An Individual Retirement Account (IRA) is a powerful tool to help you save for retirement, offering valuable tax advantages. Choose from various IRA options to suit your financial goals:
Types of IRAs:
Traditional IRA -deal for individuals looking for tax-deductible contributions and tax-deferred growth.
Roth IRA -Great for those seeking tax-free withdrawals in retirement and flexibility with contributions.
SEP IRA (Simplified Employee Pension) -Designed for self-employed individuals or small business owners, offering a straightforward way to contribute to employee retirement plans.
SIMPLE IRA (Savings Incentive Match Plan for Employees) -Geared towards small businesses and self-employed individuals, providing an easy-to-administer retirement plan.
Educational IRA -Intended for educational expenses, allowing tax-free withdrawals for qualified education expenses.
Benefits of an IRA:
Tax Advantages - Potential tax-deferred earnings or tax-free growth.
Flexible Options -Explore Traditional, Roth, SEP, SIMPLE, and Educational IRAs to find the best fit for your retirement savings strategy.
IRA Certificates of Deposits -All of The Equitable Bank’s Certificates of Deposits can be opened as an IRA.
Contact Us to Open an IRA
Money Markets
When you need easy access to your money, but still want to earn a great interest rate, a money market account is the way to go. The Equitable Bank has two money market accounts perfect for a variety of financial needs
Compare Money Market Options
Account Type
Equitable Money Market
Relationship Money Market
Description
This account is for you if you plan on keeping at least $2,500 in your account, and a higher interest rate is important.
This account is for you if you like the flexibility of no minimum balance, but want to earn a higher interest rate on larger balances.
Minimum Balance
Low minimum balance of $2,500
No minimum balance
Minimum Balance Charge
No monthly service charge when minimum balance is maintained
No monthly service charge
Interest Bearing
Earns interest on all balances
Earns interest on balances as low as $2,500.Tiered rates pay higher interest on your entire balance as it grows
Shared Benefits
Free Debit or ATM Card Available
Free Online Banking
Free Online Statements
Six pre-authorized, withdrawals, checksor transfers allowed per statement month
Free Debit or ATM Card Available
Free Online Banking
Free Online Statements
Six pre-authorized, withdrawals, checksor transfers allowed per statement month
A Health Savings Account or HSA is a tax-exempt personal savings account that you set up with The Equitable Bank to pay or reimburse certain medical expenses you incur. To qualify, you will need to have a high deductible health plan.
How does an HSA work?
HSAs work similar to an Individual Retirement Account (IRA), except that deposits and qualified withdrawals are tax-exempt.
Individuals and their employers may deposit money into the HSA, up to the annual dollar limit, along with extra catch-up contributions allowed for those aged 55 to 65.
Account balances can be used to pay for a wide array of medical expenses, including some that are not ordinarily covered by insurance.
HSAs can also be used to cover family members not covered by a high deductible health plan.
Tax Deductions
An HSA’s deposits may be deductible from taxable income even if you do not itemize deductions on your tax return. Self-employed individuals may also be able to deduct the insurance premiums. Talk to your tax advisor to find out what you can deduct.
Why consider a Health Savings Account?
Protection: Covers you and your family in case of high or unanticipated medical expenses.
Savings: Tax advantages and a tiered rate of interest earned provide an opportunity to save for the future.
Flexibility: Schedule regular contributions or make your own contribution at any time during the year, until April 15th of the following year.
Mobility: You own the account so it goes with you, even if you change jobs or retire.
Choice: You pick the physician or health care professional.
Control: You decide how to spend your health savings account dollars.
What can your HSA be used for?
Medical Care and Services
Dental and Vision
Prescriptions
Over the Counter Medications
Chiropractic Visits
Acupuncture
Additional Benefits
Free ATM Card
Free Online Banking
Free Online Statements
Contact Us to Open an HSA
Resources forSaving
Get tips about anything home related, information on community events and ways to be financially smart on the Smart Start Podcast presented by The Equitable Bank.
Episodes:
Starting on the Right Foot: A Guide to Building Financial Foundations-Join us as we explore BankOn Milwaukee's vital contributions to the city. Discover a wealth of resources for the community and delve into their seamless collaborations with local groups and financial institutions. We'll also shed light on core financial education principles and the transformative power of taking the first steps on your financial journey. Listen to guest, Kristi Luzar, the Executive Director of Urban Economic Development Association (UEDA) of Wisconsin, Inc shares her wisdom and expertise on the importance of collaboration between local groups and financial institutions, and how this partnership can pave the way for financial success in our communities.
Institutions such as HDFC Bank, ICICI Bank, and State Bank of India (SBI) are known for their attractive interest rates and substantial branch networks. Kotak Mahindra Bank is known for its digital financial services, whereas Axis Bank provides flexible savings alternatives.
AU Small Finance Bank, Equitas Small Finance Bank and Suryoday Small Finance Bank are offering interest up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,000 to Rs 5,000, Rs 2,500 to Rs 10,000 and Rs 2,000 respectively.
Which bank gives 7% interest on a savings account? There are not any banks offering 7% interest on a savings account right now. However, two financial institutions are paying at least 7% APY on checking accounts: Landmark Credit Union Premium Checking Account, and OnPath Rewards High-Yield Checking.
Money market accounts and certificates of deposit (CDs) may provide higher yields. Peer-to-peer lending is another alternative to savings accounts. Credit union bank accounts may provide higher rates than bank accounts, but you must be a member to open one.
Introduction: My name is Nathanael Baumbach, I am a fantastic, nice, victorious, brave, healthy, cute, glorious person who loves writing and wants to share my knowledge and understanding with you.
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