Personal Savings Accounts

Whether you are looking to take that first step toward building your personal savings or need an additional account for some extra savings, West Gate Bank's Savings Account is a great option.

• No monthly service charge
• $100 minimum balance ($2.50 if balance falls below $100)
• FREE non-West Gate Bank ATM withdrawals^ (3 per statement cycle)
• FREE ATM card
• FREE online banking
• FREE online bill pay
• 3 withdrawals allowed per month (additional withdrawals are $.50 each)
• Interest is calculated using daily balance and is paid quarterly
• Fees are waived for customers under age 19

View current deposit rates.

^ West Gate Bank will not charge a fee for using a non-West Gate Bank ATM. The owner of the ATM, however, may charge a fee.

For more information about a West Gate Bank Savings Account, please contact a personal banker at 434-3456 or visit one of our branch locations.

Personal Money Market Accounts

The West Gate Bank Money Market Account is designed to reward higher balances with a competitive interest rate.

• 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.

^ West Gate Bank will not charge a fee for using a non-West Gate Bank ATM. The owner of the ATM, however, may charge a fee.

For more information about any accounts, 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.

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

In 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), a relatively new account.

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 ($2.50 fee if balance falls below $100)
• Interest is paid on all balances. Higher rates apply to balances over $1,000. Check current  deposit 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)
• 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.

Individual Retirement Accounts

Individual Retirement Accounts (IRAs) are accounts that allow for certain tax advantages and shelters for individuals saving for retirement.

West Gate Bank offers two types of IRAs:  Traditional IRAs and Roth IRAs.

Traditional IRAs

Any person, regardless of age, can have a Traditional IRA.

• Contributions to a Traditional IRA are tax deductible.
• Interest is tax-deferred, meaning it is not reported unless the funds are distributed (taken out) prematurely.
• Account holders cannot withdraw funds before age 59 ½ without a 10 percent early withdrawal penalty.
• Withdrawal amounts are always subject to income tax, regardless of age.
• Individuals with Traditional IRAs cannot make contributions over the age 70 ½
• Individuals with Traditional IRAs are required to take annual distributions upon reaching the age of 70 ½. The required minimum distribution (RMD) depends on the account holder's age.
   
• Contribution Limit for 2009 (under age 50):  $5000
• Contribution Limit for 2009 (age 50 or better):  $6000

Roth IRAs

Any person, regardless of age, can have a Roth IRA.

• Contributions to a Roth IRA are NOT tax deductible.
• The interest earned on a Roth IRA is tax-deferred.
• Account holders cannot withdraw funds before age 59 ½ without a 10 percent early withdrawal penalty.
• After age 59 ½, account holders can take distributions tax and penalty free.
• Individuals with a Roth IRA can continue to contribute to their IRA even after age 70 ½.
• Individuals with a Roth IRA are NOT required to take minimum distributions at age 70 ½.
   
• Contribution Limit for 2009 (under age 50):  $5000
• Contribution Limit for 2009 (age 50 or better):  $6000

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