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Savings
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Open
an account today!
Learn more about your
deposit insurance.
Regular Savings Account
$5 to maintain membership and earn monthly dividend.
Reg D Limitations:
For Regular Savings Accounts on which transfer limitations apply,
no more than six (6) pre-authorized, automatic, or telephone transfers
may be made from these accounts to another account of yours or
to a third party in any month, and not more than three (3) of
these six (6) transfers may be made by check, draft, or debit
card to a third party. If you exceed these limitations, your account
may be closed.
See our
dividend rates.
Special Reserve Savings Account
No minimum balance requirements.
Reg D Limitations: For Special Reserve Savings Accounts on which transfer limitations apply,
no more than six (6) pre-authorized, automatic, or telephone transfers
may be made from these accounts to another account of yours or
to a third party in any month, and not more than three (3) of
these six (6) transfers may be made by check, draft, or debit
card to a third party. If you exceed these limitations, your account
may be closed.
See our
dividend rates.
Holiday Savers Club
The Holiday
Savers Club may be the perfect way for you to save for holiday
expenses. Through payroll deduction or other regular deposits, you
can save systematically and painlessly. We'll transfer the money
to your regular savings account on November 1st, allowing you plenty
of time to shop for gifts or plan a winter vacation.
- No minimum balance requirement
- No monthly service charge
- Dividends compounded and paid monthly
You're likely to leave your money in there all year because there
is a $10 penalty for each early withdrawal, and while it's not hefty, it's a good deterrent.
Join the Holiday Savers Club today.
Reg D Limitations: For Holiday Savers Club Accounts on which transfer limitations apply,
no more than six (6) pre-authorized, automatic, or telephone transfers
may be made from these accounts to another account of yours or
to a third party in any month, and not more than three (3) of
these six (6) transfers may be made by check, draft, or debit
card to a third party. If you exceed these limitations, your account
may be closed.
See our
dividend rates.
Health Savings Account
Health Savings Accounts are tax advantaged medical savings accounts
that you own. The funds that you contribute to an HSA are
contributed on a pre-tax basis; that is they are not subject to
federal taxes when you deposit them.
Beginning January
1, 2011, the following are significant changes affecting Health
Savings Accounts under the Health Care Reform
·
Only
insulin and prescribed drugs will be considered reimbursable in your
HSA. Over-the-counter medications such as aspirin and other more
basic medical items will no longer be considered qualified expenses
for Health Savings Accounts.
·
As
of 2011 non-qualified distributions from your Health Savings Account
will have a penalty tax change from 10% to 20%.
In
general:
- Health
Savings Accounts are not limited to the amount of the deductible
on high-deductible health plans (HDHPs).
- Participants
must be eligible on the first day of each month they are in the
plan.
- For
2011,
the IRS contribution
limits to a HSA plan are $3,050 for a single
individual and $6,150 for a family.
(Limits are subject to change. For the latest information, please
go to IRS.gov.)
- For
2012, the IRS contribution limits to a HSA plan
are $3100 for a single
individual and $6,250 for a family.
(Limits are subject to change. For the latest information, please
go to IRS.gov.)
- HSA
contributions are tax-free and earnings/interest on these
accounts is tax-deferred.
- If
an individual account holder or the owner of a family HSA is age
55 or over, an additional "catch-up" contribution of $1,000
is also allowed.
- The HSA balance rolls over from year to year if
not used.
River
City
Federal Credit Union Program:
- No
fees associated with HSA transactions.
- No
monthly service charge.
- Members
can open as a share savings account, a share draft (checking)
account, or a share certificate.
- The
interest rate for the savings or checking HSA is the same as
River City Federal Credit Union's Insured Money Market Account.
- Signature
based debit cards are offered for this type of account.
- Checks
are offered for HSA checking accounts.
- Member is responsible for determining the
eligibility of charges, not the credit union.
A health care plan combining cost savings with
flexibility.
A Health Savings Account (HSA) gives you more flexibility and
control your health care costs. That's because it empowers you to
make your own health care decisions.
Use pre-tax dollars to pay for future medical expenses.
You will be able to deduct your contributions to your HSA, and the
account earnings will accumulate on a tax-deferred basis. Best of
all distributions from your HSA are tax-free if they are used for
qualified medical expenses.
Opening your HSA.
To open an HSA, you must select a high-deductable health plan. The
major advantage of a high-deductible is lower premiums.
Contributions and plan deductible limits change frequently so
consult your tax professional regarding your individual
circumstances.
Account balance is carried over.
Unlike contributions to a flexible spending account, the balance
of your HSA at the end of the year is carried over to the next
year. So you're not placed in a position of having to "use it
or lose it" each year.
Call or stop in today.
We can explain your options, answer any questions you may have and
help you open your Health Savings Account.
Reg D Limitations: For Health Savings Accounts on which transfer limitations apply,
no more than six (6) pre-authorized, automatic, or telephone transfers
may be made from these accounts to another account of yours or
to a third party in any month, and not more than three (3) of
these six (6) transfers may be made by check, draft, or debit
card to a third party. If you exceed these limitations, your account
may be closed.
See our
dividend rates.
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