Online Banking

Scheduled System Maintenance

To keep things running smoothly we will perform system maintenance from April 26 at 10:00pm to April 27 at 7:00am Central Time.  Thank you for your patience.

Personal Savings Accounts

At Anchor Bank, we work hard to deliver the personal attention that you should expect from a bank.  When you open a Personal Savings Account with us, you're not just making an investment in your future - you're making an investment in a hometown team whose goals are to get to know you and help you achieve financial success.

Savings Accounts

Our savings accounts are designed with our customers' needs in mind. They offer tailored options to suit your individual needs and can help you manage your cash conveniently, efficiently, and effectively. Please refer to the options listed below for detailed information regarding the product features and fees:

  Basic Savings Anchor Savings Money Market Savings
  A sound savings plan for managing your personal finances. A convenient account for your money while it earns interest. A high yield money market account with the option to write checks.
Earns interest1 $50 + $0 - $4,999.99
$5,000 +

$0 - $9,999.99

$10,000 - $49,999.99

$50,000 - $74,999.99

$75,000 +

Free eStatement X X X
Use for Overdraft Protection on Checking2 $11.00 per transfer $11.00 per transfer $11.00 per transfer
Free Online Banking X X X
Free Email Account Alerts X X X
Free Mobile Banking X X X
Free access at all MoneyPass ATMs X X X
ATM fees at non-MoneyPass ATMs3 $2.00 $2.00 $2.00
Check access2     X
Withdrawal fee after first 6 per month $10.00 per withdrawal $10.00 per withdrawal $10.00 per withdrawal
Minimum Balance Requirement $50 average collected $300 minimum $10,000 minimum
Monthly Service fee if balance requirement is
not met4
$5.00 $6.00 $15.00

 

Open an account with your local Anchor Bank

1Variable interest earned on the daily collected balance and paid quarterly on Basic Savings and Anchor Savings and paid monthly on Personal Money Market Savings. For current rate information on our interest bearing savings accounts, please contact a banker at one of our locations.

2During any calendar month you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to a third party.

3Does not include any applicable ATM fees charged by ATM owner.

4Monthly service fee waived on Personal Savings for our customers under age 18.

Safe Deposit Box

With Safe Deposit Boxes from Anchor Bank, you can rest assured knowing that your valuable possessions are in a secure location. We offer varying sizes to suit the many needs of our customers.

Size Price*
2" x 5" $34.00
3" x 5" $38.00
4" x 5" $48.00
5" x 5" $57.00
5" x 8" $63.00
3" x 10" $67.00
5" x 10" $88.00
10" x 10" $175.00
10.5" x 11" $185.00
10" x 15" $200.00

 

*Prices are per year and reduced $5.00 when payments are automatically debited from an Anchor Bank account. Prices are doubled for customers who do not have a deposit or loan account with Anchor Bank. Sizes vary by location.

 

 

IRA - Individual Retirment Account

Traditional IRA

Am I eligible to have a traditional IRA?
If you are younger than age 70½ for the entire tax year, and have compensation, you are eligible to establish and make an annual tax-year contribution to a traditional IRA, even if you already participate in certain government plans, a tax-sheltered annuity, a simplified employee pension (SEP) plan, a Savings Incentive Match Plan for Employees of Small Employers (SIMPLE), or a qualified pension or profit-sharing
plan established by an employer.

What is compensation?
Compensation is the salary or wages you receive as an employee. If you are self-employed, compensation is your net income for personal services performed for the business. All taxable alimony is considered compensation. Interest, dividends, and most rental income are passive income sources and are not considered compensation.

How much can I contribute to my IRA?
You may contribute any amount up to 100 percent of your compensation or the amount set forth in the chart below, whichever is less, to a traditional IRA (or aggregated between a traditional and a Roth IRA). Additionally, if you have attained age 50 or older by the end of your taxable year, you are eligible to make catch-up contributions.

Tax Year Single Contribution Limit   Contribution Limit   Contribution Limit  
2013 $5,500 $1,000 $6,500

The amount of any tax refund contributed directly to your IRA is subject to the annual contribution limit.

Do I pay taxes on the earnings of my IRA?
All earnings on your IRA contributions (deductible and/or nondeductible) remain tax deferred until you make withdrawals from the account.

