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
Interest 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.
Interest
Paid Tiered interest rates, interest paid monthly.
Check Images
Free
Bill Pay on Online Banking
Free
Interest Rate
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.
Interest Paid
Tiered interest rates, interest paid monthly.
Check Images
Free
Bill Pay on Online Banking
Free
Interest Rate
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 At age 65, funds can be used for eligible medical expenses or may be withdrawn at the individual’s normal tax rate for other purposes.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.
Maximum contribution
Self-Only Coverage
2022 $3,650
2023 $3,850
Family Coverage
2022 $7,300
2023 $7,750
Out of pocket maximum
Self-Only Coverage
2022 $7,050
2023 $7,500
Family Coverage
2022 $14,100
2023 $15,000
Minimum deductible
Self-Only Coverage
2022 $1,400
2023 $1,500
Family Coverage
2022 $2,800
2023 $3,000
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.
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
- 2020 $6,000 ($7,000 if you’re age 50 or older)
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
- 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
- 2020 $6,000 ($7,000 if you’re age 50 or older)
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
- 2020 $6,000 ($7,000 if you’re age 50 or older)
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
- 2020 Less of 25% of W-2 or $57,000
Max. Contribution ALL Sources
- 2020 $57,000
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
- 2020 $13,500 ($16,500 if you’re age 50 or older)
Max. Employer Contribution
- 2020 Matching: 3% of W-2 before deferral (up to $13,500) OR Non-elective: 2% of W-2 (up to $5,300)
Max. Contribution ALL Sources
- 2020 $13,500 ($16,500 if you’re age 50 or older) + Employer Contribution (Matching or Non-elective)
Tax Deduction
- Yes. Consult your tax advisor regarding your own situation.
Withdrawals
- Taxed
- Earnings Deferred
Form by
- 2020 by 10/1/2020
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
