Focus Your Saving Efforts
Do you have enough money to cover an unexpected medical expense? Are you saving enough for retirement? These are the types of questions that can keep you up at night. However, Oak Bank can provide you with an account that allows you to save for your future. With a retirement account or health savings account, we give you the tools to focus your savings for the future. If you would like to learn more about IRAs and HSAs, please contact our banking team.
Retirement Accounts
It’s never too soon to start saving for your retirement. Oak Bank offers you different options for your retirement accounts. Each of these accounts has different tax implications. We encourage you to contact your tax advisor to determine which IRA is the right choice.
Account Type | What You Need to Know |
|---|---|
Traditional IRA | Supplement another retirement plan Persons are eligible to contribute for the entire year of earned income Earnings grow tax-deferred Annual contributions may be tax-deductible |
Roth IRA | Eligible for people of all ages who meet income criteria Contributions are not tax-deductible Earnings grow tax-free No tax or penalties on qualified withdrawals |
Educational IRA | Save for your child’s education Deposits are tax-free until withdrawn Funds can be used to pay for education-related expenses for elementary, secondary and college education |
Health Savings Account
If you are currently enrolled in a high-deductible healthcare plan (HDHP), through your employer, your spouse, or one that you've purchased on your own, you are eligible to open a Health Savings Account (HSA). With a Health Savings Account (HSA) from Oak Bank, you can bridge the gap before your deductible kicks in and avoid having to compromise your traditional checking or savings account. Here’s what you need to know about Oak Bank HSAs:
- You must be enrolled in an HDHP to be eligible
- Withdrawals from your HSA are tax-free when used on qualified medical expenses
- Contribution limits determined annually by the IRS guidelines
- Funds in your account roll over from year to year
Learn more about HSAs by watching the video below.