Do I get a tax deduction for my contribution?
Deductibility of your contribution is based on whether you and/or your spouse, if married, are an active participant in an employer-sponsored retirement plan. If you are an active participant, the deductible amount is dependent on modified adjusted gross income (MAGI) and income tax filing status. You may be eligible for the maximum deduction, a partial deduction, or no deduction. Your tax or legal professional can help you determine your actual deduction.

Basic rules for determining IRA deductibility
If you are single and are not an active participant in an employer-sponsored retirement plan, or are married and neither you nor your spouse are active participants, you are eligible for a full deduction, no matter how large your income.

If both you and your spouse are active participants, if you are single and an active participant, or if you are not an active participant but your spouse is, you may be eligible for either a full or partial deduction depending on your MAGI.

See your tax or legal professional for assistance in determining IRA deductibility.

What if I’m not eligible for a deductible IRA contribution?
You can still make nondeductible contributions to your IRA. 

How are the assets taxed at distribution?
You must include the taxable portion of the amount withdrawn as income on your tax return. If you are younger than age 59½, and do not meet one of the exceptions, you must also pay a 10 percent penalty tax for early distribution. The portion of a distribution attributable to nondeductible IRA contributions or rollovers of after-tax assets is not taxable when withdrawn, nor is it subject to the 10 percent early distribution penalty tax. If certain requirements are met, you may take a once-in-a-lifetime tax-free IRA distribution to fund your Health Savings Account (HSA) tax-year contribution. We recommend consulting your tax or legal professional to make sure this qualified HSA funding distribution is the right financial decision for you.

When can I withdraw assets from my IRA without incurring any penalties?
You can withdraw assets from your IRA without a 10 percent early distribution penalty tax any time after you reach age 59½. You can also avoid the early distribution penalty tax before age 59½ if you become disabled, if the distributions are part of certain periodic payments, for medical expenses in excess of 7.5 percent of your adjusted gross income, for health insurance premiums if you have been receiving unemployment compensation for at least 12 weeks, for distributions paid directly to the IRS due to IRS levy, for qualified reservist distributions, for eligible higher education expenses, or for a first-time home purchase. When you reach age 70½, you must begin to take required minimum distributions or severe tax penalties will apply.

What happens to my IRA in the event of my death?
Your named beneficiary(ies) will receive the entire proceeds of the IRA. Your beneficiary(ies) will not be subject to the 10 percent early distribution penalty tax. Distributions to your to your beneficiary(ies) will be made in accordance with the required minimum distribution rules and your IRA agreement.

What is a spousal IRA?
The spousal IRA rules allow contributions to an IRA on behalf of a spouse. A married couple can contribute up to 100 percent of their combined compensation or the contribution limit, whichever is less. The amounts can be divided in any manner between the two spouses’ IRAs with no more than the annual limit being contributed to either spouse’s. Catch-up contributions are available for eligible spousal IRA arrangements and would increase the allowable contribution limits.

How do I move assets from one IRA to another?
There are two methods you can use to move assets from one IRA to another: rollover and transfer. For a rollover, you have 60 calendar days following the date of receipt to roll over the distribution to another IRA. Rollovers from IRAs may not occur more than once during a 12-month period (this rule applies to each separate IRA you own). A transfer occurs when the assets are moved from one IRA to another IRA without you having control or custody of the assets. There are no time or frequency limits on the number of transfers permitted.

How do I move assets from an employer-sponsored retirement plan (ERP), to a traditional IRA?
An eligible rollover distribution from one of these plans may be rolled over or directly rolled over to an IRA. Generally, an eligible rollover distribution is any distribution except one that is (1) part of a series of substantially equal periodic payments over your single life expectancy or joint life expectancy of you and your beneficiary or for a specified period of ten years or more, (2) a required minimum distribution for an employee age 70½ or older, or (3) any hardship distribution.

A rollover occurs when assets distributed from your ERP are paid directly to you, then subsequently rolled over by you to a traditional IRA within 60 calendar days.

A direct rollover occurs when assets distributed from your ERP are made payable to the IRA custodian/trustee for the benefit of your traditional IRA.

Taxable ERP distributions paid to you, that are eligible for rollover, are subject to a mandatory 20 percent federal income tax withholding at the time of distribution. Assets moved to an IRA via a direct rollover are not subject to withholding.

