BUSINESS SAVINGS OPTIONS
|Learn More||Minimum Opening Deposit||Average Balance
to Avoid Service Charge
|Service Charge||Withdrawal Limits||No Minimum Balance||Earns Interest|
|Business Savings||More »||n/a||$2,500/quarter||$0 - $4 per
|Business Money Market Account||More »||$5,000||$5,000/month||$0 - $5 per
Business Money Market Account
Certificates of Deposit
CD's offer guaranteed earnings. Your principal stays intact and your interest rate is locked in at the time of your deposit. Certificates are available to individuals, municipalities, businesses, corporations, organizations or trusts. Various terms and low minimum deposit requirements are available.*
Please contact us at any one of our branch locations for more information about our CD's.
*Penalties for early withdrawal apply
Employer Sponsored Retirement
Retirement is a time to look towards, but remembering to plan for it now is not always first on our minds. By supplying your employees with a retirement plan you are giving them a valuable benefit while supplying yourself with a potential tax deduction.
Simplified Employee Pension (SEP):
A SEP IRA is an employer retirement plan functioning as a Traditional IRA. This plan is available to any employer but it cannot coexist with another retirement plan. Plan participants may continue to make nondeductible traditional IRA contributions to this account, while enrolled in this plan. All SEP contributions must be made by the employer.
Contribution allowances to SEP’s vary each year. Consult your tax advisor for current limits.
Savings Incentive Match Plan (SIMPLE):
This plan is for employers with no more than 100 employees who earned at least $5,000 the previous year. Salary deferred contributions must be made by 30 days after the deferral. After two years of the original contribution, the funds may be rolled over or transferred to a Traditional IRA.
Contribution allowances also vary each year for “SIMPLE”. Consult your tax advisor for current limits.
Employer Contributed Health Savings Accounts:
Supplying your employees with health care can be costly, but by combining a High Deductible Health Plan (HDHP)* with an HSA you can minimize your costs and still give your employees this great benefit. Not only does an HSA allow your employee to save for medical expenses, there are also potential tax benefits for both you and your employees.
Contributions to the HSA can be made by the employee or the employer and balances in these accounts roll over from year to year – no worries about losing money if it’s not used by a certain time.
*Consult with your insurance provider to see if your health care plan qualifies.
Our team of investment & planning professionals can help you manage retirement plans for employees and small business owners.
Click here for more information.
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