Some savings have a job to do. From healthcare and retirement to money you want to set aside for the future, we offer options designed for different goals and timelines. Not sure which fits? We’re happy to help you understand the differences.
A Health Savings Account (HSA) lets eligible individuals set aside money for current and future healthcare expenses while earning interest. HSAs are designed for people covered by a qualifying High-Deductible Health Plan (HDHP) who meet IRS eligibility requirements.
A Freedom Bank HSA gives you convenient access to your money for qualified medical expenses while earning competitive, tiered interest rates. Unused funds stay in your account and roll over from year to year, so you can save for healthcare expenses today or further down the road.
HSAs also offer federal tax advantages. Eligible contributions may be tax-deductible or excluded from income, earnings grow tax-free, and withdrawals used for qualified medical expenses are generally tax-free. Eligibility, contribution limits, and tax rules apply.
Please see IRS Publication 969, “Health Savings Accounts,” for HSA eligibility, contribution, distribution, and tax information.
Montana Medical Savings Accounts offer eligible Montana taxpayers another way to set aside money for medical expenses, without the High-Deductible Health Plan requirement that applies to HSAs.
Your Freedom Bank Montana MSA earns competitive, tiered interest while keeping funds accessible for eligible medical expenses. Funds may be used for eligible medical expenses for the account holder or another person, subject to Montana MSA rules.
Our IRA Savings Accounts combine a fixed rate for a 12- or 18-month term with the flexibility to make additional contributions or qualified distributions, subject to applicable IRA rules. IRA eligibility, contribution limits, deductibility, and distribution rules vary. Consult your tax advisor to determine how IRA rules apply to your situation.
We offer Traditional and Roth IRAs, with 12- and 18-month terms.
Traditional IRA
Contributions may be tax-deductible depending on your circumstances. Earnings grow tax-deferred, and withdrawals are generally taxable when taken.
Roth IRA
Contributions are made with after-tax dollars and are not deductible. Qualified withdrawals, including earnings, can be tax-free.
A Certificate of Deposit (CD) can be a good fit for funds you won’t need for a set period and want to earn a fixed rate. Freedom Bank offers CD terms from 6 to 24 months, with options available for personal, business, and public funds.
Your rate is fixed for the CD’s term, so you’ll know what your money is earning. When the CD matures, you’ll have a grace period to withdraw or make changes, or you can allow it to automatically renew at the then-current rate offered for that term. A penalty may apply for early withdrawal.