As with an IRA-to-IRA rollover, an ERP plan recipient has 60 calendar days following the date of receipt to roll over any portion of the distribution to an IRA. The 12-month limitation does not apply to rollovers from an ERP to an IRA.

Is there a contribution deadline for funding an IRA?
IRAs for a taxable year can be opened and/or funded any time between the first day of a tax year and the date a tax return is due for that year, excluding extensions. For most taxpayers, this due date is April 15 of the following year. The deadline may be extended in some situations. Examples include a federally declared disaster, a terroristic or military action, or service in a combat zone.

Are There Other Tax Advantages to Establishing an IRA?
A unique saver’s tax credit is available for certain taxpayers who contribute to an IRA and/or an employer’s salary deferral plan. See your tax or legal professional for more information.

How Do I Open an IRA?
See any of our IRA representatives. We can help explain the nature of these accounts in more detail and help you complete the forms necessary to establish your IRA.

 

This information is intended to provide general information concerning federal tax laws governing traditional IRAs. It is not intended to provide legal advice or to be a detailed explanation of the rules or how such rules may apply to your individual circumstances. For specific information, you are encouraged to consult your tax or legal professional. IRS Publication 590, Individual Retirement Arrangements (IRAs), and the IRS’s web site, www.irs.gov, may also provide helpful information. Wolters Kluwer Financial Services© 1997, 2010.

 

Roth IRA

A Roth IRA is an individual retirement account that allows nondeductible contributions, but features tax-free withdrawals for certain distribution reasons after a five-year holding period. The term “tax-free” means free from federal income taxes.

Am I eliegible for a Roth IRA?
There are two requirements for eligibility to make regular contributions to a Roth IRA: you must have compensation (or your spouse must have compensation) and your modified adjusted gross income (MAGI) for any tax year cannot exceed certain prescribed limits. These limits are subject to annual cost-of-living adjustments (COLAs), if any.

2013 MAGI Limits

Modified AGI (MAGI) Single Married, filing jointly Married, filing seperately
Less than $10,000 Full Contribution Full Contribution Phaseout
$10,000 - $112,000 Full Contribution Full Contribution No Contribution
$112,001 - $126,999 Phaseout Full Contribution No Contribution
$127,000 - $178,000 No Contribution Full Contribution No Contribution
$178,001 - $187,999 No Contribution Phaseout No Contribution
$188,000 or over No Contribution No Contribution No Contribution

 *If you are married, filing separately, and lived apart from your spouse the entire year, you can use the MAGI limit for a single filer to determine your contribution limit.

How much can I contribute each year?
You may contribute any amount up to 100 percent of your compensation or the amount set forth in the chart that follows, whichever is less, aggregated between a traditional and a Roth IRA. Additionally, if you have attained age 50 or older by the end of your taxable year, you are eligible to make catch-up contributions.

Tax Year Contribution Limit Catch-up Limit Total Limit for age 50 and over
2013 $5,500 $1,000 $6,500
2014
and years later
$5,500+COLA* $1,000 $6,500+COLA*

*Subject to annual cost-of-living adjustments (COLAs), if any. 

What is the contrbiution deadline for funding a Roth IRA?
For a given taxable year, you can open and fund a Roth IRA any time between January 1 and the date your tax return is due for the year, excluding extensions. For most taxpayers, this is April 15 of the following year. The deadline may be extended in some situations. Examples include a federally declared disaster, a terroristic or military action, or service in a combat zone.

What assets can I move to a Roth IRA?
Traditional Ira – Traditional IRA assets may be converted to a Roth IRA. The distribution is subject to income tax, but is not subject to the 10 percent premature-distribution penalty tax.
Employer plan – Eligible assets from an employer plan may be rolled over or directly rolled over to a Roth IRA. The taxable portion of the direct rollover amount is subject to federal income tax.
Designated Roth account – Assets in a designated Roth account that are part of Internal Revenue Code Section 401(a), 403(b), or governmental 457(b) plan may be rolled over or directly rolled over to a Roth IRA.
Employer plan – Eligible assets from an employer plan may be rolled over or directly rolled over to a Roth IRA. The taxable portion of the direct rollover amount is subject to federal income tax.

