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Health Savings Account

A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses for you, your spouse, and your dependents. Unused balances roll from year to year so there is no ‘use-it-or-lose-it’ penalty. This type of account must be used in conjunction with a High Deductible Health Plan.

An HSA from Citizens State Bank of Loyal is a great tax-free way to save for your health care expenses. The account offers:

  • Interest compounded quarterly
  • $100 opening balance required
  • Free HSA debit card
  • Free Checks
  • Free Access to online banking
  • $3 per month maintenance charge1
  • $25 HSA account closing charge

1 Maintain a minimum daily balance of $5000 to avoid maintenance charge

Rates are variable and may change after account is opened. Fees may reduce earnings on the account

For more information call 1-800-599-8399


Individual Retirement Account (IRA)

Citizens State Bank of Loyal offers options of Traditional or Roth IRA savings and certificates of deposit (CDs) to suit our customers retirement savings preferences.

  • A Traditional IRA is a special tax-deferred1 savings plan that allows you to accumulate money for retirement.
  • A Roth IRA is an individual retirement account to which participants can make annual nondeductible contributions. Unlike a Traditional IRA in which your earnings are tax-deferred, Roth IRA earnings can be tax-free.1
  • A Simplified Employee Pension (SEP) IRA is a written plan that allows you to make contributions toward your own retirement account and those of your eligible employees.

1 Please consult your tax advisor.

Minimum $200 Deposit to open. Interest is compounded quarterly.

Rates are variable and may change after account is opened. Fees may reduce earnings on the account

For more information call 1-800-599-8399


Coverdell Education Savings Account

A Coverdell Education Savings Account is a nondeductible account that features tax-free withdrawals for education expenses.  Distributions are Federal income tax free when used for a qualifying education expense.Contributions to a Coverdell Savings are non-deductible but contributions grow tax free until distributed.1  Distributions apply to qualified higher education expenses as well as to qualified elementary and secondary education expenses.2 

1 Please consult your tax advisor.

2 See IRS publication 970 for more information

Minimum $200 Deposit to open. Interest is compounded quarterly.

Rates are variable and may change after account is opened. Fees may reduce earnings on the account

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