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Health Savings Accounts

Personal Banking > Certificates of Deposit/Individual Retirement Accounts/Health Savings Accounts

Certificates of Deposits
 
South Sound Bank has Certificate of Deposit Accounts to meet any investment objective.  A minimum investment of $500 is required.  Statements mailed monthly.  Fees are subject to change.  Some features are:

• Wide range of maturity dates.
• Option of having your interest checks mailed, added back to the certificate, or added to another South Sound Bank account.
• All Certificates of Deposit Accounts are automatically renewable and renew at the rate in effect at the time of maturity.

Individual Retirement Accounts
 
South Sound Bank offers Individual Retirements Accounts.  These accounts are established for retirement purposes and have tax deductions and tax deferrals.  You are eligible if you are a taxpayer under the age of 70 ½ with earned income, or you are a non-working spouse.   Determining your tax qualifications may require a tax or legal professional.
 
 
Health Savings Accounts
 
South Sound Bank offers Health Savings Accounts (HSA).  HSA accounts are consumer directed health coverage accounts paired with high deductible health plans to offer tax- free savings benefits.  They are established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse and your dependents. 
 
Your medical plan must be a high deductible health plan (HDHP) to be eligible.  You cannot be covered under any other health plan that is not a HDHP.  You cannot be enrolled in medicare and cannot be claimed as a dependent on another person’s tax return.
 
There are annual deductible limits as well as maximum out of pocket expenses and contribution limits established for HSA accounts.  Determining the allowable limits may require the guidance of a tax or legal professional. 

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