What if I need access to my money now?
A helpful feature of the Roth IRA is that, for distributions, regular contribution amounts are returned first without tax or penalty. Converted assets and rollovers from employer plans are returned next. Earnings are returned last.

Do I pay taxes on my earnings?
No, provided you take the earnings as part of a qualified distribution. That’s the best part of the Roth IRA. Unlike a traditional IRA, you cannot take a tax deduction for any of the contributions that you make to a Roth IRA. However, when you are ready to make a withdrawal, you pay no taxes on any of the earnings that your contributions have generated.

Wha is a qualified distribution?
In order for earnings to be tax free, you must first meet a five-year holding period for your Roth IRA. This period begins with the tax year for which your first contribution is made. After that, any earnings you withdraw for a qualified distribution reason are income tax free and penalty tax-free. Qualified distributions are:
• Distributions made on or after the date on which you attain age 59 1/2,
• Distributions made to your beneficiary (or your estate) upon your death,
• Distributions attributable to you being disabled, and
• Qualified first-time homebuyer distributions (up to $10,000.)

Does the 10 percent premature-distribution penalty tax apply if I withdraw my money?
Distributions of earnings taken for any reason other than a qualified reason, or one of the reasons listed below, are subject to both taxes and a 10 percent premature-distribution penalty tax.
• Substantially equal periodic payments
• Qualified reservist distributions
• Eligible medical expenses in excess of 7.5 percent of your adjusted gross income (AGI) (10 percent beginning January 1, 2013)
• Health insurance premiums for eligible unemployed individuals
• Qualified higher education expenses
• Distributions taken within the first five years for any of these reasons: age 59 ½, death, disability, or first-time home purchase
• Distributions paid directly to the IRS due to IRS levy

When do I have to start taking distributions from my Roth IRA?
You never have to take distributions from your Roth IRA. That’s another advantage of the Roth IRA over the traditional IRA. Assets held in a Roth IRA are not subject to age 70 1/2 required minimum distributions.

What happens in the event of my death?
Your named beneficiary(ies) will receive the rights to the balance in your Roth IRA. Distributions to the beneficiary(ies) will be made in accordance with the required minimum distribution rules and your Roth IRA agreement.

How do I open a Roth IRA?
See any of our IRA representatives. We will explain the nature of these accounts in more detail, and help you complete the forms necessary to establish your Roth IRA.

This information is intended to provide general information on federal tax laws governing Roth IRAs. It is not intended to provide legal advice or to be a detailed explanation of the rules or how such rules may apply to your individual circumstances. For specific information you are encouraged to consult your tax or legal professional, IRS Publication 590, Individual Retirement Arrangements (IRAs), and the IRS’s website, www.irs.gov, may also provide helpful information. Wolters Kluwer Financial Services © 2011, 2012

CESA - Coverdell Educations Savings Account

The Coverdell Education Savings Account (CESA) is a nondeductible account that features tax-free withdrawals for a very specific purpose—a child’s education expenses. At first glance, a CESA may look similar to traditional or Roth IRAs. Higher education distributions are also permitted from these accounts, but while qualified higher education distributions from a traditional or Roth IRA are penalty tax free, and Roth IRA distributions may be free from federal income tax, the same distributions from a CESA are penalty free and federal income tax free. Consult your tax or legal professional for further information regarding state or local income taxes.

Who can contribute to a CESA?
You are eligible to contribute if your modified adjusted gross income (MAGI) does not exceed certain limits (see tables below). There are no compensation requirements or age restrictions for contributors. They do not even need to be related to the child they are contributing for.
Contributors can even be non-individuals like corporations or tax-exempt organizations. These entities have no MAGI restrictions.

How much can I contribute?

Single Filers

MAGI of $95,000 or less MAGI Between $95,000 and $110,00 MAGI of $110,00 or more
Full Contribution Partial Contribution No Contribution

 

Maried, Single Filers

MAGI of $190,000 or less MAGI Between $190,000 and $220,00 MAGI of $220,00 or more
Full Contribution Partial Contribution No Contribution


How does the law define a "child"?
A child is defined as a person who is younger than age 18. A child’s eligibility for CESA contributions ends after the date he/she attains the age of 18. Children with special needs are not subject to this restriction.

What if I want to save for more than one child?
You may contribute your maximum allowable amount into separate CESAs for as many children as desired.

