IRA and HSA Accounts

Yes! Gain more control over your healthcare expenses with this account and a HSA-compatible high deductible health plan.

Not within the Credit Union process.
SEP contributions a different than regular contributions. They must be processed and recorded for current year. If someone wants a SEP contribution recorded for the previous year they do that by working with their tax advisor at the time they are filing their taxes.

There are several ways that you may make contributions throughout the year.

You may set up payroll deduction, direct deposit, or automated transfers from your checking account. You may make a one-time contribution or make periodic contributions.

Call Member Solutions at 877-794-6712, or stop in a branch to get started today.

• You can ask to receive an HSA Debit Card or checks for your HSA.

• HSA bills can also be paid using Online Banking Bill pay.

• You can use your regular SouthPoint checking account to pay your bills and transfer funds from your HSA into your SouthPoint checking account to cover the transaction.

In order to determine which type of IRA is best for you, you must consider many factors such as, what will you be using the money for, when will you need the money, what type of potential tax deductibility is offered, etc.

Here are the general benefits of three types of IRAs:

• Traditional - This type of IRA offers potential tax deductibility. There are no income limits for contributions. The funds you contribute to this type of IRA are considered pre-tax dollars and you will be taxed upon withdrawal of the funds.
• Roth - This type of IRA offers potentially tax-free earnings. The funds you contribute to this type of IRA are considered after-tax dollars and you may get tax-free withdrawals.
• Coverdell Education - This type of IRA offers the potential of tax-free earnings when the funds are used for educational purposes.

For more details on an IRA account, please send a message on our Investment Services web page or by calling Member Solutions at 877-794-6712.

The biggest difference is a Traditional IRA is considered "Pre Tax" dollars and a Roth IRA is considered "After Tax" dollars.

Here is a brief summary of each:

Traditional - This type of IRA offers potential tax deductibility. There are no income limits for contributions. The funds you contribute to this type of IRA are considered pre-tax dollars and you will be taxed upon withdrawal of the funds.

Roth - This type of IRA offers potentially tax-free earnings. The funds you contribute to this type of IRA are considered after-tax dollars and you may get tax-free withdrawals.

For more details on an IRA account, please contact Member Solutions at 877-794-6712 or use VideoConnect.

No, however if you would like more than the 50 free checks that are included, those would be at your expense.

Yes, you will need to open a Membership Savings account in order to open and HSA with SouthPoint if you don’t have one already