Savings Plans

 

Regular Savings

Making it easy to save. Open this account with $100 and receive a variable rate of interest calculated on a daily available balance.  Two tier levels available.

  • NO minimum deposit needed to open for minors
  • Interest compounded and credited quarterly.
  • Direct Deposit into account at no charge
  • Set up automatic payments or transfers from account.
  • Rate levels are:
    • Up to $5,000
    • $ 5,000.01 -over
  • Calculate your Savings

 

Bright Future

For parents and others wishing to assure a Bright Future for their children. This account offers an easy way to set aside regular amounts and watch it grow to meet their educational or other goals.

  • Account offers a preferred rate with two rate levels:
    • Up to $5,000
    • $ 5,000.01 or more
  • Can set up regular automatic deposits into the account
  • Low opening deposit of just $25
  • No maintenance fee
  • Custodial ownership
  • Quarterly statement
  • Can easily transfer to your choice of Certificates of Deposit or
    investment products
  • Can remain in account until age 21
  • Calculate your Savings

 

Money Market Plus

For smart investors who want liquidity of their money. Offers market-based interest rates without the concern of a time-deposit and early withdrawal penalties. Open with just $2500.

  • This account has five rate levels. Interest is paid on the daily balance, so as your balance grows so does your rate of earnings

    Rate levels are:

    • Up to $5,000
    • $ 5,000.01 -$ 10,000
    • $10,000.01 – $25,000
    • $25,000.01 – $50,000
    • $50,000.01 +
  • No monthly fee with a $2,500 daily balance or $10 per month if balance falls below $2,500 any day of the month
  • Receive a monthly statement showing activity and interest credited
  • Receive free checks to draw against the account when you choose
  • Calculate your Savings

 

Health Savings Account

The Health Savings Account (HSA) is a tax-free interest bearing account that can be used to pay for medical expenses. To qualify, the individual must have a high-deductible health insurance plan. For 2019, the annual deductible on an individual plan must be at least $1,350 and at least $2,700 for a family plan. The annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) cannot exceed $6,750 for self-only coverage or $13,500 for family coverage. For 2020, the annual deductible on an individual must be $1,400, and at least $2,800 for family and not exceed $6,900 for individuals and $13,800 for families. The annual out-of-pocket expenses for 2020 (deductibles, co-payments, and other amounts, but not premiums) cannot exceed $6,900 for self-only coverage or $13,800 for family coverage.

Benefits:

  • Annual contributions into an interest-bearing checking account are tax-deductible. Contributions can be made all at once or throughout the year
  • Interest is earned tax-free

Features:

  • For 2020, the annual contribution limit for an individual is $3,550 and $7,100 for a family contribution
  • Contributions can be made annually. You have up until April 15th or your tax-filing deadline to contribute for the prior year (Contributions for 2019 can be made up until July 15, 2020)
  • If you’re 55 or older anytime in 2020, you are able to contribute an extra $1,000
  • Write checks to withdraw money for medical expenses throughout the year. Amounts distributed are not taxable provided they are used for medical expenses
  • Or, you can pay your medical expenses out-of-pocket and let the HSA balance accumulate tax-free. There are no withdrawal requirements
  • You select primary and secondary beneficiaries who will receive the HSA in the event of your death
  • A minimum deposit of $100 is required to open the account. If the balance falls below $100, there is a $3 fee for that month

 

 

Bluff View Bank accounts are free with e-statements.  If you choose to receive a paper statement, a monthly service charge may apply to your account.  Contact us for complete details.

FDIC Insurance Information

For information about FDIC insurance coverage of transaction accounts, please visit the FDIC website.