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Savings

Having a Savings or Money Market account is a great way to save for future purchases or just to have for a rainy day.  The First National Bank of Harveyville offers a Passbook Savings or Money Market Account for both personal and business use.

You can find more detailed information about the Passbook and Money Market Accounts by clicking here or you may contact us at the bank.

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Certificates of Deposits

A Certificate of Deposit is one of the safest (FDIC insured) and smartest ways to invest your money. Interest rates are guaranteed for the term of investment; with no loss of principal when the economy takes a down turn. The First National Bank of Harveyville offers a variety of Certificate of Deposit's (CD) terms that may best fit your needs.

  • Our CD terms range from a 91 days CD to 5 years.
  • We offer different options for payment of interest on the Certificates of Deposit options include:

Reinvestment back to the CD
Paid to another account maintained by us
A check issued

  • A penalty may be assessed based on the maturity term of the deposit in the event of early withdrawal before maturity
CD Maturity Term
Early Withdrawal Penalty
91 day thru 12 months
1 month interest
Over 12 months
3 months interest
  • Our CD's automatically renew at current rates for another term unless otherwise notified
  • The First National Bank of Harveyville offers competitive rates for all terms of CD's

For more information concerning Certificates of Deposits, please contact us or visit The First National Bank of Harveyville.

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Individual Retirement Accounts

Individual Retirement Accounts are an excellent way to save for your retirement and it’s NEVER too early to start saving.  We offer Certificates of Deposit as IRA investments, with a variety of choices on terms and rates.  Individual Retirement Accounts (IRA’s) are insured by the FDIC up to $250,000.00, separately from your other accounts that you may have with us. 

We can help you start a new retirement plan or move other IRA’s plans that you own.  You may contact us and we will be happy to assist you in opening an IRA, adding to an existing IRA or changing to a different type of IRA that you already own.

Moving other IRA assets to where you want them while retaining their tax advantages can be accomplished safely and securely by using rollers, direct rollovers and transfers.  You may contact us so we may help you with these options.

We offer:

  • Traditional IRA’s ­­– A Traditional IRA allows earnings to accumulate tax-deferred.  Contributions may be tax-deductible depending on your income and whether you are covered by a retirement plan at work.  Contributions are limited to $4,000 per year or 100% of compensation if less.  Catch up contributions of $1,000 can be made for those over 50 years of age.
  • Roth IRA – A Roth IRA allows only non-deductible contributions but features tax-free withdrawals for certain distribution reasons after a five year holding period.  “Tax-Free” means free from Federal Income Taxes.  Contributions are limited to $4,000 or 100% of compensation if less.  Catch up contributions of $1,000 can be made for those over 50 years of age.

Please contact us or visit us for additional information on IRA accounts.

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United States Savings Bonds

U.S. Savings Bonds are another way to save and to invest in your future.  Buying bonds is one of the easiest ways to invest today.

A small amount of money can have you investing in one of the lowest risk investments there is.  A minimum investment of $25 is all that is required to start saving for your future today.

Every bond is guaranteed by the full faith and credit of the United States.  There are no fees or commissions for ordering bonds.  Interest is exempt from state and local taxes, and you do not have to pay Federal taxes on the earnings until you cash the bond or until it stops earning interest in 30 years.  Bonds can be replaced if your bond is lost, stolen, or destroyed.

The First National Bank of Harveyville accepts applications and payments both Series EE and Series I Savings Bonds.  We in turn order the bond for you from the Federal Reserve Bank, where the bonds are issued and mailed to you.  Bonds are delivered directly to you within 10 to 15 business days.

Please contact us or visit us at the First National Bank of Harveyville to purchase your U.S. Savings Bonds.

You can also purchase U.S. Savings Bonds within our Online Bank Service.

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Education Savings Account

The Coverdell Education Savings Account (CESA) is an investment account for the purposes of paying for a child’s past-secondary education.  A CESA agreement permits annual nondeductible contributions on behalf of a CESA’s designated beneficiary.  Any individual can contribute up to $2,000 to a CESA on behalf of a child each year, up age 18.  These contributions and earnings are tax-free when withdrawn to pay for qualified education expenses.

Please contact us or visit The First National Bank of Harveyville for additional information on a CESA account.

 

Health Savings Accounts

A Health Savings Account (HSA) is an additional investment option for individuals or families with high deductibles on their health insurance plans.  The purpose of this plan is to pay for qualified medical expenses of the owner and his/her family.  HSA’s offer tax deductible contributions and non-taxable distributions for qualified medical expenses if eligible. 

Contributors are limited to $2,700 for individual plans and $5,450 for family plans depending on your high deductible insurance plan.

For more information on HAS’s, please contact us.

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Small Business Retirement Plans

If you are a small business and looking to implement a retirement plan for you and your employees, a Savings Incentive Match Plan for Employers (Simple IRA) may be what you are looking for.

At the heart of a Simple IRA plan are the salary reductions or salary deferral contributions that eligible employees elect to have withheld from their wages.  An eligible employee can defer up to 100% of his/her compensation but not in excess of the annual dollar limit of 10,000.00.  The employer is generally required to contribute to the employee’s Simple IRA at a rate of 3% for each participating employee.

Please contact us or visit us at The First National Bank of Haveyville for more information on Simple IRA’s.


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