Planning for Your Future

Individual Retirement Accounts (IRAs)

We know you work hard everyday to guarantee a bright future for you and your family. We’d like to help you as you plan and save. With Oak Bank, you can invest in one of three distinct IRA programs, depending on your needs, your goals and your age.

IRAs are an easy way to fund your retirement, and the tax benefits can be significant. Use a Traditional IRA to contribute tax-deferred income into your savings account, a Roth IRA for tax-free withdrawal later or an Educational IRA to fund a child’s higher education.

If you already have an IRA with Oak Bank, there are a few ways to further maximize your investments.

Until April 15th each year, your contribution to your existing IRA could be eligible for a tax deferral* for the prior year. You should consider either contributing to your existing IRA or opening another type of IRA. Oak Bank offers Traditional, Education and Roth IRAs, all of which are insured up to $250,000 by the FDIC.

*Consult your tax advisor for complete rules on deductibility. Anyone under the age of 70 ½ can contribute to an IRA. There are no age restrictions when making a contribution to a Roth IRA.

Contact an Oak Bank Investment Specialist for more information.

Health Savings Accounts (HSAs)

If you have a high-deductible health insurance policy or limited coverage, you may want to consider opening an HSA. We know that managing your and your family’s health can often mean unexpected expenses. With an HSA, you can set aside money to ensure that you and your family are protected no matter what the future holds.

Oak Bank can help you invest in a smart, tax-free HSA to help fund health-related expenses. Your funds will accumulate year after year – an important benefit of Flexible Spending Accounts, or FSAs. When you need the funds for qualifying expenses, you can access them without paying federal tax.

Not everyone qualifies for a HSA, so contact an Oak Bank Investment Specialist for more information.

Health Savings Accounts