Savings

Certificate of Deposit

Not sure which account is right for you? A certificate of deposit is a secure and safe way to save your money. We encourage a minimum of $500 deposit to open a CD. Here are some benefits of CDs:

• Competitive rates and flexible terms
• Bonus rates available with an investment of $25,000 or more

Online account opening is now available for CDs. Click the button below to open your account today.

CD Special

Enjoy 4.25% APY* for 9 Months.

• Starts Nov 13, 2024.
• *APY = Annual Percentage Yield. APY accurate as of Nov 13, 2024. APY interest paid semiannually.
• $1,000 minimum opening deposit.
• $250,000 household maximum deposit.
• CD Automatically renewable for 12 months at the rate in effect at that time.
• IRA automatically renewable for 24 months at the rate in effect at the time.
• Not available for institutional funds. A penalty may be assessed for early withdrawal. Fees could reduce earnings. Offer subject to management's discretion and may be canceled at any time.

Sprout Savers

Our Sprout Savers CD is a great alternative to savings bonds. This CD is for customers 18 years and younger. This CD does require an adult joint owner with two signatures for withdrawal.

• Minimum $20 deposit to open
• Starter savings for customers 18 and younger (3 per minor)
• Deposits in increments of $20
• Certificates available in 12, 24 or 36 month terms
• Automatically renewable
• Gift receipt available
• Redeemable with no penalty within 10 days of each maturity or any time after the minor reaches 18
• Maximum balance of $50,000

At BankORION, we want to offer you options that fit your life. An IRA is an Individual Retirement Account. This account allows you to save money for your future.

• Fixed rate accounts
• Traditional IRA
• Roth IRA
• Education IRA

Money Market accounts are interest bearing accounts that may be more beneficial than a regular savings account.

• Minimum Opening Balance: $100
• Unlimited Deposits: YES
• VISA® Debit Cards: Not Available
• Free Online Banking & E-Statements: YES
  • Secure access to balances & transactions
  • Imaged deposits
  • 21 months of statement history
  • Transfer funds & make loan payments
• Electronic Bill Pay: NO
• Zero-to-Low Service Fees
  • An average daily balance of $100 avoids a $5 service fee.
  • During any statement cycle, if the average daily balance is at least $100 but less than $250, the account will be subject to a $4 service fee.
• Withdrawals
  • During any monthly statement cycle, if the debits exceed six (6), the account will be charged $5 per debit.*

Online account opening is now available for the Money Market account. Open your account today.

* Please refer to the account Truth in Savings for applicable debit details.

A Health Savings Account is a tax exempt or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses for you, your spouse or your dependents. Qualified medical expenses can be paid directly from your Health Savings Account with a BankORION HSA VISA^® Debit Card or checks.

Eligibility Requirements

To be eligible for an HSA, regardless of your income:

• You must be covered by a health plan with a minimum deductible of $1,400 for individuals or $2,800 for families*
• Your annual out-of-pocket expenses (including deductible and co-pays) cannot exceed $7,050 for individuals or $14,100 for families.*
• You cannot have any other health medical coverage that is not a HDHP.
• You cannot be enrolled in Medicare.
• You cannot be claimed as a dependent on someone else's tax return.

Determining Your Contribution

You may make a contribution to your HSA each year that you are eligible. You may contribute up to the amount of your deductible, but no more than $3,650 for individual coverage or $7,300 for family coverage.*

Individuals age 55 and older can also make additional catch-up contributions in the amount of $1,000.

HSA Contributions

You may generally contribute the full amount allowed for the year regardless of when you became eligible during the year. If you become ineligible within 12 months, you will be required to pay income tax on the portion of your contribution that would have been disallowed under the previous rule, as well as a penalty tax.

Also, if you have more than one HSA or have made contributions to an Archer Medical Savings Account, your total contributions to all the accounts cannot be more than the limits discussed previously. Similarly, if your employer contributes funds to your HSA, you must reduce your contributions by the amount your employer contributed.

Using Your HSA

You may use money in the account to pay for any qualified medical expenses permitted under federal tax law. This includes most medical care and services, dental and vision care, and over-the-counter medicines with a prescription.

You may use the money in the account to pay for medical expenses for yourself, your spouse, or your dependent children. You may pay for expenses of your spouse and dependent children even if they are not covered by your HDHP.

Any amounts used for purposes other than to pay for qualified medical expenses are taxable as income and subject to an additional 20% tax penalty.

After you turn 65, or if you become disabled, the 20% additional tax penalty no longer applies.

Funds remaining in your HSA, that are not withdrawn to pay for qualified medical expenses, will continue to grow over time.

HSA Features

• No setup fee
• No annual fee
• Minimum balance to open: $100
• Minimum balance required to avoid service charge: $100
• FREE VISA^® Debit Card
• FREE monthly E-Statements
• Internet/Mobile Banking access to review account activity

Get Started Today

If you want greater control over your money, health and future, consider a Health Savings Account. Call or stop by today to learn more about our HSA.

For More Information About HSA

Additional information about HSAs can be found on the U.S. Treasury website: www.treasury.gov (type "Health Savings Accounts" in the search box). Or visit the IRS website (www.irs.gov) and access Publication 969 (Health Savings Accounts and Other Tax-Favored Health Plans) and/or the Instructions for Form 8889 (Health Savings Accounts).

BankORION is not responsible for the determination of your allowable HSA contributions or whether you have "qualified medical expenses." Determining your eligibility to establish an HSA and your allowable contributions and distributions may require the guidance of a tax or legal professional.

With this savings account, interest is paid quarterly. Keep an average daily balance of $100 to avoid service fees.

• Minimum Opening Balance: $100.00
• Unlimited Deposits: YES
• VISA^® Debit Cards: Not Available
• Free Online Banking & E-Statements: YES
  • Secure access to balances & transactions
  • Imaged deposits
  • 21 months of statement history
  • Transfer funds & make loan payments
• Electronic Bill Pay: NO
• Zero-to-Low Service Fees
  • An average daily balance of $100 avoids a $5 service fee.
• Withdrawals
  • During any quarterly statement cycle, if the account falls below the average daily balance of $100 and also exceeds thirteen (13) debits, the account will be charged $1 per debit.

Online account opening is now available for the Statement Savings account. Open your account today!