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If you are looking to
put your idle or excess funds to work or have a need to set some money aside, Home Federal Bank
has an interest bearing solution for your
business.
Business Savings |
Business Money Market
| Time CD | Escalator
CD | SEPP IRA
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Health Savings Accounts (HSA)
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Business
Savings |
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Interest paid each calendar quarter |
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All balances earn competitive interest rate |
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Minimum balance of $250 or $5 fee per month |
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6 withdrawals, debits or transfers per month or $2
penalty for each above 6 |
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Free Online Banking |
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Free quarterly statements
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Business
Money Market |
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Interest paid monthly |
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Tiered balances earn higher interest rate
Tier 1 $0-$5,000
Tier 2 $5,000-$30,000
Tier 3 $30,000-$150,000
Tier 4 $150,000+ |
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Minimum balance of $2,500 or $15 fee per month |
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6 withdrawals, debits or transfers per month or $5.00 penalty for each above 6 |
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Free Online Banking |
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Free monthly statements
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| Available with low minimum balance of $500 |
| Certificates of Deposit are offered in terms from 3 months to 10 years |
| Simple interest may be added to the value of the Certificates either
annually or at maturity |
| Simple interest may also be paid by check or credited to another account
monthly, quarterly, or at maturity |
| Additions are permitted ($50 minimum) |
| See Disclosures for early withdrawal penalties
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| Available with low minimum balance of $2,500 |
| Available for terms of 12 or 36 months |
| Interest paid monthly on 12 month term and quarterly on 36 month term |
| Can withdraw at either monthly or quarterly intervals without penalty |
| See Disclosures for early withdrawal penalties
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| The Simplified Employee Pension Plan (SEPP)
is a quick and easy retirement plan for you and your employees. All types of
businesses may set up SEPPs -- Sole Proprietorships, Partnerships, Corporations and
Subchapter S Corporations. |
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Health
Savings Accounts (HSA)
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Health Savings
Account are becoming more common and can provide significant tax
benefits related to paying qualified medical expenses for eligible
individuals. Health insurance premium can be reduced by switching
to a plan with a higher deductible, then make regular deposits to a HSA
that can be used to pay this current or future medical expenses,
including those not covered by insurance, using VISA Check Card or
personal check. Along the way, balances in a HSA will earn
interest and can grow for next year's expenses or medical emergencies.
At Home Federal Bank, entire HSA balances earn interest and tiered
balances earn a higher interest rate.
Individual Eligibility for HSA:
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| Have an HSA-qualified "high
deductible health plan" (HDHP) |
| Have no other first-dollar
medical coverage (disability, dental care, and other auxiliary
insurances are permitted) |
| Not enrolled in Medicare |
| Not claimed as a dependent on
another tax return |
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Together, we can help make healthcare
more affordable for businesses and its employees.
Be sure to check out our Rates,
Time Certificates of Deposit Disclosures,
Escalator Certificates of Deposit Disclosures, and
Interest and Fees for further details!
If you are interested in any of these
products, you can either Apply Now or
contact us for further information.
For additional items of interest pertaining
to other business matters, visit our Business
Toolbox section.
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