Compare Savings Accounts
uSavings
Description:
A great basic savings account for U!
Monthly Service Fee:
$2 if the balance falls below $50 at any time during that month
Interest Banking:
Yes.
Requirements:
None
Features:
- Mobile Banking
- Online Banking
uChoose Goal Savings
A savings account to help U save for those BIG life events!
Monthly Service Fee:
$2 if account requirements are not met in that cycle
Interest Banking:
Premium rate on the first $25,000.
Requirements:
$25 automatic transfer into account
Features:
- Mobile Banking
- Online Banking
Additional Information:
One withdrawal per calendar year for no fee.
uMoney Market
A high-level savings option that provides tiered interest rates so you can be smart with your money.
Monthly Service Fee:
$1500 minimum monthly balance to avoid $10 monthly service fee
Interest Banking:
Yes.
Requirements:
None
Features:
- Mobile Banking
- Online Banking
- School Spirit Debit Cards
Premier Money Market
A high-level savings option that provides tiered interest rates so you can be smart with your money.
Monthly Service Fee:
$1500 minimum monthly balance to avoid $10 monthly service fee
Interest Banking:
Yes.
Requirements:
None
Features:
- Mobile Banking
- Online Banking
- School Spirit Debit Cards
Money Beez
For our young savers under 13 years old!
Monthly Service Fee:
$1 if the balance falls below $5 at any time during that month
Interest Banking:
Yes.
Requirements:
- $10 transfer from another Unity Bank account per month.
Features:
- Combined statements with the adult owner on the Money Beez Accounts.
- Transfers make it easy to save.
Savings Goal Calculator
Transfer the Cents
With Unity Bank's Transfer the Cents program, your everyday purchases with your Unity Bank Debit Card can help you save more effortlessly. By rounding up each purchase to the nearest dollar, we'll transfer the spare change from your checking account to your savings account at the end of each business day. It’s an easy way to boost your savings without any extra effort or cost to you!
To get started with Transfer the Cents, you’ll need:
- A Unity Bank Checking Account with Debit Card
- A Unity Bank Savings Account
Sign up today and start making every purchase a step towards greater savings!
CD Special
4.90% APY1
5 Months CD | $2500 Minimum
IRA CD Special
4.50% APY2
18 Month IRA CD | $2500 Minimum
Individual Retirement Account
Secure your financial future with our Individual Retirement Account (IRA). Designed to help you save for retirement, our IRA offers tax advantages, flexible contribution options, and a range of investment choices. Whether you prefer a traditional IRA with potential tax-deductible contributions or a Roth IRA with tax-free withdrawals, we provide the tools and support you need to build a robust retirement plan. Start planning today and enjoy peace of mind for tomorrow.
Traditional IRA
- Contributions may be tax-deductible.
- Taxes are paid upon withdrawal, typically during retirement.
- Required Minimum Distributions (RMDs) begin at age 73.
- Contributions grow tax-deferred until retirement.
Roth IRA
- Contributions are made with after-tax dollars.
- Qualified withdrawals are tax-free, including earnings.
- No Required Minimum Distributions (RMDs) during the account holder’s lifetime.
- Contributions can be withdrawn anytime without penalties or taxes.
SEP IRA (Simplified Employee Pension)
- Designed for self-employed individuals and small business owners.
- Higher contribution limits compared to Traditional and Roth IRAs.
- Contributions are tax-deductible, and growth is tax-deferred.
- Contributions must be made by the business owner, not employees.
Coverdell Education Savings Account (CESA)
- Tax-Advantaged Savings
- Contributions grow tax-free.
- Qualified withdrawals for education expenses are tax-free.
- Eligible Expenses:
- Covers a wide range of education costs, including K-12 tuition, books, and supplies.
- Can be used for higher education expenses like college tuition and fees.
Health Savings Account
A Health Savings Account (HSA) in conjunction with a high-deductible health plan (HDHP) is a great way to lower your health care costs. It's a tax-advantaged account that can be used to pay for day-to-day eligible medical expenses. Your HSA is also an excellent way to save for retirement as the money in your account continues to grow tax-free, year after year.
Reasons to open a Health Savings Account today:
- Freedom of choice over your health care decisions
- Long-term savings
- Tax savings
- Interest earnings
- Stays with you - fully portable
Your HSA works just like a regular checking account. You can either write a check or use your debit card to pay for qualified medical expenses. Statements can be mailed or viewed online, and you'll receive a year-end report for tax purposes. Your account features:
- Control over your Healthcare
- Stays with you into retirement
- Monthly eStatements
- Earn Interest
- Year-End Report
To open your Health Savings Account, contact us today.
Health Savings Account Video Tutorial
What is a Health Savings Account?
A Health Savings Account, or HSA, is exactly what the name implies: a savings account established to help pay for qualified medical expenses. Savings roll over year after year, so your unused funds are available to pay health expenses even during retirement. An HSA is similar to an Individual Retirement Account (IRA) - you open your HSA and you own it. So, whether you change jobs or become self-employed, your account stays with you - it is fully portable.
