Retirement & Health Savings
IRA'sRetirement planning is important!Our Savings Counselors will be glad to talk to you about the retirement programs available at Security Savings Bank.
- Traditional IRA (Individual Retirement Account)
- Roth IRA
- SEP IRA
- Qualified Retirement Plan (Keogh)
CD'sRetirement plan investments can be placed in fixed rate Certificates of Deposit with the following terms and conditions:
- Minimum Deposit: $500
- Minimum Addition: $500 (some limitations apply; please ask for details)
- Term: 3 months to 6 years
- Penalty free distributions to participants upon reaching 59 1/2
- No fees
- Automatic renewals (participants will be notified of the date of Maturity of each certificate)
Interest is calculated on a 365/365 day basis, based on the daily balance, and begins accruing on the day of deposit. Interest is paid and compounded quarterly. Click here to see current interest rates.
Early Withdrawal Penalties : Any certificate closed before the maturity date will be subject to an interest penalty. Certificates having terms of 1 year or less will be subject to a penalty of 3 months simple interest. Certificates having terms of greater than 1 year will be subject to a penalty of six months simple interest. This penalty will be charged against the principal (opening) balance plus any additional contributions which were made to the certificate. The early withdrawal penalty will be waived in the event of death or permanent disability of the participant, or if the participant is taking a normal distribution upon attaining age 59 1/2. A trustee-to-trustee transfer or a rollover will not be considered as a normal distribution and will be subject to an early withdrawal penalty, regardless of age.
For information about FDIC insurance coverage click here.
Health Savings Account
The Health Savings Account (HSA) is a tax-exempt account established for the purpose of paying medical expenses in conjunction with a high deductible health plan (HDHP). An individual covered by a high deductible health plan is eligible to contribute to a health savings account, so long as he or she is not covered by any other health plan which is not an HDHP, is not enrolled in Medicare, and cannot be claimed as a dependent on another person’s tax return.
The HSA investment at Security Savings Bank is placed into a checking account, for easy access to the funds for payment of qualified medical expenses.
The HSA offers the following features:
- Monthly statements detailing deposits and withdrawals
- Images of cancelled checks included in monthly statements
- Debit card for purchases
- Interest earnings
- Year-end IRS Form 5498SA for IRS reporting purposes
There is a $25 annual fee for an Individual Health Savings Account. This annual fee is waived when you register for eStatements through OnLine Banking. See more details under OnLine Banking. For current interest rates, click here.