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IRA, ESA and HSA

 

Individual Retirement Account (IRA)-Is Your Retirement Secure?

With the Northrim Traditional IRA, your contributions grow tax deferred until you withdraw them. For many investors, IRA contributions may be tax deductible.

The Roth IRA is a powerful way to help you plan and enjoy your retirement years. Although contributions to a Roth aren't tax-deductible, your earnings grow tax-deferred and are also tax-free when you make a qualified withdrawal.

For more information, or to open an IRA, contact us or visit one of our convenient locations.
 

Use our Retirement Calculator to help you determine the amount of money to save each year in order to achieve your financial goals.

Variable-Rate Savings

• Can be used for a Traditional or a Roth IRA
• Only $100 required for the opening deposit
• Can make multiple deposits in any increment during the year, up to the maximum annual contribution amount
• Account service charge $5.00 per quarter if minimum balance falls below $500

Jump-Up CD

• Can be used for a Traditional or a Roth IRA
• Choose a term that fits you best ( 12, 18, 24, or 36 months)
• Jump your interest rate once on a 12 month and twice on terms of 18 month or more
• Make additional deposits and watch your investment grow¹
• Automatically renews at maturity for the same term at the prevailing rate
• No withdrawal penalty during 10 day grace period following maturity
• Only $100 required for opening deposit

Jump-Up CDs: Early withdrawal penalties may apply. No interest paid on balances below minimum. 

¹ Federal regulation prohibits you from making a deposit more than every seven days, and not during the first or the last seven days of your CD term.

Education Savings Account (ESA) - A great way to save for a child's future

• Interest is tax free, as long as funds are used for qualified educational expenses
• Can be used for elementary school through the college years for any qualified educational expense
• Three tiers of interest allow you to earn more interest as your balance grows
• Only $100 required for opening deposit
• Make up to three free debits per quarter
• Excess transaction fee (more than three debits per quarter)  $25.00 per debit  

Health Savings Account (HSA) - A simple solution for health-related expenses

A Health Savings Account (HSA) in conjunction with a high deductible health plan provides an alternative to higher premium health plans and unique options for savings and investing. An HSA is a tax-favored account that allows you to contribute funds on a pre-tax or tax deductible basis. You may use these funds to pay for current eligible medical expenses if needed or save for future medical expenses on a tax-free basis.

Northrim bank offers a HSA Checking Account, which gives you easy access to the funds, competitive interest, and low fees.

• Click Here for more important facts about HSAs and Contribution Limits 
• Minimum deposit to open the account is just $25.00
• Access to the funds with a free HSA Visa® Check Card or paper checks
• Competitive interest that accrues daily and is paid monthly on balances of $100 or more
• Three tiers of interest allow you to earn more interest as your balance grows
• Free monthly statements with images of your checks
• Free access to Northrim Online Banking to check balances, verify payment history and more
• No monthly or per-debit fee
• Standard non-sufficient funds or overdraft fees may apply. Refer to Northrim's fee schedule for more information.
• To view qualified medical expenses please view the Internal Revenue Service Publication 502