Business Checking, Savings, CDs & IRAs
Business Checking Accounts
No Monthly Maintenance Fee with $5000 Balance
($14 if minimum balance drops below $5000)
This is our most popular account for businesses with a moderate level of activity. Write up to 250 checks per month with no transaction fees (additional transactions are available for $.12 each). Free Online Banking, Free Online Bill Pay, Free Mobile Banking, and Free ATM usage at Oregon Coast Bank ATMs and AllPoint ATMs worldwide. E-statements (recommended for environmental & security reasons) are sent monthly. Mailed statements and laser images of cancelled checks are available by request.*
Account AnalysisBusiness Checking
$3.50 Monthly Fee / No Minimum Balance
For small businesses who only want to pay for what they use, or larger businesses requiring a particularly high volume of activity, Oregon Coast Bank offers individual account analysis. Account activity is measured, valued and compared to the value of the collected funds on deposit. A service fee is generated only if the collected funds value does not offset account activity costs. Free Online Banking, Free Online Bill Pay, Free Mobile Banking, and Free ATM usage at Oregon Coast Bank ATMs and AllPoint ATMs Worldwide. E-statements (recommended for environmental & security reasons) are sent monthly. Mailed statements and laser images of cancelled checks are available by request.
Savings & Investment Accounts
Keep a balance above $200 and our ClassicSavings account has no monthly maintenance fee (a $3 fee will be charged for months that your balance drops below $200). Interest is compounded quarterly. E-statements (recommended for environmental & security reasons) are sent quarterly. If you use your ATM card, e-statements will be sent monthly. Mailed statements are available by request.*
A traditional favorite, our ClubAccount is great way to save for specific expenditures such as holidays and taxes. There is no minimum balance and no withdrawals can be made until the account pays out during the first week of November. At that time, the entire balance plus interest (paid at maturity) is transferred to your Oregon Coast Bank checking or savings account. A fee will apply in the event of early withdrawal.*
Enjoy higher interest and the convenience of writing checks (subject to regulatory limits). Rates are competitive and tiered according to balance levels. There is no monthly maintenance fee as long as you maintain a $2500 minimum balance (a $10.00 monthly fee is charged if your minimum balance falls below $2500). Interest is credited monthly. Federal regulations allow up to a total of 6 account transfers, checks or debit card transactions per month. Teller window transactions are unlimited. E-statements (recommended for environmental & security reasons) are sent monthly. Mailed statements are available by request.*
Health Savings Accounts
Reducing Your Healthcare Costs and Taxes
HSAs (Health Savings Accounts) are tax-exempt accounts for accumulating savings to pay for medical expenses. They were created by Congress in order to combat rising medical costs. HSA contributions are tax-deferred and withdrawals are tax-free providing that they are used for eligible medical expenses. Designed to be used in conjunction with affordable high deductible health plans, your HSA can cover small and routine medical expenses until your deductible is met and insurance benefits “kick in”.
Health Savings Account Structure and FeesOpening fee: $25 Minimum Balance: $50 Monthly Maintenance Fee (if account falls below $25,000): $3 Debit Card Replacement: $10 Stop payment fee: $30 Statement Printout Per Page: $2 Closure Fee (if closed within 90 days of account opening): $25
Fixed RateCertificates of Deposit
Pick your term and then lock in a guaranteed rate of return. The minimum investment is $1000 and we offer terms from 30 days to 36 months. Interest can compound to your CD or be transferred to another Oregon Coast Bank account.
VariableCertificates of Deposit
An easy way to build your CD over time. We offer 12 & 24 month terms with unlimited deposits ($1000 minimum opening deposit). This account is a great way to encourage kids to save over the longer term and the interest is higher than our ClassicSavings account.
Setting aside money each year into an IRA is a proven way to help supplement retirement savings. Traditional IRAs from Oregon Coast Bank offer tax-deferred savings opportunities. You will not pay taxes on the earnings and in some cases on the contributions, until you choose to take distributions from the account. We offer fixed and variable rate Traditional IRAs with a variety of terms available.
You should consider a Traditional IRA if you are eligible to deduct your contribution and you anticipate your tax rate at the time of distribution will be lower than your current tax rate. One of the biggest reasons that investors choose a Traditional IRA over a Roth IRA is the opportunity to take a tax deduction on the IRA contribution, which can lower your current tax bill. Keep in mind – investors under the age of 70 1/2 with earned income can still contribute to a traditional IRA even if they don’t qualify for the tax deduction.
You may qualify for a full or partial deduction of your Traditional IRA contribution in the following circumstances:• Neither you or your spouse are participating in an employer sponsored plan • Or, you as an individual are not participating in an employer sponsored plan and your 2011 Modified Adjusted Gross Income is $56,000 or less (filing singly) or $90,000 or less $85,000 – $105,000 (filing jointly). Individuals or couples earning more may also contribute, see us for eligibility guidelines.
For 2011, the contribution limit for those under the age of 50 is $5,000.
If you are 50 years of age or older, you can take advantage of a “catch-up” provision and set aside up to $6,000.
Other considerations with Traditional IRAs:• Any earnings and deductible contributions are subject to tax upon distribution. • Taxable distributions before age 59 ½ may be subject to a 10% penalty tax. Exceptions to the penalty include distributions due to death, disability, substantially equal periodic payments, eligible medical expenses, certain unemployed individual’s health premiums, limited “first-time” home purchase, qualified higher education expenses or IRS levy. See your tax adviser for details before making any contributions. • Required minimum distributions must start at age 70 ½.
When you leave a job or retire, you are allowed to “roll over” funds from an employer-sponsored plan, such as a 401(k) or pension plan, into a Rollover IRA. You can also move funds from other IRA providers into an Oregon Coast Bank Rollover IRA.
Rollover IRA Benefits:• Ensures that your retirement investments will remain tax-deferred and free from penalties • Provides convenient access to your money when you decide to take distributions
Roth IRAs are a great way for individuals to save for retirement because the earnings on your investment are free from federal income taxes as long as certain conditions are met. At Oregon Coast Bank we offer fixed and variable rate Roth IRAs with a variety of terms available.
Roth IRA Benefits:• Contributions can be withdrawn any time without taxes or penalties • Distributions, interest, and dividends are tax-free if you are at least 59 ½ and the account has been established for longer than five years • You can contribute after age 70 ½ as long as you have earned income • There is no required minimum distribution during your lifetime • Tax-free distributions can be passed to your beneficiaries • Tax-free earnings up to $10,000 for the first time purchase of a home, after you have had the account for at least five years – this benefit may be applied to yourself or your children
You Should Consider a Roth IRA if:• You want tax-free earnings • Your income does not exceed $179,000 for married taxpayers or $122,000 for single taxpayers • You are already saving for retirement with an employer-sponsored plan • You want to invest for retirement but may need to access your savings
For 2011, the contribution limit for those under the age of 50 is $5,000. If you are 50 years of age or older, you can take advantage of a “catch-up” provision and set aside up to $6,000.
If you own your own business, a Simplified Employee Pension (SEP) Plan is a great option for retirement savings. SEP IRAs are easy to establish and maintain, and offer tax-deductible contributions (from 0% to 25% of annual compensation) for you and all your eligible employees. At Oregon Coast Bank we offer fixed and variable rate SEP IRAs with a variety of terms available.
SEP IRA Benefits:• Setup is easy-the employer completes Form 5305-SEP a one-page IRS form, and employees complete the IRA application. • Contributions are deductible as a business expense for the employer • Employees enjoy tax-deferred earnings • All SEP employer contributions go into a Traditional IRA in the name of the employee, relieving the employer of having to oversee the assets after they are contributed