No two people have
exactly the same future plans
or current life circumstances.
So, Jackson County Bank offers a
variety of savings accounts designed to fit each individual’s
financial needs.
Learn more about the
different accounts we offer to help you save and grow your money.
Find out which option works best for you.
One of our Personal Bankers will be more than happy to help
you choose the plan that best lives up to your expectations and
meets your financial needs.
Regular Savings
For first time savers and those who
want convenient access to their savings deposits, our FDIC-insured
Regular Savings Account offers competitive interest rates on lower
account balances. This account is an essential tool to help
establish smart saving habits and to help grow deposits for special
purchases or larger investments.
These accounts will offer you:
-
Low minimum and average balances
-
Easy access through ATM, 24 hour
Telephone Banking and Internet Banking
-
Direct Deposit of payroll or
retirement checks
-
FDIC insured
Money Market
If
you have more to invest, but don't want to tie up your funds in a
term CD — consider a Money Market.
A money market account
allows an individual to invest funds and have the flexibility to
write checks or transfer funds as needed. This account allows six
pre-authorized automatic or telephone transfers per month, of which
three may be checks to a third party, and unlimited in-person
withdrawals. A minimum $1,000 daily balance is required. You will
receive an itemized monthly statement and images of your cancelled
checks may be returned if you so choose.
Christmas Club
Whatever is
included on your holiday wish list, having the money to pay for it
needn't be wishful thinking. By saving regularly in your Jackson
County Bank Christmas Club account, you'll know that the money for
the next year's holiday travel, festivities and presents will be
there -- without worries about post-Christmas bills.
Small amounts
saved regularly add up to a sizeable sum. Just choose the amount
you'd like to save each week and watch it grow in time for the
Holidays.
You may
have the amount automatically deducted from your checking account
every week, two weeks or monthly. Saving through the year will also
help eliminate or reduce the credit card debt normally associated
with the holidays.
Amount
Deposited
Every Two Weeks |
Total
Amount Saved
(Not including the interest earned) |
|
$10 |
$260 |
|
$25 |
$650 |
|
$30 |
$780 |
|
$40 |
$1,040 |
|
$50 |
$1,300 |
|
Minimum to Open |
$10 |
|
Monthly Maintenance
Fee |
FREE |
|
Interest Bearing |
Yes |
|
Withdrawals |
None allowed during
the year. Balance plus interest mailed or
deposited in October
of each year. |
Certificates of Deposit
Jackson County Bank’s
Certificates of Deposit offer you an opportunity to earn a
higher rate of return on a safe and secure product at a fixed
rate. We offer competitive Certificates of Deposit with terms
from one month to 5 years to meet your savings needs. With so
many choices, we’re sure to have a product with a term to meet
your financial needs.
We also offer the convenience of
having the interest you earn deposited directly into your choice
of checking or savings account, sent to you by check, or added
back to the Certificate of Deposit. Interest payout options
include monthly, quarterly, semi-annually or annually.
Withdrawals prior to maturity
may be subject to an early withdrawal penalty.
Goal Setter CD
The Goal Setter Certificate
of Deposit is an alternative for the consumer looking for
the advantages of the regular savings accounts minimum
deposit requirements but with a high rate of return.
This CD has a 16-month term,
$100 minimum deposit to open, is automatically renewable and
FDIC-insured.
Kid’s Kool Klub Savings Account
The Kids' Kool Klub Savings is
an account for children 12 and under. Accounts may be opened for
as little as $10. It’s a great way to educate your children
because it’s never too early to learn the benefits of savings:
Kool Klub Savings account
holders are eligible for all the activities and benefits of the
Kool
Klub, including contests, newsletters and pictures with
Santa and the Easter Bunny. Kool
Klub members receive an official Kool Klub back pack and earn
stickers and prizes for each deposit made to the account. Of
course Kool, the Banker Buck, and his friend, Miss Penny, are
delighted to be your host at many of the activities.
Individual Retirement Account (IRA)
Figures are for 2009
Some
define retirement as the beginning of your second life. More
time for yourself and your loved ones to follow your dreams.
However you see this time in your life, you'll want it to be
financially secure.
With recent legislation creating
increasingly generous tax advantages for retirement accounts,
there's never been a better time than now to invest in your
future with a Jackson County Bank IRA. We offer several products
to help you meet your Retirement and Education Planning goals,
including:
Traditional IRA
A Traditional IRA allows for a
deposit of up to $5,000 for those who qualify and the earnings
are tax-deferred until withdrawn. If you are 50 or older by the
end of the year, an additional $1,000 may be contributed as a
catch up contribution. This would allow for a total contribution
of $6,000. To qualify for a Traditional IRA contribution you
must be under the age of 70 1/2 and have earned income from
employment equal to the amount being contributed.
Roth IRA
A Roth IRA allows for a deposit
of up to $5,000 for those who qualify. The earnings are
tax-deferred, and possibly tax-free, if a Roth IRA in the
individual's name has been opened for a minimum of five years
and the occurrence of one of the following events:
-
age 59 1/2
-
death
-
disability
-
first home purchase
If you are 50 or older by the
end of the year, an additional $1,000 may be contributed as a
catch up contribution. This would allow for a total contribution
of $6,000. The requirement to qualify for a Roth IRA
contribution is that the individual must have earned income
equal to the amount being contributed. Roth IRA contributions
may not be made by individuals with a Modified Adjusted Gross
Income of more than $110,000, or married couples filing jointly
with a Modified Adjusted Gross Income of more than $160,000.
Coverdell
Education Savings Account
A Coverdell Education Savings
account through Jackson County Bank is an investment tool for
the purpose of paying for the future education costs of your
child or grandchild. The plan allows total after-tax
contributions of up to $2,000 per year, per child, until they
reach the age of 18. The contributions you make, plus their
earnings, are tax-free when used to pay for qualified education
expenses.