If I can’t contribute the maximum, can someone else also contribute?
Yes, there can be more than one contributor, provided the total annual contribution amount per child does not exceed $2,000.

Who has control of the assets?
Each CESA will have a responsible individual, usually the child’s parent or legal guardian. Thatindividual has control of the assets until the child reaches the age of majority, and in some cases, even after that date.

Do I pay taxes on distributions?
No, and neither does the child, provided the assets are used for qualified education expenses. Although you cannot deduct any of the contributions that you make, taxes do not apply to the earnings portion when the assets are withdrawn for education expenses. The earnings portion of distributions for any other purpose is subject to taxes and a 10 percent penalty tax. Distributions due to death, disability, or amounts included in income because of the receipt of certain educational assistance or scholarship avoid the 10 percent penalty tax.

What are qualified education expenses?
Higher Education – Tuition, fees, books, supplies, and equipment required for the enrollment or attendance at an eligible higher education institution are qualified expenses. An eligible higher education institution is an area vocational school, college, or university. This includes virtually all accredited public, nonprofit, and proprietary post-secondary institutions. An educational institution should be able to tell you if it is an eligible institution.
Elementary and Secondary Education – This includes kindergarten through grade 12 at a public, private, or religious school as determined under state law.Like higher education, tuition, fees, books, supplies, equipment, and room and board are qualified expenses. Unique to elementary and secondary expenses are uniforms, transportation, and computer technology, equipment, or Internet access and related services if used during any of the designated beneficiary’s school years. (This does not include expenses for software designed for sports, games, or hobbies unless the software is predominately educational in nature.)
Room and Board – Generally the school’s posted room and board charge, or the allowance for room and board for federal financial aid purposes for students living in private housing—but not at home—are eligible expenses if the student is enrolled at least half time.

Qualified tuition Program Contributions – Contributions made to a qualified tuition program (also known as Section 529 plans) from CESA assets are also qualified expenses. Expenses and corresponding distributions must occur during the same year. If distributions exceed qualified expenses, the additional amount withdrawn is subject to tax and penalty.

Can I move assets from my tradtional or ROth IRA into a CESA?
Unfortunately, no. You can, however, roll assets over from one CESA into a second CESA established for the same child. You can also roll CESA assets into a CESA for a different designated beneficiary if he/she is a member of the same family (as defined by law). That way, if a child decides not to pursue education, the responsible individual can roll over the CESA assets to the CESA of a relative who does.

Are distributions required?
The balance must be withdrawn within 30 days after the designated beneficiary’s death or his/her 30th birthday, whichever is earlier. The age 30 distribution requirement does not apply to special needs individuals.

Can I use CESA assets together with other forms of education funding?
Yes. The rules now allow CESA contributions even if there are same-year Qualified Tuition Program contributions for the same individual. As long as distributions and tax credits are for different expenses, parents can use the Hope Scholarship and Lifetime Learning tax credits in the same year as tax-free CESA distributions.

How do I open a CESA?
See any of our new account representatives. We will explain the nature of these accounts in more detail and help you complete the forms necessary to establish a CESA for a child.

 

This information is intended to provide general information on federal tax laws governing CESAs. It is not intended to provide legal advice or to be a detailed explanation of the rules or how such rules may apply to your individual circumstances. For specific information,you are encouraged to consult your tax or legal professional. IRS Publication 970,Tax Benefits for Higher Education, and the IRS’s website, www.irs.gov, may also provide helpful information. Wolters Kluwer Financial Services© 1997, 2009.

HSA - Health Savings Account

A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents.

How it works for you
• Funds contributed to an HSA belong to the account owner, are completely portable and 
  may be tax deductible.1
• Money can accumulate in the account with tax-free earnings every year.1
• Distributions for qualified medical expenses are not taxable.1
• No monthly fee if one of the balance requirements are met: average ledger balance of 
  $2,500 in total deposits or $5,000 minimum balance in total loans.
• $5 monthly service fee will be charged if account balances fall below the stated requirement
• Variable interest earned on the daily collected balances and paid monthly based on the 
  following tiers2:
  – $0 - $4,999.99
  – $5,000 +
• Receive image statement for $5.50 per month3
• No monthly fee on Health Savings Account card4

Contact an account representative in your area for more information


What is an HDHP?
An HDHP is a high-deductible plan with an annual deductible no less than the amounts shown in the chart that follows.
HDHP Annual Deductible

Tax Year Self-Only Coverage Family Coverage
2013 $1,250 $2,500
2014 and later $1,250* $2,500*

*Subject to annual cost-of-living adjustments.

