Regular Savings

Our Regular Savings Account comes with free Online Banking, free* Mobile Banking, and free E-Statements and notices. *Carrier charges for text messaging and mobile browser data may apply.

Minimum Balance

No monthly service fee with $200.00 minimum daily balance.

Monthly Service Fee

$3.00 monthly service fee if minimum balance is not met daily.

Withdrawals

Three free withdrawals per month. Additional withdrawals $2 per transaction.

Monthly service fees and excess withdrawal fees are waived until you reach the age of 21, or if primary account holder is age 65 or older.

Interest Paid

Quarterly

Check Images

N/A

Bill Pay on Online Banking

N/A

Interest Rates

View Rates

Money Market Savings

Our Money Market Savings account comes with free Online Banking, free* Mobile Banking, and free E-Statements and notices.

*Carrier charges for text messaging and mobile browser data may apply.

Minimum Balance

No monthly service fee with $1000.00 minimum daily balance.

Monthly Service Fee

$10.00 monthly service fee if minimum balance is not met daily.

Withdrawals

Six pre-authorized withdrawals or transfers allowed per month.

Interest

Paid Tiered interest rates, interest paid monthly.

Check Images

Free

Bill Pay on Online Banking

Free

Interest Rate

View Rates

Forward Money Market Savings

Our Forward Money Market Savings account comes with free Online Banking, free* Mobile Banking, and free E-Statements and notices.

*Carrier charges for text messaging and mobile browser data may apply.

Minimum Balance

No monthly service fee with $5000.00 minimum daily balance.

Monthly Service Fee

$25.00 monthly service fee if minimum balance is not met daily.

Withdrawals

Six pre-authorized withdrawals or transfers allowed per month.

Interest Paid

Tiered interest rates, interest paid monthly.

Check Images

Free

Bill Pay on Online Banking

Free

Interest Rate

View Rates

Health Savings Accounts

Health Savings Accounts (HSAs) are accounts to pay for qualified medical expenses not covered by High Deductible Health Plans (HDHP). To use your HSA for qualified expenses, simply use your Health Savings account debit card or write a check.

Contributions to HSAs are tax-deductible. Before-tax income can be used to fund the account for an employer-sponsored plan. Withdrawals for qualified expenses are tax-free. Funds grow tax-deferred. At age 65, funds can be used for eligible medical expenses or may be withdrawn at the individual’s normal tax rate for other purposes. Consult your tax advisor for complete information about your own situation.

No minimum deposit to open. Monthly service fee of $2. See plan for restrictions.

Contributions

The maximum contribution amount to a HSA is the statutory maximum for single or family coverage, whichever is applicable. Contributions are allowed until the tax filing deadline of the tax year. Individuals age 55 and older may make “catch-up” contributions of $1,000 in 2016 and after.

Maximum contribution

Self-Only Coverage

2017 $3,400

2018 $3,450

Family Coverage

2017 $6,750

2018 $6,900

Out of pocket maximum

Self-Only Coverage

2017 $6,550

2018 $6,650

Family Coverage

2017 $13,100

2018 $13,300

Minimum deductible

Self-Only Coverage

2017 $1,300

2018 $1,350

Family Coverage

2017 $2,600

2018 $2,700

Examples of qualified expenses might include most medical, dental and vision care and prescription and over-the-counter drugs. Some alternative expenses, such as chiropractic or acupuncture may also be covered. Your insurance agent can provide complete details on your health plan’s allowed expenses. More information on HSAs.

You’ll earn interest on your HSA, and have the convenience of reviewing your account online at bankforward.com. Your Bank Forward HSA is FDIC insured.

Recordkeeping

You must keep records sufficient to show that:

  • The distributions were exclusively to pay or reimburse qualified medical expenses.
  • The qualified medical expenses had not been previously paid or reimbursed from another source.
  • The medical expenses had not been taken as an itemized deduction in any year.

CDs

Plan for your future and be in control of your funds. Certificates (also called CDs) offer a higher rate of return in exchange for your commitment to keep the money deposited until a specified maturity date.

As little as $500 can open the door to higher interest rates. Choose from a variety of terms ranging from 3 months to 5 years. Certificates are automatically renewable.

We’ll provide you with interest rates, time options, interest payment information and withdrawal restrictions at any time.

