You provide the dreams and First Westroads Bank will provide the savings account plan to help you get there.
Regular Savings Account
Pays a competitive rate which is compounded and paid to the account quarterly. A $100 minimum daily balance is required to avoid a $3.00 monthly service fee. This fee is waived for persons 19 and under. Limit of six transfers or withdrawals per month is allowed*.
* Each additional transfer or withdrawal incurs a per debit fee of $1.00.
Individual Retirement Account (IRA)
Whether you're looking for a competitive-rate IRA Certificate of Deposit, with maturities from 6 to 60 months, or an easy access IRA Savings account, we have the IRA for your retirement planning needs. Consult your tax advisor regarding the tax advantages of an IRA.
For more information on Individual Retirement Accounts, please visit www.irs.gov or contact a First Westroads Bank Personal Banker at (402) 330-7200.
Certificates of Deposit
Are designed to fit your specific needs. A wide variety of maturities is offered from 30 days to 60 months (Federal regulations require a penalty for early withdrawal). Contact a Personal Banker at (402) 330-7200 for preferred rates offered on Certificates with initial deposits of $100,000 or more.
Nebraska's Long-Term Care Savings Plan
The Good Life, Longer
The Nebraska Long-Term Care Savings Plan (NLTCSP), created by the Nebraska Legislature in 2006, is a way to protect your quality of life by planning for future long-term care expenses now. The NLTCSP allows you the freedom to continue living your life on your terms and help ease the financial burden of unexpected health concerns on your family. In addition to assuring your money will be accessible if and when you need it, the plan empowers you to make your own health care decisions.
NLTCSP Quick Facts
- Eligible participants: Any Nebraska citizen.
- How much can be saved: For 2016, up to $202,600 per person during the individual's lifetime. This amount is reviewed annually for inflation.
- Type of account: At First Westroads Bank, you can choose to place your funds into any type of deposit account including a NOW account, money market account, savings account, or certificate of deposit account.
- Nebraska tax benefit: Annual $1,000 deduction for individual returns, $2,000 deduction for joint returns; earnings used for qualified expenses are free from Nebraska income taxes.
- Penalty for unqualified withdrawal: 10% of total withdrawal.
- Federal tax benefit: Nothing at this time.
- Qualified distributions: Long-term care expenses at any age or long-term care insurance after age 50 for the account holder, spouse or other person in whom the account holder has an insurable interest.
- Long-term care reimbursement examples: Licensed nursing or assisted living facility, in-home assistance, basic therapeutic care, health maintenance activities, home health services, qualified home modifications, assistive technology, adult day care, rehabilitation treatments, respite and hospice care.
For more information on the Nebraska's Long-Term Care Savings Plan visit, www.treasurer.nebraska.gov or contact a First Westroads Bank Personal Banker at (402) 330-7200.
All information on this page is current as of 1-1-2016. For the most up to date information, please visit www.treasurer.nebraska.gov.