Are there other requirements for the HDHP?
Yes. For HSA purposes, the HDHP must limit out-of-pocket expenses to no more than the amount shown in the chart that follows.
Maximum out-of-pocket expenses

Tax Year Self-Only Coverage Family Coverage
2013 $6,250 $12,500
2014 and later $6,250* $12,500*

*Subject to annual cost-of-living adjustments.

What are an HSA owner's responsibilities?
If you are eligible, you can establish an HSA in much the same way you would establish an IRA—with a qualified trustee or custodian. Each year, you are responsible for determining your allowable annual HSA contribution and whether you have qualified medical expenses eligible for reimbursement with nontaxable HSA distributions.

Who can contribute to my HSA?
If you meet the eligibility requirements for an HSA, you, your employer, your family members and any other person (including nonindividuals) may contribute to your HSA. This is true whether you are self-employed or unemployed.

How much can I contribute to my HSA?
The maximum annual contribution amount is the standard limit as shown in the chart below. Additionally, “catch-up” contributions are available for eligible individuals who are age 55 or older by the end of their taxable year and for any months individuals are not enrolled in Medicare.

Contribution Limits 

Tax Year Standard Limits
Self Only
Standard Limits
Family
Catch-up Contribution
Limit
2013 $3,250 $6,450 $1,000
2014 and later $3,250* $6,450* $1,000

 *Subject to annual cost-of-living adjustments.

May I claim a federal tax deduction for my HSA contribution?
Contributions to an HSA are tax deductible, the earnings grow tax deferred, and distributions to pay or reimburse qualified medical expenses are tax free.

You may deduct contributions made by anyone other than your employer as long as they do not exceed the maximum annual contribution amount. Employer contributions are not wages for federal income tax purposes.

Rollovers and transfers from HSAs, IRAs, Archer medical savings accounts, health reimbursement arrangements, and health flexible spending accounts are not tax deductible.

When is the conribution deadline for funding an HSA?
The deadline for regular and catch-up HSA contributions is your federal income tax return due date, excluding extensions, for that taxable year. The due date for most taxpayers is April 15.

How are HSA distributions taxed?
The qualified medical expenses must be incurred after the HSA has been established.

HSA distributions used exclusively to pay for or reimburse qualified medical expenses incurred by you, your spouse, or your dependents are not included in gross income.

Any other distributions are included in income unless rolled over. Distributions not used to pay for or reimburse qualified medical expenses or not rolled over are subject to an additional 20 percent tax unless made after your death, your disability, or your attainment of age 65.

HSA custodians/trustees are not required to determine whether HSA distributions are used for qualified medical expenses.

Is a distribution for non-perscription drugs a qualified medical expense?
A drug or medicine (other than insulin) must be prescribed to be considered a qualified medical expense for HSA purposes. The perscription requirement does not apply to the payment or reimbursement of drug or medicine expenses incurred before January 1, 2011.

Can I return a mistaken distribution?
If you mistakenly distribute assets from your HSA, you may be able to return the assets to the same HSA. However, the law does not require an HSA custodian/trustee to accept the return of a mistaken distribution. If your HSA custodian/trustee permits the return of a mistaken distribution, you will need to be prepared to provide the Internal Revenue Service (IRS) with clear and convincing evidence that the HSA distribution was the result of a mistake of fact due to reasonable cause. A mistaken distribution can be returned no later than April 15 following the first year you knew or should have known the distribution was a mistake.

How is HSA activity reported?
Each year, your HSA custodian/trustee reports to the IRS on IRS Form 5498-SA the contributions made to your HSA and on IRS Form 1099-SA any HSA distributions you take. In addition, you file IRS Form 8889, Health Savings Accounts (HSAs), as part of your federal income tax return to show your HSA contribution and distribution activity.

How are distributions made by check or debit card treated for reporting purposes?
An HSA custodian/trustee will generally treat a distribution made by check, electronic bill pay or debit card as a normal distribution. Consult your HSA custodian/trustee to find out its specific policy regarding distributions made by check or electronic fund transfer.

