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PERSONAL SAVINGS

If you’re saving for a new home, an education, or reinventing your life, Manasquan Bank can help you prepare with our saving account options. We offer exceptional savings tools and a wide variety of options for growing your funds. Our products offer flexibility and competitive rates, plus you’ll enjoy a superior level of service. We’re looking out for you; we’ll walk you through all our innovative solutions to help customize a long- or short-term savings plan that fits your needs.

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Infinity Saver   tick   tick
Money Market Savings tick tick tick tick
Club Savings   tick tick tick
Health Savings Account (HSA) tick tick   tick

Infinity Saver

As if one high interest Infinity account wasn’t enough, now you have two! We’ll transfer your monthly rewards and refunds on ATM fees from your Infinity Cash or Infinity Cash Back personal checking account into an Infinity Saver high interest savings account each month – where you can earn a high yield on what you save!

As if one high interest Infinity account wasn’t enough, now you have two! We’ll transfer your monthly rewards and refunds on ATM fees from your Infinity Cash or Infinity Cash Back personal checking account into an Infinity Saver high interest savings account each month – where you can earn a high yield on what you save!

  • No Monthly Maintenance Fee
  • No Monthly Minimum Balance
  • Mobile Banking with Check Deposit
  • Online Banking
  • e-Statements

*APY=annual Percentage Yield. APYs accurate as of Monday June 15, 2019. Rates may change after account is opened. Minimum to open is $50 for Infinity Cash, $50 for Infinity Cash Back and $50 for Infinity Saver. Limit one Infinity Cash or Infinity Cash Back account per SSN.  For Infinity Cash, if qualifications are met each monthly qualification cycle: (1) Domestic ATM fees incurred during qualification cycle will be reimbursed and credited to the account on the last day of monthly statement cycle; (2) balances up to $25,000 receive APY of 2.00%; and (3) balances over $25,000 earn 0.25% interest rate on the portion of the balance over $25,000 resulting in 2.00% to 0.60% APY. The APY will vary based on account balance. This range assumes a $25,000.01 - $125,000.00 account balance, although higher balances are accepted. If qualifications are not met on Infinity Cash all balances earn 0.01% APY.  Fees may reduce earnings. Qualifying transactions must post to and settle Infinity Cash account during monthly qualification cycle. Transactions may take one or more banking days from the date transaction was made to post and settle account. ATM processed transactions do not count towards qualifying debit card transactions. “Monthly Qualification Cycle” means a period beginning one day prior to the first day of the current statement cycle through one day prior to the close of the current statement cycle. The advertised Infinity Cash APY is based on compounding interest. If the interest earned in Infinity Cash is automatically transferred to an Infinity Saver, the interest does not compound. ATM receipt must be presented for reimbursement of an ATM fee of $5 or higher. For Infinity Cash Back, if qualifications are met you receive 2% cash back on debit card purchases that post to and settle account during the monthly qualification cycle up to a total cash back of $10 per monthly qualification cycle. Qualifying transactions must post to and settle Infinity Cash Back account during monthly qualification cycle. Transactions may take one or more banking days from the date transaction was made to post and settle account. ATM processed transactions do not count towards qualifying debit card transactions. “Monthly Qualification Cycle” means a period beginning one day prior to the first day of the current statement cycle through one day prior to the close of the current statement cycle. Domestic ATM fees incurred during qualification cycle will be reimbursed if qualifications are met within monthly qualification cycle. ATM receipt must be presented for reimbursement of an ATM fee of $5 or higher. Infinity Saver account is only available with an Infinity Cash or Infinity Cash Back account. Infinity Saver APYs may be less than Infinity Cash APYs. If qualifications in Infinity Cash or Infinity Cash Back are met each monthly qualification cycle: (1) balances up to $500,000 in Infinity Saver receive an APY of 1.50%; and (2) balances over $500,000 in Infinity Saver receive an APY of 0.25% interest rate on the portion of balance over $500,000, resulting in 1.50% - 1.29% APY. The APY will vary based on account balance. This range assumes a $500,000.01 - $600,000.00 account balance, although higher balances are accepted.  If qualifications are not met in Infinity Cash or Infinity Cash Back, all balances in Infinity Saver earn 0.01% APY. Infinity Saver account transactions are limited to no more than six preauthorized withdrawals, automatic or telephone transfers, checks, drafts, and debit card or similar transactions per month or statement cycle.

