• Regular Savings
• Money Market Savings
• Holiday Club Savings
• IRA Savings
• Health Savings
• Additional Information

Regular Savings

• $50.00 Minimum opening balance.
• $50.00 average daily balance requirement.
• $3.00 quarterly service charge if your average daily balance for the quarter statement falls below $50.00.
• Interest is compounded and paid quarterly. See Current Rates.

Additional Features

• Free Online Banking, ePay (charges may apply) and eStatements
• Free 24 Hour Telephone Banking
• Free Account for Juniors under 18 and Seniors over 50

Restrictions

All rates are variable and subject to change at the discretion of the Bank. Withdrawals on this account by preauthorized transfer, check, draft, debit card, or similar order to third parties are limited to 6 per month (or similar cycle) per federal regulations. Withdrawals at ATMs or in person are unlimited.

Money Market Savings

• $1000.00 Minimum opening balance.
• $1000.00 average daily balance requirement.
• $7.50 service charge if your average daily balance for the statement cycle falls below $1000.00.
• Interest is compounded and paid quarterly. See Current Rates.

Additional Features

• Free Online Banking, ePay (charges may apply) and eStatements
• Free 24 Hour Telephone Banking
• Ability to access your account by 3 checks per month.
• Tiered rates allow higher interest earnings on higher balances.

Restrictions

All rates are variable and subject to change at the discretion of the Bank. Withdrawals on this account by preauthorized transfer, check, draft, debit card, or similar order to third parties are limited to 6 per month (or similar cycle) per federal regulations. Withdrawals at ATMs or in person are unlimited.

Holiday Club Savings

• $5.00 Minimum opening balance.
• No average daily balance requirement.
• No service charge.
• Interest is compounded and paid quarterly. See Current Rates.

Additional Features

• A great way to put money away for the Holidays.
• Free Online Banking, ePay (charges may apply) and eStatements
• Free 24 Hour Telephone Banking

Restrictions

All rates are variable and subject to change at the discretion of the bank.

IRA Savings

• $25.00 Minimum opening balance.
• No average daily balance requirement.
• No service charge.
• Interest is compounded and paid quarterly. See Current Rates.

Additional Features

• Free Online Banking
• Free 24 Hour Telephone Banking, ePay (charges may apply) and eStatements
• The convenience and flexibility to add money any time.

Restrictions

All rates are variable and subject to change at the discretion of the Bank. Withdrawals on this account by preauthorized transfer, check, draft, debit card, or similar order to third parties are limited to 6 per month (or similar cycle) per federal regulations. Withdrawals at ATMs or in person are unlimited.

Health Savings

What is it?

• An account that the customer can put money into to save for future medical expenses

How does it work?

• Contributions can be made each year the customer is eligible
• Can contribute up to the amount of your HDHP* deductible but no more than $2,900 for individual coverage and $5,800 for family coverage (2008 numbers-adjusted annually for inflation)
• Catch up contributions available if over 55 years of age
• Money can be used to pay for any “qualified medical expense” permitted under federal tax law

Eligibility Requirements

• Covered by an HDHP on the first day of the month
• Have no other first-dollar medical coverage
• Not enrolled in Medicare
• Not eligible to be claimed as a dependent on a federal income tax return

Customer benefits

• Contributions are tax deductible (even if you don’t itemize)
• Savings – can save for future medical expenses; no “use it or lose is” rules
• Portability
• Control – customer makes all of the decisions (how much money to save, which expenses to pay, where the money will be held, etc.)
• Security – protect customers from high or unexpected medical bills
• Earnings potential on the funds

costs

• American Bank currently has a $25 annual fee to maintain an HSA (automatically deducted on January 1st of every year)
• If the account is opened after June 30th, the initial fee will be prorated to $12.50
• Check charge (if customer chooses to have checks): $11.00 for 25; $14.00 for 50

*HDHP - High Deductible Health Plan

how does the customer access?

• An interest bearing savings account is opened where the customer can deposit funds up to the maximum allowed
• If customer wants to access with point of sale card or checks, a checking needs to be opened too
• Funds will sweep nightly from savings to checking to bring checking to zero balance
• Checks are allowed
• Point of sale card can be issued (no ATM access)

• No minimum opening balance.
• No average daily balance requirement.
• $25.00 Annual Administrative Fee
• $25.00 Opening Account Fee January - June. $12.50 opening fee after June.
• Interest is compounded and paid quarterly. See Current Rates.

Features

• An account holder can deduct contributions to the account from the individual's adjusted gross income. (The employer's contribution is excludable from the account holder's gross income).
• The account holder need not include interest earned on the account as gross income.
• Individuals between 55 and 65 may make catch-up contributions, starting with $500.00 in 2004 and increasing by $100.00 each year until it reaches $1,000.00.
• In addition, an employer and members of the individual's family may also contribute.

Benefits

• Tax-Free contributions and distributions
• Flexibility in expense options
• Contribution Options
• Year-to-year rollovers
• Personal Control and Choices

Contribution Options

Although this is an individual account and goes with you from career to career, your employer may choose to make contributions to a Health Savings Account as an added benefit to you.

The maximum annual contribution amount is generally the lesser of 100 percent of the annual deductible under the high-deductible health plan or a specified amount.

Additionally, you are eligible for a "catch-up" contribution if you are 55 or older by the end of your taxable year and have not enrolled in Medicare. The chart that follows shows the contribution limits.

*Subject to cost-of-living adjustments

Additional Information

Interest compounded and paid monthly on Money Market Savings; all other savings accounts are paid quarterly.

All Rates are variable and subject to change at the discretion of the Bank.

Federal Regulation limits transfers from these accounts to another account or third parties by preauthorized, automatic, or telephone transfer to six per month; 3 transfers may be by check in our Money Market Account.

IRS early withdrawal penalties and restrictions may apply on IRA accounts, please ask a Customer Service Representative for details.

View our current rates