It’s important for your business to save money. We offer you a few different ways to meet your short-term or long-term needs. No matter your situation, we have a savings plan to help you obtain your goals.
We’re here to help. Let us know if you need any assistants in deciding which account is right for you.
Savings is about building for the future & being prepared for something unexpected but you don’t need a fortune to get started!
Earn a higher rate of return on a safe, secure investment.
Whether you’re just starting a career or have been working for a while, the decisions you make today will help shape your future.
If you’re covered by a high deductible health care plan, an HSA allows you to save for healthcare expenses with a nice tax advantage.
Savings is about building for the future but you don’t need a fortune to get started! For interest rates on Savings Accounts go to our Rates page.
Our Certificate of Deposit (CDs) accounts offer an opportunity to earn a higher rate of return on a safe, secure investment. We offer a variety of terms to fit with your savings strategy. Click for Interest Rates and terms on CDs.
It’s never too early to plan for your future by investing today. An Individual Retirement Accounts (IRAs) is a tax-advantaged investment account designed to help you save toward retirement. It allows your money to grow on a tax-deferred or tax-free basis, depending on the type of account. One of the most effective ways to save and invest for the future.
HSAs were established to provide persons covered by a high deductible health plan (HDHP) with a tax-free way to save for current and future healthcare expenses. You may pay for a wide range of IRS-qualified medical expenses with your HSA, including many that aren’t typically covered by health insurance plans. This includes deductibles, co-insurance, prescriptions, dental and vision care, and more. For a complete list of IRS-qualified medical expenses and additional information on HSA accounts visit www.irs.gov
|Self Only Coverage Limits||2022||2023|
|Maximum Annual HSA Contribution||$3,650||$3,850|
|Minimum Annual Deductible for HDHP||$1,400||$1,500|
|Maximum Annual Out of Pocket Expense Limit for HDHP||$7,050||$7,500|
|Family Coverage Limits||2022||2023|
|Maximum Annual HSA Contribution||$7,300||$7,750|
|Minimum Annual Deductible for HDHP||$2,800||$3,000|
|Maximum Annual Out of Pocket Expense Limit for HDHP||$14,100||$15,000|
The HSA catch-up contribution limit for participants who are 55 or older is $1,000. Limits are subject to annual inflation-based adjustments. First National Bank of Steeleville is not responsible for the determination of your allowable HSA contributions or whether you have “qualified medical expenses”. Determining your eligibility to establish an HSA and your allowable contributions and distributions may require the guidance of a tax or legal professional.