Business Savings
When you have a good harvest, it's wise to set something aside for next season. This account allows you to do just that, even giving you a good interest rate on your balance so there's more there next time you need it. Plus, with an ATM card and online access, you can always get to your money easily.
Summary
- Interest bearing account
- 6 free withdrawals per month; $5 each thereafter
- Interest paid quarterly
- $5 maintenance fee waived with $100 balance
- Free online banking and eStatements
- Free ATM card
- $100 deposit to open
- FDIC insured up to $250,000
Money Market Savings
Place your larger balance in this tiered rate account to earn a better return on your money. You can make the most of your funds without locking them up where you can't get to them. For a good return while maintaining liquidity, a money market account is hard to beat!
Summary
- Higher interest rates than regular savings
- Tiered rates maximize returns
- 6 free withdrawals/debits per month
- Interest paid monthly
- $5 maintenance fee waived with $1,000 balance
- Free online banking and eStatements
- Free ATM card
- $100 deposit to open
- FDIC insured up to $250,000
Certificates of Deposit (CDs)
Get a guaranteed return on your money when you invest in a CD from First State Bank Southwest. Simply choose the term that fits your needs, lock in the rate, then sit back and let the returns flow in. It has all the benefits of a solid investment without all of the risk.
Summary
- Competitive interest rates
- Fixed rates, guaranteed returns
- Terms 3 months to 60 months
- $1,000 deposit to open
- Penalty for early withdrawal
Health Savings Account (HSA)
Add to your company benefits and help your employees save money now to be used for medical expenses later. With this interest earning account, money can be deducted from each paycheck and set aside until it's needed. Funds are easy to access for approved medical expenses, and since they manage their own accounts, you don't have to do a thing.
Summary
- Help employees save for medical expenses
- Increase your company's benefits package
- Interest bearing account
- Tax-free interest earnings
- Contributions are tax free or tax deductible
- Easy to set up
- Employee maintains account
- No administration fees
- Funds may be used for approved medical expenses
- High deductible health plan (HDHP) required
Simple IRA
Add this employee salary deferral plan to your benefits package and give your staff another way to save for retirement. This account is similar to a 401(k) but is easier to get started. As an added benefit, you add a percentage of their contributions, making their retirement picture a bit brighter.
Summary
- Help employees save for retirement
- Interest bearing account
- Employees can contribute on a tax-deferred basis
- Employer contributes as well
- Lower cost than other plans
- Available for self-employed individuals
- No discrimination testing
- Maximum 100 employees
- Easy to get started and run
Simplified Employee Pension (SEP)
Help yourself and the other workers on your farm build funds for retirement with the help of an SEP plan. This can be a valuable perk, making long-term planning easier. Employees can contribute each paycheck. Make a contribution as well and get a tax deduction. They earn interest tax deferred until they're ready to use it. Everyone wins!
Summary
- Help employees save for retirement
- Ideal for self-employed individuals
- Interest bearing account
- Higher contribution limits
- Employer contributions are tax deductible
- Employee funds are tax deferred
- Lower cost than other plans
- Easy to get started and run
An employer (whether incorporated or unincorporated; full-time or part-time) is eligible to establish an SEP plan.
Our Switch Kit provides the forms you need to switch your accounts. Click here to download it.