A qualified education expense is
any expense that is required for enrollment or attendance by
your child at an eligible educational institution including:
elementary, secondary or post-secondary schools. These expenses
include: tuition, fees, books, supplies and equipment.
Health Savings Account
Figures are for 2009
READ THE HEALTH SAVINGS ACCOUNT BROCHURE
Healthcare is the number one
issue affecting many individuals and families across the United
States. Jackson County Bank’s Health Savings Account (HSA) is a
powerful financial planning tool to help you manage your
healthcare expenses.
A Health Savings Account can
offer individuals and families an affordable alternative to the
rising costs of healthcare. Health Savings Accounts are tax
advantaged savings plans for eligible individuals and families
that are covered by high deductible health insurance plans (HDHP).
Health Savings Accounts, better
known as HSAs were created by the Medicare Prescription Drug and
Modernization Act of 2003, and first became available January 1,
2004. These accounts allow for tax-deductible contributions and
possible tax-free distributions of basis and earnings if the
money is used for qualified medical expenses.
If the individual has attained
the age of 55 by December 31, 2009, an additional contribution
of $1,000, known as a Catch-Up Contribution,
may be made.
To learn more about how to take
advantage of a Health Savings Account, please call Joanna at
Ext. 1304 for more details.
FAQs
WHAT IS A HIGH
DEDUCTIBLE HEALTH INSURANCE PLAN FOR 2009?
Single
Coverage - The annual deductible of at least $1,150 and an expense
cap of $5,800.
Family Coverage - The annual deductible of at least $2,300 and an
expense cap of $11,600.
WHAT ARE
ELIGIBILITY REQUIREMENTS FOR HSAs?
Must
be covered under an HDHP.
Must not be covered under any other health plan (limited
exceptions).
Must not be enrolled in Medicare.
Must not be claimed as a dependent on another's tax return.
WHAT ARE THE HSA
CONTRIBUTION LIMITS FOR 2009?
Single
Coverage - $3,000.
Family Coverage - $5,950.
Q. Am I eligible for an HSA?
A. To qualify for an HSA, you must be
covered by a High-Deductible Health Plan (HDHP). You also need to be
at least 18 years old. You are ineligible for an HSA if you are
covered by any health insurance plan other than an HDHP, have
applied for Social Security benefits, receive Medicare benefits or
are claimed as a dependent on another person's tax return.
Q. What is a High-Deductible Health Plan (HDHP)?
A. An HDHP is a type of health insurance that has lower
monthly fees and higher annual deductibles than traditional health
plans (a minimum of $1,150 for self and $2,300 for family coverage).
Choosing an HDHP can reduce the amount you pay in premiums each
year, and increase take-home pay.
Q. How do I get
an HDHP?
A.
Any company that sells health
insurance coverage in your state may offer a high deductible health
plan policy. Contact your employer's human resource department, your
current insurance company, a licensed insurance agent or your state
insurance department
Q. What expenses can I cover with my HSA?
A. Most medical, dental and vision care, as well as
prescription drugs are eligible for tax-free payment from your HSA.
These expenses must be incurred by you, your spouse or dependents.
Alternative treatments, such as acupuncture and chiropractic care,
may also qualify. Examples of ineligible expenses are cosmetic
surgery, weight-loss programs and athletic club memberships.
For a more
complete list of acceptable expenses, see IRS Form 502.
Q. What happens if I use my HSA for ineligible expenses?
A. The withdrawal will be subject to regular income tax (if
you're under 65), as well as roughly 10% in penalty tax
Q. Can I make pre-tax contributions through my employer?
A. If your employer provides a salary reduction plan (also
called a "Section 125" or "cafeteria" plan), you can make
contributions to your HSA on a pre-tax basis. Once you claim this
tax advantage, you can no longer take the "above-the-line" deduction
Q. Does the money
in my HSA earn interest?
A. Yes. We pay competitive interest rates on the account. It
is FDIC-insured and earnings are tax-free when used to pay for
medically eligible expenses.
Q. Does my HSA
roll over each year?
A. Yes. The money in your HSA is always yours to keep, with no "use
it or lose it" rules. Funds are allowed to grow year after year,
with no maximum cap.
Q. What happens to my HSA when I turn 65?
A. You can continue to use the account tax-free for eligible
out-of-pocket expenses. When your Medicare coverage takes effect,
your HSA can take care of Medicare premiums, deductibles and copays.
At this age, you can also use HSA funds for non-medical reasons. The
amount withdrawn will be taxable as income, but is not subject to
penalties.
Q. What happens
to my HSA when I die?
A. If you are married and your spouse is a named beneficiary, s/he
becomes the owner of the account and assumes it as his/her own HSA.
If you are unmarried, your account will cease to be an HSA. It will
pass to beneficiaries or become a part of your estate, and be
subject to applicable taxes.
Q. What if I lose
my HDHP coverage?
A. You can
continue to pay for qualified medical expenses without having to pay
tax or penalties. However, you won't be able to make any more
contributions to the account. There is no time limit on using the
funds. They will remain in your HSA until you need them.
Savings
made Easy
More and more people are taking advantage of Direct Deposits and
Automatic Transfers to help develop good savings habits and
effectively manage their money and use their time more efficiently.
If your company offers Direct Deposit, see your payroll department
for the needed authorization forms. It's that simple. You can Direct Deposit payroll,
Social Security and any other recurring deposits automatically into
your account. You may also set up Automatic
Transfers to distribute your funds between your various accounts
with our Automatic Transfer Form.
If you have questions, please contact one of our personal Bankers.
They will help you set up your Direct Deposit or Automatic Savings
Plan.