Who is eligible for an HSA?
An eligible individual is anyone who:
- Participates in a high-deductible health plan (HDHP)
- Does not have coverage through an additional health plan that is not an HDHP
- Is not enrolled for Medicare or receiving VA Benefits
- May not be claimed as a dependent on another person's tax return
What is a High-Deductible Health Plan?
This is your health insurance plan. HDHPs usually have lower premiums and higher annual deductibles than traditional health insurance. There is also a limit placed on the total out-of-pocket expenses for an individual or family each year. Individuals/employees must be enrolled in an eligible HDHP before they can open an HSA. Ask your insurance provider if your plan qualifies.
What are the tax advantages of an HSA?
- Contributions by individuals are tax-deductible from your adjusted gross income.
- Contributions you make through your employer may be deducted from your gross pay. That way you won't pay state or federal taxes on money going into your HSA.
- Funds may be used to pay for qualified medical expenses through retirement.
- Those funds continue to grow tax-free.
How It Works
What happens to my unused funds at year's end?
Your unused funds, plus your earned interest, roll over year after year. This means your money stays with you and is yours to use in years to come.
Who owns the HSA?
You do. It is a personal, portable account that remains yours even if you change jobs or are no longer enrolled in an HDHP.
Can I have an HSA in addition to an IRA or other qualified retirement plan?
Yes. Although similar in the way they operate, an HSA is not an IRA.
What is the difference between health care flexible spending accounts (FSAs) and HSAs?
With both HSAs and FSAs you can pay for qualified expenses with pre-tax dollars. However, whereas your FSA money left unspent at the end of the year is forfeited, your HSA balance simply rolls over from year to year. If you are eligible for a HSA, you may have a limited use FSA only-to be used for dental and vision expenses only.
Can I have an HSA even though I have accident, short-term disability, or illness-specific insurance?
You (and your spouse, if you have family coverage) can have additional insurance that provides benefits only for the following items:
- A specific disease or illness.
- Liabilities incurred under workers' compensation laws, tort liabilities, or liabilities related to ownership or use of property.
- A fixed amount per day (or other period) of hospitalization.
You can also have coverage (whether provided through insurance or otherwise) for the following items.
- Accidents
- Disability
- Dental care
- Vision care
- Long-term care
Plans in which substantially all of the coverage is through the above listed items are not HDHPs. For example, if your plan provides coverage substantially all of which is for a specific disease or illness, the plan is not an HDHP for purposes of establishing an HSA.
Funding
How much may be contributed to an HSA?
You and your employer can make contributions to your HSA. See chart below for the maximum contributions allowed. Persons age 55-65 can also make an additional "catch-up" contribution.
Tax Year: 2024
Single Coverage Annual Limit: $4,150
HSA "Catch-Up" Contribution Limits for Owners Age 55 and Older
Tax Year: 2024
Annual "Catch-Up" Contribution: $1,000
Who may contribute to my HSA?
Anyone - you, your employer or any individual - can contribute to your HSA. Contributions made by you or another individual are deductible from your gross income. Your employer's contributions are exempt from federal employment taxes (e.g., income, FICA and FUTA).
Is there a deadline for contributions?
The deadline for contributions for any given tax year is April 15 of the following year.
Can Individual Retirement Account, Health Reimbursement Account, or Flexible Spending Account funds be rolled into an HSA?
No.
Using HSA Funds
What is a qualified medical expense?
One of the primary benefits of an HSA is that you can pay for qualified medical expenses from your HSA account tax-free. These include most medical related expenses for you, your spouse, and dependents.
Who is responsible for determining if a medical expense is qualified?
As the individual account holder, you are responsible for determining if an expense qualifies to be paid with HSA funds. Be sure to save all invoices and statements that support the eligibility of withdrawals from your HSA.
Do health insurance premiums count as "qualified medical expenses"?
Generally, no, except in the following instances:
- Qualified long-term care insurance
- COBRA health care continuation coverage
- Health care coverage while an individual is receiving unemployment compensation
Can HSA funds be used for non-medical expenses?
Non-medical distributions from an HSA are included in gross income and as such are taxed, as well as subject to a 20% penalty if withdrawn for non-medical purposes prior to age 65. Consult your tax advisor for regulations regarding distributions from HSAs.
What happens to my unused HSA funds when I die?
Like an IRA, the assets in an HSA become the property of a named beneficiary upon the account holder's death, or go to the estate if no beneficiary is named. A spouse beneficiary can treat such assets as their own account, while a non-spouse must include them as ordinary income for taxation purposes.
What if funds are not available in my HSA when I incur a qualified medical expense?
Use another method to pay for a qualified medical expense. Then, once the money is in your HSA, you can reimburse yourself from your HSA account for whatever amount you paid for the expense.