Retirement planning is important! Our Savings Counselors will be glad to talk to you about the retirement programs available at Security Savings Bank.
Retirement plan investments can be placed in fixed rate Certificates of Deposit with the following terms and conditions:
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. 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.
View more information about FDIC insurance coverage.
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.