1st National Bank of Muscatine









 

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Checking & Savings

We design our checking accounts differently so that you may choose one that best fits your banking style and personality.  But look no further if you are interested in free checking that pays interest.  We even have a "green account" designed to alleviate the stress on the environment.  

 

Checking Accounts

  • E-NOW Checking

This account is designed to reward you handsomely for reducing your carbon footprint.  You receive free online bill payment, no annual fee VISA check card, and e-statements.  Click here for more information or call us at 563.263.4221. 

  • Free Checking with Interest

Just as the name states - a free checking account that pays you interest.  Easy & Beneficial!  Click here for more information or call us at 563.263.4221. 

  • Free Checking

Simple.  Period.   It's easy to establish with a minimum opening deposit of $50.  There is no minimum balance requirement, no monthly maintenance fees, and no per check fees to further increase your savings.  Click here for more information or call us at 563.263.4221. 

Order Checks

 

You can reorder your personal checks, check your order status, and view a catalog of available check styles without ever stopping in the Bank, just click here. (Please note you will be leaving our site.)

 

FDIC Insurance Coverage

Click here for additional information on  FDIC Insurance Coverage.

Saving Accounts

  • Personal Savings Account

A simple way to save and earn.  And, for minors, there's no minimum deposit requirements; no minimum daily balance requirements; and no monthly maintenance fees.  Click here for more information or call us at 563.263.4221.  

  • Youth Savings Account

A fun way to learn about saving.  Every time a child makes a deposit of $5 or more to their savings account they get to choose a free gift!  Click here for more information or call us at 563.263.4221. 

  • Christmas Club

Quit worrying about the holidays!  You can open an account for as little as $10 a month.  For more information, call us at 563.263.4221.

  • Certificate of Deposit (CD)

Choices, choices, choices.  You pick form our awesome rates and terms!  Check out our rates.  Or, click here  for more information or call us at 563.263.4221.

  • Individual Retirement Accounts (IRA) 

This  simple, long-term savings plan allows you to save for retirement with the advantage of tax deferral until you reach the age of

59 1/2.  If you receive compensation, you may qualify to save for your retirement now with a minimal starting deposit of $100.  Please contact Personal Banking to learn more!  We also encourage you to consult with your tax advisor.

 

  • Roth IRA

This is a tax-preferred savings and investment account.  Although there is no tax deduction up front for the contribution, you may never be taxed on the earnings from your Roth IRA if you meet the required distribution rules.   Please contact Personal Banking to find out your contribution limits.  We also encourage you to consult with your tax advisor. 

  • Education IRA

Save for future education expenses with the Education IRA, a tax-preferred savings and investment account. You may make contributions for any family member's higher education and if the requirements are met, you will never be taxed on the earnings realized by the Education IRA.  Please contact Personal Banking to learn more!  We also encourage you to consult with your tax advisor.

  • Health Savings Account (HSA)  

An HSA is a tax-exempt trust or custodial account established for the purpose of paying medical expenses in conjunction with a high-deductible health care plan.

 

What is the HSA's Purpose?  The HSA purpose is to create tax incentives so persons will save for future health and retirement needs.  The HSA is used to accumulate funds to pay health care expenses on a tax-preferred basis. 

 

However, the HSA will also be used to accumulate wealth on a tax-preferred basis. This will happen when the contributed funds and the earnings are not spent on health expenses.  HSAs will give employees more control over where their health care dollars are spent. 

 

What Requirements must be met to be a HSA?  There must be a written plan agreement which creates a trust or custodial account.  The purpose of the trust is to pay qualified medical expenses.  The trust must be created or organized in the U.S. The HSA plan agreement must meet the following requirements:

  • The trustee or custodian must be a Bank, insurance company or a non bank trustee as defined for IRA purposes.

  • No part of the HSA assets may be invested in life insurance contracts.

  • The HSA assets cannot be commingled with other assets unless pursuant to a common trust fund or common investment fund.

  • The account beneficiaries interest in the HSA is non-forfeitable.

  •  The HSA assets may not be used to purchase health insurance.  However, there are certain exceptions.

  • The contributions must be in the form of cash unless a certain rollover contribution is made.  It will be permissible to roll over funds into an HSA from another HSA or an MSA.

  • The contributions for a given calendar year cannot exceed established limits. 

Who is Eligible to Establish an HSA?  An " eligible individual " can establish an HSA.  An "eligible individual " is any individual who:

  •  Is covered under a high-deductible health plan (HDHP) on the 1st day of such month;

  •  Is not also covered by any other health plan that is not an HDHP (with certain exceptions for plans providing certain limited     types of coverage).

  •  Is not enrolled in Medicare.

  •  May not be claimed as a dependent on another person's tax return.

Please contact Personal Banking to learn more about an HSA!  We also encourage you to consult with your tax advisor.

 

300 E. 2nd St. | Muscatine, IA 52761 | ph 563-263-4221 | fax 563-262-4213

© 2009 First National Bank of Muscatine. All rights reserved.