Business Savings

Designed for businesses wanting to build a savings fund that can be used as a readily accessible cash reserve, the West Gate Bank Business Savings Account could be right for you and your business.

• No monthly service charge
• $100 minimum balance ($2.50 fee if balance falls below $100)
• FREE Online Banking
• FREE Online Bill Pay
• FREE gift at account opening
• Three withdrawals per month (additional withdrawals are $0.50 each)
• Interest calculated using daily balance and is paid quarterly

View current deposit rates.

For more information, please contact a personal banker at 434-3456 or visit one of our branch locations.

Business Money Market Account

The West Gate Bank Business Money Market Account rewards businesses maintaining higher balances with a higher rate of interest.

• No monthly service charge
• $500 minimum balance ($6 fee if balance falls below $500)
• Interest paid on all balances
• FREE non-West Gate Bank ATM withdrawals^ (4 per statement cycle)
• FREE ATM/Debit card
• FREE online banking
• FREE online bill pay
• Six pre-authorized or ATM withdrawals allowed per month. (Withdrawal limitations are federally regulated. If more than six withdrawals are made, the charge is $3.00 per item.)
• Interest is calculated using daily balance and is paid monthly

View current deposit rates.

For more information about this account, please contact a personal banker at 434-3456 or visit one of our branch locations.

Certificates of Deposit (CDs)

We offer CDs for various terms at competitive rates to help meet your investment goals and cash flow needs. If you are thinking of opening a CD, consider West Gate Bank. By investing your CD at West Gate Bank, you are helping your community prosper because 100% of your deposits are reinvested in the Lincoln community.

View current deposit rates.

• CDs are fixed rate accounts. The interest rate and annual percentage yield will not change for the account term, unless otherwise stated.
  • What's the difference between annual percentage yield and interest rate?
    • Annual percentage yield = received when funds remain in the account (interest is not taken out)
    • Interest rate = received when interest is received by the customer, rather than allowing the interest to remain in the account
• Interest is calculated using the daily balance method, which applies a daily periodic rate to the principal in the account on a daily basis.
• $500 minimum deposit. Additional deposits are not permitted.
• CDs automatically renew. You will have 10 calendar days after the maturity date to withdraw funds without penalty.
• Penalty for early withdrawal.
  • Within six days of account opening = 7 days simple interest on withdrawn funds
  • If original term is one year or less = 3 months interest (earned or not) on amount subject to penalty
  • If original term is more than one year = 6 months interest (earned or not) on amount subject to penalty

To show our appreciation for your business, you receive premium rates on all CDs if your primary checking account  is with West Gate Bank.

For more information about any of these accounts, please contact a personal banker at 434-3456 or visit one of our branch locations.

Health Savings Accounts

There is no doubt that health care and medical costs have been on the rise. To combat these rising costs, Congress created Health Savings Accounts (HSA), which are a relatively new account.

Could your employees benefit from Health Savings Accounts? If your employees are covered by a high deductible health plan, HSAs could be right for your business.

Not only can HSAs provide benefits related to paying for qualified medical expenses, they also provide benefits similar to tax-favored retirement plans. Health Savings Accounts can provide significant tax benefits to eligible individuals. So it's a great way to pay for medical expenses, but save some money for retirement, too.

An HSA is similar to an Individual Retirement Account, but is designed exclusively for covering medical expenses incurred by the HSA account holder and his or her dependents.

Here are some facts about HSAs:

• HSA contributions made by an employer or employee are excluded from your income.
• HSA earnings are tax-deferred.
• HSA assets are not taxed if used for qualified medical expenses.
• Unused HSA assets may be used for retirement; however, they will be subject to a 10 percent penalty until the HSA beneficiary turns 65. If the funds are not used for medical expenses, they will be subject to income taxes.

Account Activity

West Gate Bank Health Savings Accounts include many benefits without maintenance fees.

• No account setup fee
• No annual maintenance fee
• $100 minimum balance ($3 fee if balance falls below $100)
• Interest is paid on all balances.
• Interest is calculated using the daily balance and is paid quarterly
• FREE debit card*
• FREE online banking
• FREE online bill pay

* Checks are not used with HSAs.

Account Eligibility

How do you know if you are eligible to open a Health Savings Account?

• You must be covered by a high deductible health plan (HDHP)
• You cannot be covered by any other health plan that is not a HDHP
• You cannot be enrolled in Medicare
• You cannot be claimed as a dependent on another person's tax return

Contribution Limits

The total amount that can be contributed in any taxable year is dependent upon whether you have individual or family coverage with your insurance provider. The contribution limits for 2009 are as follows:

Individual Coverage = $3,000
Family Coverage = $5,950

Catch-Up (over age 55) = $1,000

Using HSA Assets

In order for your assets to retain their tax-free status, they may only be used for certain expenses, including:

• Actual medical expenses, including doctor's visits, prescriptions, transportation to get medical care, and dental care
• Long-term care insurance
• Certain continuation of benefit health care coverage
• Certain health insurance after age 55

Non-qualified use of HSA assets are subject to taxation and a 10 percent penalty unless the HSA account holder is 65 or older, dies, or is disabled.

Reporting

HSAs require the following government reporting:

• HSA holders must report all contributions (credits) and distributions (debits) on their individual tax returns.
• An employer contribution is reported on a business tax return, as well as the W-2 form of any employee receiving a contribution.
• All contributions and distributions from any HSA are also reported by the custodian or trustee where the HSA is held (i.e. the bank).

View current HSA rates.

For more information about Health Savings Accounts, please contact a personal banker at 434-3456 or visit one of our branch locations.

Sweep Accounts

Make your deposits work for you.

Additional cash can be automatically swept from your company's checking account into an investment account earning you market rates. In addition to linking an investment account to your checking account, you can also link it to a line of credit. Take the worry away of not utilizing your additional cash by investing, while alleviating the potential of a return check.

West Gate Bank is able to offer you the opportunity to invest in money market funds offered by the Goldman Sachs Trust. The two funds that West Gate Bank offers are the Prime Obligation Fund and Government Fund.*

Prime Obligation Fund (POF)

This fund invests in U.S. Government securities, obligations of U.S. banks, commercial paper and other short-term obligations of U.S. companies, states, municipalities, and other entities and repurchase agreements.

Government Fund (GF)

This fund invests only in securities issued by the U.S. Treasury and repurchase agreements relating to such securities.

Goldman Sachs is a U.S. registered money market fund that invests in short-term money market instruments. For its investment objective and policies, please contact a cash management specialist for a prospectus.

For more information, please contact Brock Shelton at 323-8902 or visit one of our branch locations.

In addition to the competitive sweep accounts, West Gate Bank's Cash Management services can also provide additional services to make banking even more convenient for you.

*An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. Past performance is no guarantee of future results and investment returns will fluctuate. Performance reflects fee waivers. In their absence, performance would be reduced.