Savings | Heritage Bank

Statement Savings

Interest earning (requires $100 min. balance to earn interest).
Interest compounded daily and credited quarterly on the last business day of the quarter.

Minor Savings

For children under age 18.
Interest earning.
Interest compounded daily and credited quarterly on the last business day of the quarter.

Christmas Club

Short-term savings account.
Early withdrawals from this account are not permitted. Account automatically closes in mid-October. Check can be mailed or deposited into an account.
Not interest bearing.

Money Market Accounts

Interest compounded daily and credited monthly.
Interest rate tiered according to balance. Subject to change.
Interest paid on the daily balance.

Traditional IRA

Contributions may qualify as tax deductions in that tax year. Contributions and earnings are tax-deferred until the funds are withdrawn.

A customer must have an earned income to contribute to the IRA.
Mandatory distributions begin at age 73.

Roth IRA

Contributions not tax deductible.
Earnings grow tax-free.
Customer must have an earned income to contribute.
No mandatory distributions.

Simplified Employee Pension (SEP) IRA

Employers and self-employed individuals eligible.
Contributions eligible for tax deductions.

Coverdell IRA

Custodial Education Savings Accounts designed to help families save toward education expenses.
Contributions are not tax deductible, but earnings are tax deferred.
Distributions for qualified education expenses are tax free.