Penalties may apply for early withdrawal.

Bank Forward is a member of CDARS network for additional FDIC coverage. Learn more about CDARs.

View Rates

IRAs - Traditional, Roth, Nondeductible, SEP, Simple

Traditional IRA

Highlights

Excellent savings plans for those not covered by other plans but who have earned income. Contributions are allowed until the tax filing deadline of the tax year. Form by the tax filing deadline of the tax year.

Max. Contribution

  • 2017 and 2018 $5,500

Age 50 or Over Additional Catch-Up

  • $1000

Tax Deduction

  • Yes. Consult your tax advisor regarding your own situation.

Withdrawals

  • Taxed

Earnings

  • Tax deferred

Penalty Issues

  • 10% before 59 1/2

Qualifications

  • Earned income
  • Max age 70 1/2
  • Not covered by another plan
  • If covered, must be below income limits

Distributions

  • Start by April 1 of year after turning 70 1/2

Interest Rates View Rates

Roth IRA

Highlights

Great long-term plan that offers tax-free accumulations and withdrawals.Contributions are allowed until the tax filing deadline of the tax year. Form by the tax filing deadline of the tax year.

Max. Contribution

  • 2017 and 2018 $5,500

Age 50 or Over Additional Catch-Up

  • $1000

Tax Deduction

  • No

Withdrawals

  • Nontaxable Earnings

Penalty Issues

  • 10% before 59 1/2 on earnings only

Qualifications

  • Earned income
  • Max income

Distributions

  • No requirements

Interest Rates View Rates

Nondeductible IRA

Max. Contribution

  • 2017 and 2018 $5,500

Age 50 or Over Additional Catch-Up

  • $1000

Tax Deduction

  • No

Withdrawals

  • Earnings taxed

Earnings

  • Tax deferred

Form by

  • Tax filing deadline of the tax year

Contributions by

  • Tax filing deadline of the tax year

Penalty Issues

  • 10% before 59 1/2

Qualifications

  • Earned income

Distributions

  • No requirements

Interest Rates View Rates

SEP IRA

Highlights

Excellent contribution limits, IRS forms 5500/EZ not required, but 100% employer funded.

Max. Contribution

  • $0

Max. Employer Contribution

  • 2017 Less of 25% of W-2 or $54,000
  • 2018 Less of 25% of W-2 or $55,000

Max. Contribution ALL Sources

  • 2017 $54,000
  • 2018 $55,000

Age 50 or Over Additional Catch-Up

  • N/A

Tax Deduction

  • Yes. Consult your tax advisor regarding your own situation.

Withdrawals Taxed Earnings Deferred Form by

  • Due Date + Extensions

Contribute by

  • Due Date + Extensions

Penalty Issues

  • 10% before 59 1/2

Qualifications

  • Employees can have a SEP IRA and a traditional or Roth IRA.
  • Can have a SEP IRA and 401(k) if have self-employment income.

Distributions

  • Plan based - usually 70 1/2

Interest Rates View Rates

Simple IRA

Highlights

Excellent choice for side businesses, small businesses and those with less than $50K annual income. 97% employer funded.

Max. Employee Contribution

  • 2018 $12,500

Max. Employer Contribution

  • 2018 Matching: 3% of W-2 before deferral (up to $12,500) OR Non-elective: 2% of W-2 (up to $5300)

Max. Contribution ALL Sources

  • 2018 $12,500 + Employer Contribution (Matching or Non-elective)

Age 50 or Over Additional Catch-Up

  • 2018 $3000

Tax Deduction

  • Yes. Consult your tax advisor regarding your own situation.

Withdrawals

  • Taxed
  • Earnings Deferred

Form by

  • 2018 by 10/1/2018

Contribute by

  • Due Date + Extensions

Penalty Issues

  • 25% first 2 years

Qualifications

  • No other active plan

Distributions

  • Plan based - usually 70 1/2

Interest Rates View Rates

Other terms and conditions may apply.

Learning about compound interest DEFINITELY changed my approach to saving. Now I'm ahead of the game when many of my peers haven't even started to save. Chelsey Klinger

The Holidays Don't have to break the bank.

But we don’t need to tell you that. You know that with a personal savings plan and a Bank Forward debit card, you are set for the season!

Debit & Gift Cards Savings