Savings
Saving for a rainy day, a sunny vacation, or the home of your dreams? A number of options are available to help you put away a little extra. And since West Gate Bank® deposits are reinvested into the community, you'll be supporting the financial well-being of surrounding neighborhoods while you save for the future.
Personal Savings Accounts
Take the first step toward building your personal savings by utilizing a flexible account that will accommodate your goals.
- No monthly service charge
- $10 minimum balance ($2.50 monthly fee imposed every statement cycle if balance falls below $10 any day of the month)
- Interest is calculated using the daily balance method and is paid quarterly
- Unlimited ATM withdrawals worldwide^
- Free ATM Card
- Free Online Banking with Account Alerts
- Free Bill Pay
- Free Mobile Banking with Mobile Deposit
- 6 free withdrawals allowed per month (additional withdrawals are $.50 each.)
- Fees are waived for customers under age 18
- Only $10 to open account
^Other institutions may impose a fee for the use of their ATMs.
| Term | Minimum* | Interest Rate | APY** |
|---|---|---|---|
| Regular Savings | $10.00 | .50% | .50% |
| IRA Savings | $10.00 | 5.00% | 5.09% |
The Annual Percentage Yield (APY) may change on Savings Accounts after account opening. Fees could reduce earnings.
*Minimum = Minimum balance required to open an account. Annual Percentage Yield (APY) obtained on all balances. Fee may be assessed on account if balance falls below required minimum. See account type for details.
**The Annual Percentage Yield (APY) assumes interest will remain on deposit until maturity. A withdrawal of interest will reduce the earnings and APY.
ALL RATES ARE SUBJECT TO CHANGE WITHOUT NOTICE. CALL 402-434-3456 FOR CURRENT INFORMATION.
Money Market Accounts
Our Money Market Accounts are designed to reward higher balances with competitive interest rates.
- No monthly service charge
- $500 minimum balance ($6.00 monthly fee imposed every statement cycle if balance falls below $500 any day of the statement cycle)
- Interest is paid on all balances, calculated using daily balance method, and paid monthly
- Unlimited ATM withdrawals worldwide^
- Free wallet checks for life of account
- Free Debit Card
- Free Online Banking with Account Alerts
- Free Bill Pay
- Free Mobile Banking with Mobile Deposit
- After 6 free monthly withdrawals, additional withdrawals are $3.00 each
- Only $10 to open account
^Other institutions may impose a fee for the use of their ATMs.
| Account Type | Minimum* | BALANCE TIER | INTEREST RATE | APY** |
|---|---|---|---|---|
| Money Market | $50.00 | $0.00-$49,999.99 | 1.50% | 1.51% |
| $50.00 | $50,000.00-$99,999.99 | 1.75% | 1.76% | |
| $50.00 | $100,000.00-$249,999.99 | 2.00% | 2.02% | |
| $50.00 | $250,000.00-$499,999.99 | 3.00% | 3.04% | |
| $50.00 | $500,000.00-$999,999.99 | 4.25% | 4.33% | |
| $50.00 | $1,000,000.00 and Above | 4.75% | 4.85% |
The Annual Percentage Yield (APY) may change on Money Market Accounts after account opening. Fees could reduce earnings.
*Minimum = Minimum balance required to open an account. Annual Percentage Yield (APY) obtained on all balances. Fee may be assessed on account if balance falls below required minimum. See account type for details.
**The Annual Percentage Yield (APY) assumes interest will remain on deposit until maturity. A withdrawal of interest will reduce the earnings and APY.
ALL RATES ARE SUBJECT TO CHANGE WITHOUT NOTICE. CALL 402-434-3456 FOR CURRENT INFORMATION.
Certificates of Deposit (CDs)
We offer CDs for various terms at competitive rates to help meet your investment goals and cash flow needs.
- $1,000 minimum deposit
- Additional deposits are not permitted
- Fixed rate - the interest rate* and annual percentage yield* will not change for the account term, unless otherwise stated
- Interest calculated using the daily balance method - a daily periodic rate is applied to the principal in the account daily
- CDs automatically renew (you will have 10 calendar days after the maturity date to withdraw funds without penalty)
- Early withdrawal penalty: $100 fee and the loss of 12 months interest, earned or not; regardless of the term
*Annual percentage yield = received when funds remain in the account (interest is not taken out). Interest rate = received when interest is received by the customer, rather than allowing the interest to remain in the account.
| Term | Minimum* | Interest Rate^ | APY** |
|---|---|---|---|
| 6 Month | $1,000.00 | 5.00% | 5.09% |
| 12 Month | $1,000.00 | 4.75% | 4.84% |
| 18 Month | $1,000.00 | 2.50% | 2.52% |
| 24 Month | $1,000.00 | 2.25% | 2.27% |
| 36 Month | $1,000.00 | 2.00% | 2.02% |
| 48 Month | $1,000.00 | 2.00% | 2.02% |
| 60 Month | $1,000.00 | 2.00% | 2.02% |
The Annual Percentage Yield (APY) may change if not held to maturity. Fees could reduce earnings.
^Rate disclosed is for customers of West Gate Bank with Certificate of Deposit balances below $250,000. Add 0.25% to interest rate for balances at or over $250,000.00.
The penalty structure for early withdrawal on CDs is as follows:
$100 fee and the loss of 12 months interest, earned or not and regardless of the term.