What happens to my HSA in the event of my death?
Spouse beneficiary – If your spouse is the beneficiary of your HSA, the HSA becomes his/her HSA.
Nonspouse beneficiary – If your beneficiary is not your spouse, the HSA ceases to be an HSA as of the date of your death. If your beneficiary is your estate, the fair market value of the HSA as of the date of your death is included as income on your final income tax return. For other beneficiaries, the fair market value of your HSA is included as income for the recipient in the tax year of your death.

This information is intended to provide general information concerning the federal tax laws governing HSAs. It is not intended to provide legal advice or to be a detailed explanation of the rules or how such rules may apply to your individual circumstances or under your state tax laws. For specific information, you are encouraged to consult your tax or legal professional. IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, the instructions to IRS Form 8889, and the IRS’s web site, www.irs.gov, may also provide helpful information.

Wolters Kluwer Financial Services © 2006, 2012

1Consult your tax and legal professional to determine eligibility, contribution amounts and distribution qualification for a Health Savings Account. 2For current rate information on our interest bearing checking accounts, please contact a banker. 3An image statement has images of the front of your cancelled checks printed on your bank statement. 4Use it to make purchases everywhere the MasterCard® debit cards are accepted. Not available for use at ATM machines. 

CDs - Certificates of Deposit

Certificates of Deposit offer competitive returns on FDIC-insured savings. They're a great choice if you are saving for a special event down the road. Our Individual Retirement Account (IRA) Certificates of Deposit can be an important part of your overall planning for retirement. You decide the amount to put in your Certificate of Deposit and the term. Keep in mind that you'll generally receive a higher interest rate on Certificates of Deposit with longer terms and higher balances. Certificates of Deposit and IRA Certificates of Deposit offer flexible terms from 91 days to five years and competitive interest rates. 

CDARs

Whether your CD is large or small, we know FDIC insurance is important to you. That's why Anchor Bank offers CDARS, the most convenient way to access FDIC insurance on Certificates of Deposit of up to $50 million.

The benefits of obtaining CDARS through Anchor include having:

  • Peace of Mind. Using the CDARS service, you can access multi-million-dollar FDIC insurance on CD investments.1
  • One Relationship. You work directly with a local CDARS Network member – a financial institution you know and trust.
  • One Rate. You negotiate one interest rate per maturity on CD investments placed through CDARS. With CDARS, there is no need to negotiate multiple rates per maturity or manually tally disbursements for each CD.
  • One Statement. You receive one regular statement detailing your CD investments. You no longer need to manually consolidate statements at the end of each month, quarter, or year.
  • No Hidden Fees. You will not be charged annual fees, subscription fees, or transaction fees for using CDARS. The rate you see is the rate you get.
  • No Ongoing Collateralization. Because CDARS deposits are eligible for FDIC protection, you may not need to continually collateralize your deposits. This can eliminate the time-consuming task of tracking changing collateral values on a recurring basis.2
  • A Wide Variety of Maturities. You can select from various maturities – ranging from 4 weeks to 260 weeks (5 years) – and choose the terms that best suit your investment needs.
  • Community Investment. Your funds can support lending initiatives that strengthen your local community.3


1Limits apply. Funds may be submitted for placement only after a depositor enters into a CDARS Deposit Placement Agreement with a CDARS participating institution. This agreement contains important information and conditions regarding the placement of funds.

2If a depositor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the depositor to determine whether the placement of the depositor's funds through CDARS or a particular CDARS transaction satisfies those restrictions.

3When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the CDARS Network, the relationship institution can use the full amount of a deposit placed through CDARS for local lending, satisfying some depositors' local investment goals or mandates. Alternatively, with a depositor's consent, the relationship institution may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending.  CDARS is a registered service mark of Promontory Interfinancial Network, LLC.

Savings Bonds

Savings bonds are a low-risk, secure method of saving and earning interest on your money while protecting you from inflation. Please visit Treasury Direct for more information about purchasing savings bonds for individuals.

Apply Now

Anchor Bank Mobile is here

Anchor Bank's free Mobile Banking service lets you access your accounts while on the go. With Mobile Banking you can: 


-Approve ACH 
 or Wires

-Check balances

-See transaction
  history

-Make transfers

-Pay bills