Specialty Accounts For Your Savings
There are times when you are saving for something specific. Whether it's an account that helps you save more effectively for your retirement or one that helps you cover costs associated with medical care, United Community Bank has options for you. We offer individual retirement accounts (IRAs) and health savings accounts (HSAs) for those times when you need to focus the way you save. If you are interested in opening an IRA or HSA, we're ready to help get you started. Contact our team online and we'll take you through the account opening process.
Contact Us to Open an Account
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Retirement Accounts
United Community Bank offers two types of retirement accounts - Traditional IRAs and Roth IRAs. Each of these accounts offers your the opportunity to save more effectively for your retirement. If you're unsure which account would be a better choice to help you reach your retirement savings goals, please take a look at the comparison below.
Feature | Traditional IRA | Roth IRA |
|---|---|---|
Best for you if... | You want a tax break now and expect lower income later. | You prefer tax-free income in retirement and can pay taxes now. |
Tax Treatment (Withdrawals) | Withdrawals in retirement are taxed as ordinary income | Qualified withdrawals are tax-free |
Tax Treatment (Contributions) | Contributions may be tax-deductible (depends on income and participation in employer plan) | Contributions are made with after-tax dollars (not deductible) |
Eligibility | Anyone with earned income can contribute (limits on deductibility) | Income limits apply for eligibility to contribute |
Required Minimum Distributions (RMDs) | Required starting at age 73 | No RMDs during the account holder’s lifetime |
Early Withdrawal Penalties | 10% penalty before age 59½ (exceptions apply) | Contributions can be withdrawn anytime tax- and penalty-free; earnings subject to 10% penalty and taxes if withdrawn early (exceptions apply) |
*Consult a Tax Advisor.
Health Savings Accounts
Do you have money saved for an unexpected health expense? Can you cover costs of healthcare before your deductible kicks in? Do you have ongoing healthcare expenses? These are important questions. Most people aren't prepared for an unexpected healthcare expense, which can wipe out your entire savings and leave you to start your savings journey all over. A health savings account allows you to save effectively and be covered when you need to cover expenses for yourself or a family member's healthcare.
HSA Benefits
Contributions (up to the maximum contribution limit) are tax deductible.
- Interest earned in an HSA grows tax-free.
- Distributions are not taxable as long as they are used to pay for qualified medical expenses.
- An HSA is portable. If the individual changes jobs, the HSA goes with the individual.
- There is no “use it or lose it” rule. Money invested in an HSA carries over from year to year.
HSA Key Features
Unlimited deposits (up to the maximum contribution limit).
- Unlimited check writing privileges.
- Earns interest.*
- No monthly service charge.
HSA Eligibility Requirements
In order to be eligible for an HSA account, the account holder must:
- Be covered under a qualified high-deductible health plan.
- Not be covered under another type of health plan, enrolled in Medicare or be claimed as a dependent on another person’s tax return.
*Variable Rate – Rate may change at any time. A minimum balance of $50.00 is required to open account.
*Call us for current rates on interest bearing accounts