Personal Banking

IRAs (Individual Retirement Account)

An Individual Retirement Account (IRA) is a great way to save for your future. We offer two types of IRAs: Traditional IRA and Roth IRA.

Traditional IRAA Traditional IRA is most commonly used to save money for your retirement.
  • All contributions are tax deductable (up to the maximum contribution)
  • Can be opened with as little as $100
  • Distributions* may begin at age 59 ½ or funds can be withdrawn earlier for a qualified distribution
  • No fees to maintain account or for internal transfers or rollovers at maturity
*All distributions are subject to current tax rate

Roth IRA

A Roth IRA is a great way to retire TAX FREE!
  • Contributions are made with after tax dollars
  • Distributions and earnings are tax free at retirement
  • Can be opened with as little as $100
  • Distributions on earnings may begin at age 59 ½, all other distributions are penalty-free
  • No fees to maintain account or for transfers or rollovers at maturity
Sanborn Savings Bank is not an accounting firm and is not responsible for any incurred taxes or fees that may be due with a distribution. We highly recommend that you consult a qualified tax professional or lawyer before taking any disbursements from your IRA.
Contact Us to learn more about setting up your own IRA, or stop in to talk with us today!


A Health Savings Account (HSA) is a tax-exempt account used solely for the purpose of paying medical expenses for an individual, their spouse, and their dependents.

  • Individuals who are covered under a high deductible health plan (HDHP)
  • Individuals who are not covered by another health plan that is not an HDHP (with some exceptions)
  • Individuals who are not enrolled to receive benefits under medicare, and may not be claimed as a dependent on another person’s federal tax return

What is a high deductible health plan (HDHP)?

There are two types of plans, self-only and family (covering two or more people whether they are related or not). The plan must meet two rules – first the deductible cannot be less than a certain amount and, secondly, the maximum out of pocket cannot exceed a certain amount. These two amounts change each year, talk with your tax consultant and insurance company to see if you qualify.

Distributions from the account are to be for qualified medical expenses. The bank is not responsible for determining if a distribution qualifies, it is the account owner’s responsibility to determine the purpose and tax effect of any distribution from the HSA.
Contact us for more information about opening an HSA, or stop in and talk with us today!

Personal Banking

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