Retirement Savings

Elite Global Bank is pleased to offer many options for retirement planning. An IRA is an excellent tool for retirement savings. Depending upon the type of IRA you choose, contributions may be tax deductible and will grow either tax-free or tax-deferred. We can assist you with the rollover or transfer of an existing IRA or you can open a new one. For more information about our IRAs, rates, and service charges, please visit any of our banking locations.

Contribution limits for retirement plans*
Traditional & Roth IRA Maximum Contribution Limits
Please consult your tax specialist for phase-out range.

Traditional IRAs can be opened & funded by the tax filing deadline to receive tax deduction on the prior year's wages. Roth IRAs can be opened and funded.

HEALTH SAVINGS ACCOUNTS
Elite Global Bank is pleased to offer Health Savings Accounts (H.S.A.'s) as a way for eligible individuals to grow their savings for future medical expenses and take advantage of favorable tax treatment. Our H.S.A.'s are FDIC insured to provide safety and peace of mind.

What is a Health Savings Account?
A Health Savings Account (H.S.A.) is a tax-advantaged personal account that allows you to pay for medical expenses and save for future medical expenses.

Who is Eligible to Have an H.S.A.?
Any adult can contribute to an H.S.A. as long as they:

Have coverage under an H.S.A.-qualified "high deductible health plan" (HDHP).
Have no other first-dollar medical coverage (other types of insurance like specific injury or accident, disability, dental care, vision care, or long term care insurance are permitted).
Are not enrolled in Medicare.
Cannot be claimed as a dependent on someone else's tax return.
H.S.A. Account Access
Elite Global Bank allows check and special H.S.A. debit card access. Pay bills and access your account anytime, 7 days a week through Elite Global Bank's My County Connection online banking system.

Earn a competitive interest rate on your H.S.A. and pay a low monthly service charge.

Triple Tax Savings!
Tax deductions when you contribute to your account
Tax-free earnings through investment
Tax-free withdrawals for qualified medical expenses

Catch-Up Contributions
Individuals age 55 and older can make additional "catch-up" contributions. The maximum annual catch up contribution is $1,000. All contributions can be made as late as April 15 of the following year.

Can I Switch my Existing H.S.A. to Elite Global Bank?
Yes! Your existing H.S.A. can be rolled over into an account at Santa Cruz County Bank. Simply provide us a copy of an account statement from your existing Health Savings Account.

How do I Open a Health Savings Account with Prime Equity Investment Bank?
Come into any of our banking offices to open your Health Savings Account. Unlike many providers, Elite Global Bank does not charge any opening or enrollment fees to set up H.S.A. accounts. All Health Savings Accounts are eligible to earn interest, include unlimited check writing, allow debit card access for payments, a quarterly account statement and have a low monthly service charge of $2.50. For a complete list of account terms, fees and conditions, please contact us.

Insurance Agents, Brokers, and Human Resource Professionals
We love referrals! If you have clients who would benefit from establishing Health Savings Accounts, we'd love to hear from you.

We offers Personal Checking accounts designed to suit your personal needs, which include:

1 First monthly service charge waived on all accounts.
2 Other banks may charge a fee for transactions at their locations.
3 Elite Global Bank custom checks only.
4 The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The following account types are eligible for combined balance calculations and may be combined with your account to avoid a monthly service charge (if the average daily balance requirement is met): Checking, Savings and Certificate of Deposit.
Please contact us for a current copy of the Elite Grand Platinum Bank Personal and Business Account Fee Schedule which includes the Analysis Account fees.

PERSONAL SAVINGS ACCOUNTS
We offers Personal Savings accounts designed to suit your personal needs, which include:
Money Market and Savings Accounts are subject to transaction limitations. See Account Agreement and Disclosure Statement for account details.
1First monthly service charge waived on all accounts.
*This Savings Account for minors must have a parent or guardian's signature.
**Please contact us for a current copy of the Elite Global Bank Personal and Business Account Fee Schedule which includes the Analysis Account fees.