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Personal Savings

Let us help you reach your financial goals.

You’ve got plenty of reasons to save, both big and small. At Simsbury Bank, we give every customer’s reasons our full attention. Tell us why you want to save, and we’ll show you a way to get there.

Health Savings Accounts (HSAs)

Fund your medical expenses and save for retirement at the same time with a Simsbury Bank HSA. Our highly-trained advisors are here to help you understand the ins and outs of your HSA, but the information below is a good place to start.

What exactly is an HSA?

A Simsbury Bank HSA is a premium interest tax-advantaged account that allows individuals to save up and pay for qualified medical expenses for the HSA owner, spouse and/or dependents.

Who is eligible?

HSAs are available to those covered under certain types of health plans that meet IRS requirements. These plans are known as high deductible health plans, or HDHPs.

What are the key benefits of an HSA?

There are many benefits to an HSA, including:

  • Contributions to the HSA are tax deductible
  • Employer contributions to your HSA are not counted as income to you
  • Earnings are tax-deferred
  • Distributions are tax free if used for qualified medical expenses1
  • Balances can be carried over from one tax year to the next
  • Assets in HSAs are portable; HSA accounts are your own property
  • Balances can be used as a retirement savings account (For more information please see your benefits provider)
  • Beneficiaries may be named for HSAs (A spouse can use the HSA as his or her own. Non-spouse beneficiaries must treat the inherited HSA as ordinary taxable income)

How does it work?

You can pay for your qualified medical expenses directly from your HSA account simply by writing a check, authorizing an online bill payment or using your Simsbury Bank HSA Debit Card*

1Simsbury Bank does not guarantee the Establishment Date of the HSA being the same as the date the participant enrolls in an HDHP. The Establishment Date will be the date the HSA is opened with Simsbury Bank. The IRS prohibits HSA funds to be used to pay for services obtained prior to the Establishment Date.

SimsburyBank HSA debit cards are blocked to transactions originating outside the US. Please contact your local branch if you require access to any foreign country.

This statement is intended to provide only a summary of the rules and regulations that apply to Health Savings Accounts (HSAs). It is intended to be informational and does not constitute tax or legal advice regarding any specific situation. For more information or tax advice, please contact your tax advisor.

Tiered Money Market Savings

Maintain higher balances and enjoy immediate access to your funds1. Plus:

  • Take control over your earnings with a tiered interest rate – the greater your balance, the higher your interest rate
  • Take advantage of up to six monthly preauthorized or electronic withdrawals/debits or checks
  • Enjoy convenient electronic transactions, including ATM access and direct deposit (subject to limitations)2

1Minimum balance of $2,500 to waive $10/month service charge.

2Cash withdrawals are permitted at any time, but transfers are subject to limitations.

Statement Savings

An everyday savings account with flexibility and convenience. Plus:

  • Interest earned on all balances1
  • Make withdrawals at any time
  • Enjoy convenient electronic transactions, including ATM access and direct deposit (subject to limitations)

1Low monthly service charge if minimum balance is not maintained

Certificates of Deposit (CDs)

Think long-term with time-based accounts that earn higher interest rates. Plus:

  • Earn the highest available interest
  • Open with a minimum of $500
  • Choose 30-day to five-year terms
  • Flexible CDs
  • Bump-up CDs

All Purpose and Holiday Club Savings

Make saving for a vacation or special event effortless. Simply set your goal date and start making deposits. Or you can reduce holiday stress by saving over time and preparing for holiday spending. Either way, we’ll send a check to you or deposit it into your checking or savings account when the date comes. Plus:

  • Earn a premium interest rate
  • Set up automated deposits, or make them in the branch, through the ATM or online
  • Ensure you stay committed to your goal with no early withdrawals
  • Just say no – no monthly service charge and no minimum balance
  • No need to re-open for the next year – we’ll automatically renew your account annually

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