Individual Retirement & Health Savings Accounts
Farmers Bank offers several types of Individual Retirement Accounts (IRA’s) to help you prepare for retirement. IRA’s are a great way to save for your future and gain tax benefits today. Consult your tax advisor for the option(s) that best fit your needs.
All of our IRA products are offered as Certificates of Deposit with terms ranging from 3 months to 5 years.
Health Savings Account
Health Savings Accounts (HSA’s) are accounts established exclusively for the purpose of paying qualified medical expenses for the account beneficiary, spouse and children covered under a high-deductible health plan. Open a Farmers Bank HSA for you and your family or help set one up for your employees.
Contributions can be made to HSA’s by individuals or employers up to the annual limit. These contributions may be deducted for tax purposes. Funds in HSA’s are not required to be used each year. The plan will earn interest and continue to grow even when you have no medical expenses to pay.
Opening HSA’s can be a smart business decision that benefits both your company and your employees. Enhance employee health benefits while controlling health care costs. Paired with a qualified high-deductible health care plan, an HSA helps make the most of your healthcare dollars. With an HSA, you can receive tax benefits for you and your employees.
- No setup fees
- Free checks and/or VISA debit card
- No minimum balance to maintain or monthly service charges
Contact your health insurance provider to see if you qualify for a Health Savings Account.