Savings & Investment Products

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

All Checking and Savings Accounts are subject to a $25 fee if closed within the first 90 days, with the exception of No Fee Checking.

Personal 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
Christmas Club Accounts

Description:

Ossian State Bank's interest-bearing Christmas Club account is a simple and convenient way to save for the holidays. You decide how much to save, and how often. Ossian State Bank will automatically debit your checking account and transfer to your Christmas Club.

When the holidays come around and you need the extra cash the most, we'll deposit the balance from your Christmas Club to your checking account. Call today and find out more about our Christmas Club Accounts.

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.

Education IRAs

Description:

The Coverdell Education Savings Account is also available. The contribution on this account is $2,000.00 annually. The assets may be used to pay qualified elementary, secondary, and higher education expenses. The school, as determined under state law, may be a public, private, or religious school.

Contact your financial advisor for more information.

Direct Rollover IRAs

Description:

  • Allows moving assets from one tax-deferred plan into another to:  avoid possible penalties and grow tax-deferred until withdrawn
  • Stems from:  Qualified Plan (QP) and Tax Sheltered Annuity (TSA)
  • Paid directly from plan administrator to IRA custodian or trustee
  • Avoids 20% mandatory income tax withholding
  • No service charge or annual fees

Contact your financial advisor for more information.
 

Rollover IRAs

Description:

The legislative changes in 2002 now allow certain additional employer sponsored retirement plan assets as rollovers.

  • Allows moving assets from one tax-deferred plan into another to:  avoid possible penalties and grow tax-deferred until withdrawn
  • Funds paid directly to owner
  • Re-deposited (rolled over) within 60 calendar days of receipt
  • No service charge or annual fees

Contact your financial advisor for more information.
 

Transfer IRAs

Description:

  • Allows moving assets from one tax-deferred plan into another to:  avoid possible penalties and grow tax-deferred until withdrawn
  • Funds move directly to new custodian or trustee
  • Owner never has custody of funds
  • No service charge or annual fees

Contact your financial advisor for more information.
 

Roth IRAs

Description:

  • Individual Retirement Account
  • Traditional IRAs can be converted to Roth (amount converted will be subject to taxation)
  • Qualified tax deferred distributions are:  attainable at age 59 ½ , dispensed to beneficiaries upon death, dispensable in case of disability, for qualified first-time home buyers (up to $10,000.00)
  • Must have earned income within certain limits
  • Tax deferred withdrawals after five-year holding period
  • You never have to take distributions
  • Beneficiaries receive entire proceeds in the event of death
  • No service charge or annual fees
  • Close out fee of $50.00

Contact your financial advisor for more information.
 

Traditional IRAs

Description:

​Individual Retirement Account

  • Eligibility:  under age 70 ½ for entire year and have earned income
  • Deposits may be tax deductible based on:  participation in employer retirement plan and Modified Adjusted Gross Income
  • Withdrawals:  can begin at age 59 ½ without penalty and must begin at age 70 ½
  • Deposit up to $5,500.00 for 2014 with an additional “catch up” of $1,000.00 for age 50 and older
  • Earnings are tax-deferred until withdrawn
  • Spousal IRAs available if spouse is not compensated
  • Beneficiaries receive all proceeds in the event of death
  • Can be funded up until due date of tax return
  • No service charge or annual fees
  • Close out fee of $50.00

Contact your financial advisor for more information.
 

Statement Savings Minor Accounts (Under 18 yrs of age)

Description:

Features:

  • Simple Interest, Posted Quarterly
  • Variable Rate, Subject to Change Daily
Requirements  
Initial Deposit $10.00
Minimum Balance $10.00
Dormant Account (per month) (After 36 months of inactivity) $1.00
*Please refer to Federal Regulation D N/A
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