditional health insurance plans, money saved on premiums can be invested tax-free in a Health Savings Account and used for current or future qualified medical and retiree health expenses.
Health Savings Accounts provide individuals with High Deductible Health Plans a means to pay for qualified preventive care, alternative care, dental and vision care, non-prescription medications and physical therapy with tax-free contributions. A Health Savings Account may also be used to pay the premiums on tax-qualified long-term care insurance.
Since you control how the money is spent (subject to government approved expenses), Nodaway Valley Bank's Health Savings Account plan combines a savings account with check-writing privileges.
To qualify for a Health Savings Account:
- a High Deductible Health plan must be your only source of insurance coverage.
- this plan must have a minimum deductible of $1,050 (self-only coverage), or $2,100 (family coverage).
- Your annual out of pocket premiums cannot exceed $5,250 (self) and $10,500 (family).
Health Savings Account contributions may be made by you or your employer. Annual contributions cannot exceed the deductible for the related High Deductible Health Plan, although people who are 55-65 years of age may make additional "catch-up" contributions, subject to annual caps, until they enroll in Medicare.
Health Savings Account funds may be withdrawn and used for any purpose after age 65, however, any funds withdrawn and used for purposes other than non-medical expense will be subject to income tax.
As a qualified custodian, Nodaway Valley Bank takes responsibility for reporting to the Internal Revenue Service all contributions, distributions and the value of the account at year-end. For additional information, please see a Customer Service Representative.
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