Our regular savings accounts have no service charges. By not having any
service charges or setting any minimum balances we feel we are encouraging all types of
savers, the very young as well as the old. Interest is calculated on
your daily balance and added to your account quarterly, and
statements are generated on a monthly or quarterly basis.
You also can arrange to have an automatic savings plan set up for you, where, for example,
you have $50.00 taken from your checking account and deposited to your savings account on
the 15th of each month. You may also have a loan payment taken directly out of your
savings account and applied to your loan.
We feel by offering these services, we allow you to individualize your own financial
needs.
We also have the availability of Direct Deposit to your
savings
account. Direct Deposit of your paycheck, social security, or other benefit checks, means
your funds are automatically deposited into your account.
Direct Deposit of your above-mentioned checks is a safer, more reliable, and less
expensive payment method than a traditional check. With Direct Deposit you need not worry
about lost or stolen checks. Your money will be in your account waiting for you to access
it at your convenience. We offer this service free of charge.
MONEY MARKET SAVINGS
We also offer Money Market Savings
accounts with a Tiered Rate structure to meet your savings
and investment needs. Interest is credited to
each account monthly. Customers will receive a monthly
statement. Unlimited counter and drive-up
transactions. Six telephone or internet transfers per
month. Minimum opening deposit of $5,000.00.
$10.00 monthly service charge for accounts that drop below
$5,000.00. See your personal banker for all the
details!
See Interest rate schedule for
interest rates.
HEALTH SAVINGS ACCOUNTS - HSA
Health care is a major issue facing
many individuals and families today. Health Savings
Accounts (HSA) were created by the Medicare bill and are
designed to help those with High Deductible Health Plans (HDHP)
pay for current and future qualified medical expenses.
The HSA offers individuals many benefits, including the
ability to keep their money and save towards retirement.
HSA accounts can be funded by you, your employer, or both.
To be eligible to open a Health
Savings Account, a person must meet the following criteria:
- Be covered by a high deductible
health plan.
- Have no other medical coverage.
- Not be enrolled in Medicare.
- Not eligible to be claimed as a
dependent on someone else's tax return.
|
High
Deductible Health Plan Requirements |
|
Tax
Year |
HDHP
Coverage |
Minimum
Deductible |
Out-of-Pocket
Expense Limit |
|
|
2009 |
Self -only |
$1,150 |
$5,800 |
|
Family |
$2,300 |
$11,600 |
|
2010 |
Self-only |
$1,200 |
$5,950 |
|
Family |
$2,400 |
$11,900 |
Some great reasons to open a Health
Savings Account:
- Tax savings
- Earned interest
- Reduced insurance premiums
- Long-term savings
The Markesan State Bank offers an
interest bearing HSA Checking Account. With this
account we require a minimum $100.00 deposit upon account
opening. There is a $25.00 setup charge which covers
the cost of checks and documentation.
|
Regular
Contributions |
|
Contribution limit may be reduced by partial-year
eligibility, MSA contributions, and family coverage
rules for married couples. |
|
Tax Year |
HDHP Coverage |
Standard Limit |
Catch-up Amount
(Age 55+) |
Total Contribution Limit
for Ages 55+ |
|
2009 |
|
Self-only |
$3,000 |
|
Family |
$5,950 |
|
Self-only |
$3,050 |
|
Family |
$6,150 |
|
$1,000 |
|
$4,000 |
|
$6,950 |
|
$4,050 |
|
$7,150 |
|
|
2010 |
$1,000 |
|
Contribution Deadline: Income tax return filing
due date, not including extensions |
|
See
IRS Publication 969 for more information on
determining contribution amounts |
To see if you qualify, please stop by
and talk to an HSA specialist in Randolph, Waupun, or the
home office in Markesan
CHRISTMAS CLUB SAVINGS ACCOUNT
We offer a Christmas Club Savings Account. You deposit money into this account in any
amount, whenever you like. Interest is calculated on a daily balance and paid to your
account quarterly. In November you will receive a check for the amount of your Christmas
Club Savings Account in time for your holiday shopping.
SAVE-A-SAURUS-REX SAVINGS ACCOUNT
It is important that saving habits be instilled in our children at an
early age. The SAVE-A-SAURUS-REX savings plan encourages our children to start a savings
program. Deposits of $5.oo or more are rewarded with an opportunity to choose a gift from our gift
box.
The rewards of saving are the same as our regular savings accounts.
See Interest rate schedule for
interest rates.
|
