Written by Adam Sullivan on November 10, 2011.
Centennial Bank primarily offers different savings options for individuals, whether it is CDs, IRAs or savings account. They do offer one savings account; however, it is variable meaning the rate on the account can change at any given time. Don’t let that scare you off though because it is currently a high rate of return.
With a low $500 minimum opening deposit and balance, you can earn 0.80% APY on the Variable Savings Account. The interest on the account is compounded daily and posted monthly. If your balance falls below $500, then you will not be able to earn any interest. Also, this account is allowed 4 withdrawals per month.
Terms & Conditions: Rates subject to change without notice. Rates effective as of 10/3/11.
Written by Admin on January 1, 2010.
If you have a high deductible health plan (HDHP), you may be eligible to create a Health Savings Account. Also known as an HSA, this is basically a special savings account that is used to pay for medical related expenses. The primary benefit of this account is that you can make contributions (or deposits) into your account using pre-tax income. The drawback is that you can only use money in this account for medical-related expenses. The definition of medical related expenses is pretty broad; I have even heard that you can buy diapers with your health savings account.
The tax savings works like this: Say you make $50,000 in one year, and you want to contribute $2,000 to your health savings account (There are yearly contribution limits, make sure you aren’t contributing more than your limit). You deposit the $2,000 in your account and you write the whole $2,000 off on your taxes even if you haven’t spent a dime in medical related expenses that year. You
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