CDs-IRAs-HSA

CDs

A Certificate of Deposit is a safe investment tool that offers great fixed rates by securing your money for a predetermined period of time.  We offer a variety of time periods ranging from 90 days to 5 years!  The interest rate will correspond to the length of time you choose but RSB is proud to offer some of the most competitive rates you will find.  We can apply the interest right back to the CD, deposit it into an alternate RSB account, or just send you a check when interest is due.  Once your CD is setup, withdrawals before maturity are subject to penalty and no further deposits can be made.  Contact your local branch anytime for current rates and further details and requirements.

IRAs

We all need to be prepared for retirement and RSB wants to help.  We offer Individual Retirement Accounts to help meet your savings needs.  An IRA is a savings tool that allows you to build a retirement fund while earning interest that is tax-deferred.  Your contributions may even be tax deductible depending on eligibility.  We offer Traditional IRA’s, Roth IRA’s, as well as SEPS accounts for companies without any type of 401K plan.  Distribution occurs when you reach retirement age and any withdrawal prior is subject to penalty and taxes.  Like our CD’s, we offer great rates to assure your earnings are a strong addition to your retirement fund.  IRA’s are subject to all IRS rules and limitations.  For more details or help getting started, contact your local branch.  More information from the IRS can be found in the link below.

http://www.irs.gov/taxtopics/tc451.html

HSAs

Health Savings Accounts were created to help individuals and families save for current and future qualified medical expenses on a tax-free basis.  HSA’s work great with high deductible insurance plans and anyone is eligible to contribute, regardless of income.  Certain insurance plans as well other medical and non-medical benefit plans can exclude you from eligibility so give us a call or visit your local branch for all the details and regulations.  You can also visit the link below for more information pertaining to HSA’s.

Rate information – Contact Roscoe Bank for current rate information.

Compounding frequency – Interest will be compounded monthly.

Crediting frequency – Interest will be credited into this account monthly.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

Daily balance computation method – Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of interest on noncash deposits – Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.

Deposit limitations – You may make an unlimited number of deposits into your account. 

Additional Terms – The following additional terms apply to this account:  No Paper Checks issued with this account, Debit Cards only.

http://www.treasury.gov/resource-center/faqs/Taxes/Pages/Health-Savings-Accounts.aspx