Individual Retirement & Health Savings Accounts


Farmers Bank offers several types of Individual Retirement Accounts (IRA's) to help you prepare for retirement. IRA's are a great way to save for your future and gain tax benefits today. Consult your tax advisor for the option(s) that best fit your needs.

Traditional IRARoth IRA Coverdell Education Savings Account (CESA) 
Contributions may be tax deductible* Non-deductible Non-deductible
Earns tax-free income*
Earns tax-deferred income Earns tax-free income* Earns tax-free income*
*Must meet qualifications

All of our IRA products are offered as Certificates of Deposit with terms ranging from 3 months to 5 years.

IRA Products for Small Businesses

If you are a small business owner and are looking to contribute to an IRA for yourself or your employees, Farmers Bank & Trust offers the Simplified Employee Pension Plan (SEP) or the Savings Incentive Match Plan for Employees (SIMPLE). Consult your tax advisor for the option(s) that best fit your business goals.

Picture young girl dressed as doctorHealth Savings Account

Health Savings Accounts (HSA's) are accounts established exclusively for the purpose of paying qualified medical expenses for the account beneficiary, spouse and children covered under a high-deductible health plan. Open a Farmers Bank HSA for you and your family or help set one up for your employees.

Contributions can be made to HSA's by individuals or employers up to the annual limit. These contributions may be deducted for tax purposes. Funds in HSA's are not required to be used each year. The plan will earn interest and continue to grow even when you have no medical expenses to pay.

Opening HSA's can be a smart business decision that benefits both your company and your employees. Enhance employee health benefits while controlling health care costs. Paired with a qualified high-deductible health care plan, an HSA helps make the most of your healthcare dollars. With an HSA, you can receive tax benefits for you and your employees.

Contact your health insurance provider to see if you qualify for a Health Savings Account.

For details and current rates call your local Branch Location or Contact Us.


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