Savings & Investment Products

Ossian State Bank offers a wide variety of savings and investment products, including Statement Savings Accounts, Safe Money Funds, Xtra Money Funds, and Health Savings Accounts.

Business Savings and Investment Products:

Statement Savings

Features:

  • Simple Interest, Posted Monthly
  • Variable Rate, Subject to Change Daily
Requirements  
Initial Deposit $50.00
Minimum Balance $200.00
Maintenance Fee (per month) (If balance falls below $200.00) $2.00
Early Close (If before 90 days) $25.00
Dormant Account (per month) (After 36 months of inactivity) $1.00
*Please refer to Federal Regulation D N/A
Safe Money Fund

Features:

  • Simple Interest, Posted Monthly
  • Variable Rate, Subject to Change Daily
Requirements  
Initial Deposit $1,000.00
Minimum Balance $1,000.00
Minimum Deposit $100.00
Minimum Withdrawal $250.00
Maintenance Fee (per month) (If balance falls below $1,000.00) $12.00
Early Close (If before 90 days) $25.00
Dormant Account (per month) (After 12 months of inactivity) $1.00
*Please refer to Federal Regulation D N/A
Xtra Money Fund

Features:

  • Simple Interest, Posted Monthly
  • Variable Rate, Subject to Change Daily
Requirements  
Initial Deposit $50,000.00
Minimum Balance $50,000.00
Minimum Deposit $1,000.00
Minimum Withdrawal $1,000.00
Maintenance Fee (per month) (If balance falls below $50,000.00) $100.00
Early Close (If before 90 days) $50.00
Dormant Account (per month) (After 12 months of inactivity) $1.00
*Please refer to Federal Regulation D N/A
Certificates of Deposit

Features:

  • Fixed rate for the term of the CD
  • Penalty for early withdrawal
  • No monthly service charge
  • Certificate Interest: Actual days on 365 day year basis. All certificates are simple interest. Interest checks will be issued annually, semi-annually, quarterly, or monthly (with $25,000.00 minimum). Interest may be added semi-annually except on 91 day CD and 182 day CD. Interest can only be added at maturity on these instruments. Interest will be transferred to checking or savings semi-annually, quarterly, or monthly.
  • Call either location for current rates
Health Savings Accounts

Description:

HSAs that pay! That’s what makes the Ossian State Bank Health Savings Account so spectacular! Now individuals can set aside pre-tax dollars to offset the out-of-pocket expenses associated with high deductible health insurance plans. Best of all, while this HSA balance grows, it’s earning interest at a healthy annual percentage rate.*

A Health Savings Account that keeps people and their bank accounts healthy. One more way Ossian State Bank is moving you in the Right Direction.

  • For people who are covered under a high-deductible health plan (HDHP).
  • For people who are not covered under another type of health plan that is not a HDHP.

  • For people who are not entitled to benefits under Medicare (generally, have not attained age 65).

  • For people who may not be claimed as a dependent on another individual’s tax return.
  • Contributions to a HSA are deductible on taxes.

  • Distributions from a HSA are tax free when used for medical expenses.

  • If money in account is not used one year, it can be carried forward to next year (not use or lose account).

  • Checks and/or debit cards are given for use with these accounts. Debit cards can be obtained at no charge although if the customer wants checks there is a fee.

  • At this time there is not a set-up charge or annual fee.

  • There is a $50.00 close-out fee if you transfer your HSA to another institution.

  • Simple interest, posted monthly

  • Variable Rate, subject to change daily

  • Free HSA Debit Card

 

Annual Contribution Limits for 2014

  • Individual - $3,300.00
  • Family - $6,550.00

Annual Contribution Limits for 2013

  • Individual - $3,250.00
  • Family - $6,450.00

 

*Account earns interest at a VARIABLE Annual Percentage Yield (APY) on a quarterly basis. Call us for current rates. To qualify, individual must be enrolled in a high deductible health plan and meet the IRS requirements. You are encouraged to consult with your tax or legal professional.

SEP IRAs

Description:

  • Simplified Employee Pension (SEP)
  • Business retirement plan uses IRAs as investment vehicle
  • Employer responsible for ensuring plan is established and administered in proper manner
  • Allows self-employed individuals and businesses to fully deduct their eligible contributions
  • No age limit
  • Contribution Limits: For 2014, lesser of up to 25% of compensation or $52,000.00; For 2013, lesser of up to 25% of compensation or $51,000.00
  • May establish and contribute as late as tax-filing date plus extensions
  • General rules of IRA apply once SEP contributions have been made to IRA

Please contact your financial advisor for more information.

Federal Regulation D

Description:

For all savings accounts, Federal Regulation D (Reg. D) limits the number of preauthorized transfers to six (6) per statement cycle. These include ACH, Electronic, Automatic and Telephone Transfers. The Safe Money Fund and Xtra Money Fund Accounts are also limited to six (6) per statement cycle.

Regulation D Violation Maintenance Charges (per statement cycle / calendar month):

Requirements  
Statement Savings $10.00
Safe Money Fund $10.00
Xtra Money Fund $50.00