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IRAs/Health Savings

Tax-deferred options for your future. 
FNB offers a variety of options to build tax-deferred savings through IRA accounts and tax-advantaged savings with HSAs. 

INDIVIDUAL RETIREMENT ACCOUNTS

Plan for your future with IRAs. FNB offers both traditional and Roth Individual Retirement Accounts and an Educational IRA.

Traditional IRA
Traditional IRA accounts allow individuals with earned income to contribute to a retirement account where earnings grow tax-deferred until withdrawn.(1)
  • Contributions may be tax-deductible(2), subject to IRS rules and income limitations. Earnings grow tax-deferred until withdrawn.(1)
  • Minimum opening deposit of $500.00
  • Available for individuals with eligible earned income (IRS contribution limits and income restrictions may apply.)
  • Required minimum distributions (RMDs) generally must begin at age 73. Individuals born in 1960 or later may have an RMD age of 75 under current law. Penalty-free withdrawals generally may begin at age 59 ½,  although distributions may be subject to ordinary income taxes. (1)
  • Withdrawals taken before age 59½ may be subject to a 10% IRS early-withdrawal penalty unless an exception applies. 
Roth IRA
A Roth IRA differs in that contributions are taxed going into the IRA, but no tax is paid on qualified withdrawals (1)
  • No taxes on the interest earned on the account (1)
  • Flexible terms to meet your needs
  • Minimum opening deposit of $500.00
  • Individuals with earned income subject to modified adjusted gross income limits
  • Contributions may be withdrawn at any time without taxation(1)(2)
  • Qualified withdrawals of earnings may be made without taxation after 5 years (1)
Tax treatment of your contributions vary widely between these options, as well as the tax consequence when you begin withdrawals. Please discuss your new or rollover IRA needs with a Customer Service Representative who can assist you in determining your eligibility for each account, and to help you select the IRA which best meets your retirement savings plan needs. In addition, you will be provided a disclosure statement reflecting terms, fees, and interest rates on your account.

(1) Important Note: Please consult your tax advisor regarding the tax consequences of Individual Retirement Account (IRA) contributions and withdrawals. (2) An account must be opened, and all contributions must be made, by the tax filing deadline (generally April 15). Contributions are applied to the current tax year unless otherwise designated at the time of deposit. 

HEALTH SAVINGS ACCOUNTS

You already know the value of tax-advantaged savings—they’re simply too good to pass up! FNB offers HSA accounts to provide maximum benefits and flexibility tailored specifically to you! 
An HSA is a tax-advantaged savings account designed to help eligible individuals save for qualified medical expenses. Contributions may be tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are generally tax-free.

Unlike many Flexible Spending Accounts (FSAs), unused HSA funds generally roll over from year to year. Your balance remains in the account, where it can continue to grow until needed for qualified medical expenses.

After age 65, HSA funds may be withdrawn for non-medical purposes without the additional IRS penalty, although ordinary income taxes may apply. Withdrawals used for qualified medical expenses remain tax-free.

Account Requirements:
  • $50 minimum deposit required to open account
  • $25 setup fee, due upon account opening
  • $3.00 monthly service charge if balance falls below $2,500.00
  • Deposits and withdrawals are limited to those set forth by IRS guidelines. See current guidelines here. 
  • Account fees are applicable on this account, such as Non-Sufficient funds ($26.00), Stop Payment fee ($26.00), and Temporary checks (per book of 24 at the current fee)
  • A debit card and/or checks are available on this account.
Not everyone qualifies. See your tax representative and insurance provider to see if you qualify for an HSA.

To find out more, contact us today or visit the FNB location nearest you. 

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Frequently Asked Questions

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