IRA / Health Savings Accounts

Important Information:

• Traditional IRAs

• Traditional IRAs: Understanding Required Distributions at 70 1/2

• Roth IRAs

Retirement Accounts (IRAs)

Planning for retirement is the most important step you can take to secure your financial future. Let F&M help you establish the appropriate Traditional, Roth or SEP to secure your golden years, or an Education IRA for your children. Contributions may lower your current tax bill, and you may be able to earn a higher interest rate than with a non-retirement account (consult a qualified financial advisor for tax advice).

• Minimum Opening Deposit – $250
• Interest Earnings – Interest earnings are posted to your account quarterly
• Deposits – Can be made at any time
• Withdrawals – The IRS may impose a penalty for early withdrawals
• Account Statements – Mailed annually

IRA Plus

This unique TIERED IRA lets you start small and work your way up to significant retirement savings. With this flexible account, you make deposits as often as you choose!

• Opening Deposit – $100
• Interest Earnings – Interest earnings are posted to your account quarterly. IRA Plus is a tiered interest rate account that earns higher interest based on higher balances. Interest rates may reprice with the market.
  • $ 0 - $ 2,999
  • $ 3,000 - $ 9,999
  • $ 10,000 - $ 24,999
  • $ 25,000 - $ 49,999
  • $ 50,000 - $ 99,999
  • $100,000 and above
• Click here for current interest rates
• Deposits – Can be made at any time
• Withdrawals – The IRS may impose a penalty for early withdrawals
• Account Statements – Mailed quarterly

Health Savings Account

Health Savings Accounts (HSAs) offer a new way to pay for health care.  To qualify, you must be covered by a high deductible health plan (HDHP).  HSAs let you save for current and future health care expenses on a tax-free basis.  You control the money in your HSA and make decisions on how and when to spend the money.

For more information, Click Here.