Regular Savings

At Manasquan Bank, we understand that our clients have different savings goals. For that reason, we offer three different types of Regular Savings accounts:

  • Passbook Savings
  • Statement Savings
  • Young Savers Passbook (for ages 5-18)

Each of these pays competitive interest, has a low minimum balance requirement, and no monthly maintenance fee.

You’ll also enjoy these benefits:

 

  • Mobile Banking
  • Online Banking
  • e-Statements (Statement Savings Only)
  • ATM Card (Statement Savings only)

Money Market and Signature Money Market Savings Accounts

We want to help you maximize your earnings! We offer two types of tiered Money Market Savings Accounts. Put your money to work with our Money Market or Signature Money Market accounts.

You’ll also enjoy these benefits:

  • Online Banking
  • Mobile Banking
  • e-Statements

Club Savings

Start with as little as $5 dollars to open, then set up an automatic transfer from your Manasquan Bank checking account and you’ll reach your savings goal in no time. Plus, there’s no monthly maintenance fee and no monthly minimum balance required. Before you know it, you’ll have enough saved for that dream vacation, new TV, or whatever you’ve had your heart set on and didn’t think you could afford.

You’ll also enjoy these benefits:

  • No Minimum Balance Requirements
  • No Monthly Service Fees
  • Online Banking
  • Mobile Banking
  • e-Statements (Statement Accounts Only)

Health Savings Account (HSA)

A Health Savings Account (HSA) is a federally approved tax-exempt account that eligible individuals can set up to subsidize their increased cost of healthcare. If individuals have a High Deductible Health Plan (HDHP), they may be eligible for an HSA.

Our interest-bearing HSA Checking Account offers the following features:

  • No Monthly Maintenance Fee
  • Convenient Access to Your Funds via checks and HSA Mastercard® Debit Card (no annual fee)
  • Low $25 Minimum Deposit to Open
  • Competitive Interest Rates
  • No Set-Up Fee
  • Online Banking
  • e-Statements 

Qualifications

To qualify for an HSA, the following requirements must be met:

  • Individual must be covered under a high deductible health plan (HDHP) that is HSA eligible on the first day of the month. (Please check with your Insurer to confirm that your HDHP is eligible)
  • Individual generally cannot have other health coverage that is not an HDHP.
  • Individual must be under age 65 or cannot be enrolled in Medicare.
  • Individual cannot be claimed as a dependent on someone else’s tax return.

Contributions

  • There are limits to annual contributions.
  • 2019 Limits:
    Self-only HDHP coverage no more than $3,500
    Family HDHP coverage no more than $7,000
  • Catch-Up contributions for individuals age 55 and over: $1,000
  • Hope Act of 2006: Allows an once-in-a-lifetime distribution from an IRA to be directly contributed to an HSA up to the HSA annual regular contribution limit.

Distributions

  • Distributions can be made for various health-related costs and there is no required minimum distribution amount, so funds may be carried forward from year to year. Individuals can receive tax-free distributions from their HSA to pay or be reimbursed for qualified medical expenses they incur after establishment of the HSA. If distributions are taken for other reasons, the amount withdrawn will be subject to income tax and may be subject to an additional IRS 20% tax unless the distributions are taken due to death, disability or age 65 or older. At age 65 or older, funds can be withdrawn for non-qualified medical expenses and will be taxable – but no IRS penalty will apply.
  • IMPORTANT NOTE ABOUT OVERDRAFTS: Overdrawing an HSA is prohibited by the Internal Revenue Code. If you create a negative balance in your HSA, it is no longer treated as an HSA. To prevent this disqualification from happening, if your HSA does not have sufficient funds for a payment transaction, Manasquan Bank will deny the payment and return the item to you.

    For more information visit www.irs.gov and download Publication 969 – Health Savings accounts and other Tax-Favored Health Plans.

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