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Personal Savings Account

Personal Savings Account Disclosure

The QCB Personal Saving Account allows you to earn interest compounded daily and paid monthly. Only $100.00 minimum deposit will open your personal savings account while you retain easy access to your funds.  For current interest rates, click here.       

        Monthly maintenance fees for the Personal Savings Account:

                Daily ledger balance above $100................... No Fee
                Daily ledger balance below $100................... $2.00
                More than 3 withdrawals a month................. $2.00/item

 

Hi-Yield Advantage Account

Hi-Yield Advantage Account Disclosure

Combine the higher earnings advantage of a CD with the flexibility and liquidity of a money market account! The Quail Creek Bank Hi-Yield Savings Account allows you to earn interest compounded and paid monthly with a $5,000 minimum balance. Make unlimited deposits and remain totally FDIC insured.  For current interest rates, click here.

        More than 6 withdrawals a month................... $15.00/item

 

 

 

Certificates of Deposit

Quail Creek Bank pays competitive interest rates on money that is on deposit for a fixed period of time.* A Certificate of Deposit (CD) is a great way to manage your money when you are able to set aside funds for a period of time. By investing in a Quail Creek Bank CD, you can maximize your interest rate and enjoy the security of FDIC insurance.

Benefits include:

  • Choose from various lengths of time
  • CDs typically pay higher interest rates than other savings products
  • Most accounts are FDIC-insured up to the maximum amount permitted by law
  • There is no charge to open a CD
  • An Quail Creek Bank CD can be used as collateral for a Quail Creek Bank loan

For current interest rates, click here.

 

*Substantial penalty for early withdrawal.

 

Qup your savings account with every transaction! The Qup savings account isn't your traditional savings account; it forces you to save on a daily basis withour any additional effort. When you connect your Quail Creek Bank checking account to a Qup savings account, each transaction will be rounded up to the next dollar and the remaining change will be transferred into your Qup savings account.  It's a quick and easy way to save for the future, even when you're on the go.

 

Click here for more information about IQ Checking.

Health Savings Account

Health Savings Accounts, also called an HSA, is a tax-exempt or custodial account used to pay qualified medical expenses. These accounts are designed to allow eligible individuals a tax-deductible method of saving money for the payment of unreimbursed qualified medical expenses. In addition to tax deductible contributions, interest earnings and distributions are tax-exempt too. Be sure to consult a tax professional for further information or visit www.irs.gov and type "HSA" in the search box for further information.

Individuals must meet certain IRS eligibility requirements in order for these accounts to be tax-exempt. These requirements are summarized below:

  • Your current health care plan is identified as a high-deductible health plan (HDHP); AND
  • You are not currently covered under any other health plans; AND (certain exceptions may apply - see IRS guidelines for further information)
  • You are not enrolled in Medicare; AND
  • You are not claimed as a dependent on another individual's tax return

You, your family members, or your employer can make contributions into your HSA up to the IRS annual limit. These limits change each year so consult your tax professional or www.IRS.gov for further information.

As an employer, if your health care plan is identified as a high-deductible health plan (HDHP), you might consider providing an HSA contribution benefit to your employees. Quail Creek Bank can help by setting up HSAs for your employees, which you, or your employees, can make contributions to up to the annual IRS maximum. Contact Erin Batey at Quail Creek Bank for further information!

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Individual Retirement Account

 

A Traditional IRA (An Individual Retirement Account other than a Roth IRA or SIMPLE IRA) is a special tax deferred savings plan authorized by the federal government to encourage you to accumulate money for retirement. Individuals who are under 70 ½ years of age for the entire tax year and who have earned compensation or have received alimony may contribute to a traditional IRA.

 

Roth IRA contributions are not tax deductible. But, distributions are tax and penalty free provided (1) the distribution is made after the 5-year taxable period beginning with the first taxable year in which a Roth contribution was made and (2) the distribution was made after the recipient has reached age 59 ½, is permanently disabled or is a beneficiary in the case of death. Also, the distribution can be tax and penalty free for first-time home buyer’s expenses, up to $10,000.00.

 

Contribution limits to both the Traditional and Roth IRA may be adjusted annually for inflation.

 

Individual Retirement Accounts are separately insured from any single, joint or revocable trust accounts you have on deposit at our institution for $250,000 by the FDIC.

 

Contact any of our new account representatives at Quail Creek Bank for further information!

 

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Call Us: (405)755-1000




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