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.
Health Savings Account
FIGURES ARE FOR 2006
Health Savings Accounts are savings plans for individuals and
families that are covered by high deductible health insurance plans (HDHP).
Health Savings Accounts, better know 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.
WHAT IS A HIGH DEDUCTIBLE HEALTH
INSURANCE PLAN FOR 2006?
Single Coverage - The annual
deductible of at least $1050 and an expense cap of $5,250.
Family Coverage - The annual deductible of at least $2,100 and an expense cap of
$10,500.
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 2006?
Single Coverage - Lesser of annual plan deductible, or
$2,700.
Family Coverage - Lesser of annual plan deductible, or $5,450.
If the individual has attained the
age of 55 by December 31, 2006, an additional contribution of $700,
known as a Catch-Up Contribution may be made.
To learn more about how to take advantage of a Health Savings
Account, please call Jayme at Ext. 1302 for
more details.
READ THE HEALTH SAVINGS ACCOUNT BROCHURE
Kids' Kool Klub Account
The Kids' Kool Klub
Savings is an account for children 12 and under. It’s a great way to educate
your children
about the benefits of saving. Accounts may be opened
for as little as $10. Kool Klub members receive an official Kool Klub T-shirt
and earn stickers and prizes for each deposit made to the account. 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. Of course Kool, the Banker Buck,
and his friend, Miss Penny, are delighted to be
your host at many of the activities.
Goal Setter Certificate of Deposit
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. This CD has a 16-month
term, $100 minimum deposit to open, $50 minimum subsequent deposits ($25 with
automatic deduction from checking) and is
automatically renewable
and FDIC insured.
Christmas Club Savings
Our Christmas Club Savings account offers the opportunity to save throughout the
year for those holiday expenses. You may have the amount automatically deducted
from your checking account every week, two weeks or month. Saving through the
year will also help eliminate or reduce the credit card debt normally associated
with the holidays.
Certificates of Deposit
If you are looking for a high rate of interest and safety,
check out our certificates of deposit. Each certificate guarantees you a rate
for a specific period of time to maximize your earnings.
Each certificate
offers:
Individual Retirement Accounts
FIGURES ARE FOR 2006
If you are looking for a savings program to prepare for a
comfortable, financially secure lifestyle, check out Jackson County Bank’s
IRA accounts.
The Traditional IRA allows for a deposit of up to
$4,000 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 $5,000.
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.
The Roth IRA allows
for a deposit of up to $4,000 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 with
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 $5,000.
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 couples 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 your child's or grandchild's
future education costs. 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.
For disclosures, please click here.