*Minimum = Minimum balance required to open an account. Annual Percentage Yield (APY) obtained on all balances.
**The Annual Percentage Yield (APY) assumes interest will remain on deposit until maturity. A withdrawal of interest will reduce the earnings and APY.
ALL RATES ARE SUBJECT TO CHANGE WITHOUT NOTICE. CALL 402-434-3456 FOR CURRENT INFORMATION.
Health Savings Accounts
A Health Savings Account (HSA) is designed exclusively for covering medical expenses incurred by the HSA account holder and his or her dependents. HSA contributions made by an employer or employee are excluded from your income. Earnings are tax-deferred and HSA assets are not taxed if used for qualified medical expenses. Unused HSA assets may even be used for retirement.
- No account setup fee
- No annual maintenance fee
- Interest is paid on all balances
- Interest is calculated using the daily balance method and is paid monthly
- Free Debit Card
- Free Online Banking
- Free Bill Pay
- Free duplicate checks
- Only $10 to open the account, no minimum balance, no service charge
- You must be covered by a high deductible health plan (HDHP)
- You cannot be covered by any other health plan that is not a HDHP
- You cannot be enrolled in Medicare
- You cannot be claimed as a dependent on another person's tax return
- The following table highlights the 2021 and 2022 limitations:
Year HSA Annual Contribution Limit* HDHP Minimum Annual Deductible HDHP Maximum Out-of-Pocket Expense 2021 $3,600 (self)
$7,200 (family)$1,400 (self)
$2,800 (family)$7,000 (self)
$14,000 (family)2022 $3,600 (self)
$7,200 (family)$1,400 (self)
$2,800 (family)$7,000 (self)
$14,000 (family)
*Plus $1,000 per year if age 55 or older
In order for your assets to retain their tax-free status, they may only be used for certain expenses, including:
- Actual medical expenses, including doctor's visits, prescriptions, transportation to get medical care, and dental care
- Long-term care insurance
- Certain continuation of benefit health care coverage
- Certain health insurance after age 55
Non-qualified use of HSA assets are subject to taxation and a 20 percent penalty unless the HSA account holder is 65 or older, dies, or is disabled.
HSAs require the following government reporting:
- HSA holders must report all contributions (credits) and distributions (debits) on their individual tax returns.
- An employer contribution is reported on a business tax return, as well as the W-2 form of any employee receiving a contribution.
- All contributions and distributions from any HSA are also reported by the custodian or trustee where the HSA is held (i.e. the bank)
| Account Type | Minimum* | Interest Rate | APY** |
|---|---|---|---|
| Health Savings Accounts^ | $0 | 1.00% | 1.00% |
The Annual Percentage Yield (APY) may change on Savings Accounts after account opening. Fees could reduce earnings.
*Minimum = Minimum balance required to open an account. Annual Percentage Yield (APY) obtained on all balances. Fee may be assessed on account if balance falls below required minimum. See account type for details.
**The Annual Percentage Yield (APY) assumes interest will remain on deposit until maturity. A withdrawal of interest will reduce the earnings and APY.
^ Rate disclosed is for customers with a West Gate Bank® checking account with direct deposit. APY will be .50% less without a West Gate Bank checking account.
ALL RATES ARE SUBJECT TO CHANGE WITHOUT NOTICE. CALL 402-434-3456 FOR CURRENT INFORMATION.
Individual Retirement Accounts
Individual Retirement Accounts (IRAs) are accounts that allow for certain tax advantages and shelters while saving for retirement. We offer two types of IRAs - Traditional and Roth.
- Contributions to a Traditional IRA are tax deductible
- Interest is tax-deferred, meaning it is not reported unless the funds are distributed (taken out) prematurely
- Account holders cannot withdraw funds before age 59 ½ without a 10 percent early withdrawal penalty
- Withdrawal amounts are always subject to income tax regardless of age
- Individuals with Traditional IRAs cannot make contributions over the age 70 ½
- Individuals with Traditional IRAs are required to take annual distributions upon reaching the age of 70 ½
- The required minimum distribution (RMD) depends on the account holder's age
- Contributions to a Roth IRA are NOT tax deductible
- The interest earned on a Roth IRA is tax-deferred
- Account holders cannot withdraw funds before age 59 ½ without a 10 percent early withdrawal penalty
- After age 59 ½, account holders can take distributions tax- and penalty-free
- Individuals with a Roth IRA can continue to contribute to their IRA even after age 70 ½
- Individuals with a Roth IRA are NOT required to take minimum distributions at age 70 ½
| Term | Minimum* | Interest Rate | APY** |
|---|---|---|---|
| Regular Savings | $10.00 | .50% | .50% |
| IRA Savings | $10.00 | 5.00% | 5.09% |
The Annual Percentage Yield (APY) may change on Savings Accounts after account opening. Fees could reduce earnings.
*Minimum = Minimum balance required to open an account. Annual Percentage Yield (APY) obtained on all balances. Fee may be assessed on account if balance falls below required minimum. See account type for details.
**The Annual Percentage Yield (APY) assumes interest will remain on deposit until maturity. A withdrawal of interest will reduce the earnings and APY.
ALL RATES ARE SUBJECT TO CHANGE WITHOUT NOTICE. CALL 402-434-3456 FOR CURRENT INFORMATION.
