Tiered Business Money Market
• Earns interest based on balances – call for current rates
• $2,500 minimum daily balance requirement
• No monthly fees if minimum balance requirements are met
• Six pre-authorized transactions (including checks) allowed per month
• Free checks
• Free online banking, mobile banking and voice banking
Business Passport Savings
A business passport savings account is a tiered rate, interest bearing account. For current rates, please contact a personal banker.
• Minimum opening deposit $100
• No minimum daily balance requirement.
• Unlimited transfers to savings from checking account.
• Free online banking, mobile banking and voice banking.
• Six (6) preauthorized transfers are allowed during the statement cycle.
Health Savings Accounts
An HSA is a tax-advantaged savings account subject to IRS regulations that can provide your employees and the members of their families with greater control over out-of-pocket medical expenses. The account can be funded by you, by your employees or partially funded by each of you. Funds deposited in an HSA can reduce taxes for you and your employees.
To offer your employees an HSA option, they must be covered by a high-deductible health insurance plan.
BENEFITS TO YOU, THE EMPLOYER
High-deductible insurance plans are less expensive for you and your employees.
Funding with Pre-Tax Dollars means lower matching payroll taxes.
No Monitoring of Employee Health Expenditures – Devon Bank provides employees who have HSAs with personal monthly account summaries and year end tax reports.
We keep you regularly updated about changes in HSA regulations.
For more information on Health Savings Accounts log on to: www.irs.gov
To open a Devon Bank Health Savings Account call (773) 465-2500 for more details.
*A transaction consists of a withdrawal, check paid, automatic transfer, or check paid out of the account.