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 one of our branch locations.

Business Money Market Account

West Gate Bank offers a variety of business accounts to fit your needs. As a local community bank, West Gate Bank is proud to say that 100% of your deposits are reinvested in the Lincoln community. So by banking with West Gate Bank, not only are you getting a great account with great service, you are helping your community grow.

In addition to the competitive business money market account below, West Gate Bank's  Cash Management services can also provide additional services to make banking even more convenient for you.

Business Money Market

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

• No monthly service charge
• $2500 minimum balance ($10 fee if balance falls below $2500)
• FREE Online Banking
• FREE Online Bill Pay
• FREE gift at account opening
• Six pre-authorized or ATM withdrawals per month. Three of the six withdrawals may be checks drawn on the account. (Withdrawals limitations are federally regulated. If more than six withdrawals are made, the charge is $3 per item.)
• Interest 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.
• Upon death, HSA assets become the property of the named death beneficiary or the HSA account holder's death.

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. Higher rates apply to balances over $1,000. Check current HSA Rates Deposit'" DESIGNTIMESP=16353>interest rates.
• 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)
  • A HDHP is a health plan with a deductible of at least $1100 for an individual and at least $2200 for family coverage.
• 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 2008 are as follows:

Individual Coverage = $2900
Family Coverage = $5800

Catch-Up (over age 55) = $900

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.