Personal Savings Accounts
We offer several options to help you meet your savings goals. Whether you need a basic savings, retirement solutions, or savings for health needs, we’ve got you covered. Open an account with us and see the difference in quality and customer service from your local community bank!
All Savings Accounts have access to Online Banking, Mobile Banking & Electronic Statements. Opening an account is easy, just stop on by at 1st Security Bank at 401 Main St in Roundup and we will assist you in opening your account.
REGULAR SAVINGS ACCOUNT
Rate Information-Your interest rate and annual percentage yield may change.
Frequency of rate changes-We may change the interest rate on your account at any time.
Determination of rate-At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency-Interest will be compounded every quarter. Interest will be credited to your account every quarter.
Minimum balance to open the account-You deposit $50.00 to open this account.
Minimum balance to avoid imposition of fees-A maintenance fee of $2.50 will be imposed every quarter if the balance in the account falls below $50.00 on the last day of the quarter.
Daily balance computation method-We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits-Interest begins to accrue on the first business day after the banking day you deposit noncash items (for example, checks).
Transaction limitations:
Transfers from a Regular Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month with no transfers by check, draft, debit card or similar order to third parties. You will get a semiannual statement from us for your savings accounts until you first access your account by electronic fund transfer; thereafter, you will receive a monthly statement.
MONEY MARKET ACCOUNT
Rate Information-Your interest rate and annual percentage yield may change.
Frequency of rate changes-We may change the interest rate on your account at any time.
Determination of rate-At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency-Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to avoid imposition of fees- A service charge fee of $6.00 will be imposed each monthly statement cycle if the balance in the account falls below $1,000.00 any day of the monthly statement cycle.
Daily balance computation method-We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits-Interest begins to accrue on the first business day after the banking day you deposit noncash items (for example, checks).
Transaction limitations:
Transfers from a Money Market account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month by check, draft, debit card, or similar order to third parties.
Fees: A per excess item fee of $6.00 will be charged if you exceed the above limitations.
MINOR SAVINGS ACCOUNT
Rate Information-Your interest rate and annual percentage yield may change.
Frequency of rate changes-We may change the interest rate on your account at any time.
Determination of rate-At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency-Interest will be compounded every quarter. Interest will be credited to your account every quarter.
Daily balance computation method-We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits-Interest begins to accrue on the first business day after the banking day you deposit noncash items (for example, checks).
Transaction limitations:
Transfers from a Minor savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month with no transfers by check, draft, debit card, or similar order to third parties.
No minimum balance requirement.
The customer must be 18 years or younger.
No dormant fee applies to this account.
CERTIFICATES OF DEPOSIT (CD)
Looking for another way to save? Investing in Certificates of Deposit (CD) is an excellent way to maximize your return and set specific savings goals. 1st Security Bank offers various terms for CDs and pays a fixed interest rate based on the current market. Call us at (406) 323-1100 for rates.
INDIVIDUAL RETIREMENT ACCOUNTS (IRA)
It’s never too early to start strategically planning for financial security in retirement. 1st Security Bank provides several Individual Retirement Account options to meet your specific financial situation and retirement goals. Take advantage of tax savings while securing your money for your future retirement.
All Individual Retirement Accounts have access to Online Banking, Mobile Banking & Electronic Statements. Opening an account is easy, just stop on by at 1st Security Bank at 401 Main St in Roundup and we will assist you in opening your account.
TRADTIONAL IRA
A Traditional Individual Retirement Account (IRA) is a government approved, tax-deferred savings** program that enables you to set aside a portion of your income each year for the purpose of investing in your own retirement.
**Consult your tax advisor. There is a substantial penalty for early withdrawal. Interest rates are subject to change.
ROTH IRA
A Roth Individual Retirement Account (IRA) is a nondeductible account that features tax-free** withdrawals at the required age and for certain distribution reasons after a five-year holding period.
**Consult your tax advisor. There is a substantial penalty for early withdrawal. Interest rates are subject to change.
COVERDELL IRA
A Coverdell IRA is a nondeductible account that features tax-free** withdrawals for a student’s education expenses.
**Consult your tax advisor. There is a substantial penalty for early withdrawal. Interest rates are subject to change.
SIMPLE IRA
A Savings Incentive Match Plan for Employees (SIMPLE) IRA allows you to offer a salary deferral plan without the cost or administrative responsibilities associated with traditional 401(k) plans**.
**Consult your tax advisor. There is a substantial penalty for early withdrawal. Interest rates are subject to change.
SEP IRA
A Simplified Employee Pension (SEP) allows small business owners to make tax-deductible contributions** with a flexible plan that is easy to set up and maintain. A SEP plan may work well if you want a low-cost, easy-to-maintain retirement plan for you and your employees.
**Consult your tax advisor. There is a substantial penalty for early withdrawal. Interest rates are subject to change.
HEALTH SAVINGS ACCOUNTS (HSA)
A Health Savings Account (HSA) is designed for people with High Deductible Health Plans. It’s a complement to traditional health insurance, enabling you to pay for current health expenses and save for future medical expenses on a tax-free basis**. Unlike a flex plan with its “use it or lose it” rule, your HSA money rolls over from one year to the next. Best of all, you own and control the money in your HSA. All decisions on how to spend* and/or invest the money in your account are made by you.
Because unused balances in your account roll over from year to year, your account balance may grow. As your contributions and gains increase, you can make tax-free withdrawals** for qualified health care expenses at any time. This is particularly important later in life when your health care costs may be greater. Best of all, even if you never use the money for medical expenses, it stays in your account and can be withdrawn for any purpose after age 65. At that time, you’ll pay only income tax on the monies you withdraw for non-health related expenditures.
For any questions on whether you qualify for a Health Savings Account, stop in at 401 Main St. Roundup, MT or give us a call at (406) 323-1100.
*HSA’s are eligible for a special debit card that is only linked to HSA account
**Qualified HSA contributions are tax deductible, and qualified distributions are tax free. Refer to IRS Publication 502 for a list of tax-free (qualified) medical distributions.
MONTANA MEDICAL SAVINGS ACCOUNT (MSA)
A Montana Medical Care Savings Account (MSA) allows Montanans to save money for medical expenses and long-term health care while reducing their state income taxes**. An MSA must be separate from other accounts and only the account holder can have access to the funds. In other words, spouses must establish separate MSAs.
Much like a Health Savings Account, the money deposited in a MSA during the year deposited remains in the account and earns interest that is free from Montana income taxation, as long as the funds are used for eligible medical expenses in future years.
For any questions on Montana Medical Savings Accounts, stop in at 401 Main St. Roundup, MT or give us a call at (406) 323-1100
** The money deposited in an MSA is not subject to Montana income taxation while in the account or if used for eligible medical expenses for the account holder.
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