IRA (Individual Retirement Account)
A tax-sheltered IRA is an investment today for a comfortable and secure tomorrow.
- If you are not an active participant in an employer maintained retirement plan, you may deduct the lesser of 100% of compensation or $5,500.00 ($6,500.00 if over age 50).
- If you are a participant, deductions are based on your adjusted gross income.
- Anyone under 70½ years old who receives wages may establish and make contributions to an IRA.
- Interest earnings on your IRA are tax sheltered until you make withdrawals from the accounts.
- Exchange Bank IRAs are in a time deposit open account.
- Additional deposits earn interest from date deposited and will mature at the same time as the first deposit.
- Rate adjusted monthly.
- Compounded quarterly.
- 18 months maturity, automatic renewal.
- Withdrawal Penalty:
- $0.00 59 ½ or older
- $0.00 If you become disabled
- 6 Months Interest Early withdrawal
For additional information, please contact an Exchange Bank Representative at Perry (580) 336-5531 or Stillwater (405) 742-0202.
Health Savings Accounts
A Health Savings Account is a tax-exempt account established exclusively for the purpose of paying or reimbursing qualified medical expenses to you, your spouse and your dependents.
Am I Eligible for an HSA?
You are eligible for a regular HSA contribution if, with respect to any month, you:
- Are covered under a high-deductible health plan (HDHP)
- Are not also covered by any other health plan that is not an HDHP (with certain exceptions for plans providing preventive care and limited types of permitted insurance and permitted coverage);
- Are not enrolled in Medicare; and
- Cannot be claimed as a dependent on another individual's tax return.