Free Checking

Manhattan Bank's Free Checking account offers a variety of services with no monthly maintenance or activity fees, and no minimum balance restrictions.

• No minimum deposit required
• First 50 checks FREE
• Unlimited check writing privileges
• FREE Visa Debit or ATM card to qualified applicants
• FREE Netteller Online Banking (requires separate application)
• FREE Phone Banking
• Detailed monthly statements with check images

Interest Checking

Earn interest on your money while enjoying the freedom of no maintenance and activity fees when you maintain the minimum balance requirements.

• Minimum deposit of $500 to open account
• Competitive interest
• First 50 checks FREE
• Unlimited check writing privileges
• FREE Visa Debit or ATM card to qualified applicants
• FREE Netteller Online Banking (requires separate application)
• FREE Phone Banking
• Maintain balance of $500 to waive monthly maintenance or activity fees
• $5 monthly maintenance fee if balance drops below $500 minimum
• Activity fee of $0.20 per debit posted if below minimum balance
• Detailed monthly statements with check images

Money Market

Earn more interest with our convenient Money Market account.

• Minimum balance of $2,500 to open account
• Competitive interest
• FREE Netteller Online Banking (requires separate application)
• FREE Phone Banking
• Minimum balance of $2,500 to waive monthly maintenance and activity fees
• $5 monthly maintenance fee if balance drops below $2,500 minimum
• Activity fee of $0.20 per debit posted if balance drops below minimum balance
• Limited to 6 transactions per statement cycle (unless done in person, by mail, or by ATM; no more than 3 of the 6 transactions can be by draft or check)
• Unlimited withdrawals allowed if done in person, by mail or by ATM
• Detailed monthly statements with check images

Regular Savings

Manhattan Bank's regular savings account offers a flexible and convenient way to save your hard-earned cash.

• Minimum deposit of $10 to open account
• Interest earned daily, credited quarterly
• 9 withdrawals from account allowed per quarter. (additional withdrawals subject to a $1.00 per transaction fee)
• Limited to 6 transactions per statement cycle (unless done in person, by mail, or by ATM; no more than 3 of the 6 transactions can be by draft or check)
• FREE Netteller Online Banking (requires separate application)
• FREE Phone Banking
• Detailed quarterly statements

Health Savings Account

Check out the advantages of Manhattan Bank's Health Savings Account. Earn interest while you enjoy tax advantages* and pay medical expenses.

• $250 minimum balance required to open
• Tax-advantage for health care expenses
• Funds carry over from year to year
• Individuals with an annual medical deductible of at least $1,100 and families with $2,200 deductible and a $5,600 cap on out-of-pocket medical expenses (or $11,200 for families) may be eligible if you have a high deductible health plan. (2008 information)
• HSA checks (1st order free)
• Free HSA Debit Card (requires separate application, on approved credit)
• Free Netteller Online Banking (requires separate application)
• FREE Phone Banking
• Maintain balance of $500 to waive monthly maintenance or activity fees
• $5 monthly maintenance fee if balance drops below $500 minimum
• Competitive interest
• Detailed monthly statements with check images

*Consult your tax advisor for details

What is a Health Savings Account (HSA)?

A Health Savings Account (HSA) is an account owned by an individual where contributions to the account are to pay for current and future medical expenses. These accounts are tax-sheltered savings accounts similar to the Individual Retirement Account (IRA), but earmarked for medical expenses. HSA accounts are designed for people with High Deductible Health Plans. Deposits are 100% tax-deductible and can be easily withdrawn by check or debit card to pay routine medical bills with before-tax dollars.

HSA funds can only be used to pay for "qualified medical expenses", including dental and vision needs, even if the expense is not covered by your High Deductible Health Plan. Unused balances in your account carry over from year to year. Best of all, even if you never use the money for medical expenses, it stays in your account and can be withdrawn for any purpose at age 65. At that time, you'll pay only income tax on the monies you withdraw for non-health related expenditures.

"Joint" HSA accounts are not permitted.

Who is eligible for a Health Savings Account (HSA)?

You must be covered by a HSA-qualified High Deductible Health Plan (HDHP) to take advantage of a HSA. A HDHP is a plan with an annual deductible of at least $1,100 for individual coverage or $2,200 for family coverage with a maximum out-of-pocket expense of $5,600 for individual and $11,200 for family. The guidelines are determined by the Internal Revenue Service each year.

Note: A plan will still qualify as a HDHP even though it may not have a deductible (or has only a small deductible) if it is for preventative care.

An eligible individual is one who is:

• Covered by a High Deductible Health Plan
• Not enrolled in Medicare
• Not claimed as a dependent on another person's tax return
• Not covered by any other health insurance that is not an HDHP
• Not in a health plan with a "first pay benefit".

Insurance Coverage Exceptions include:

• Specific disease or illness insurance
• Accident, disability, dental care, vision care and long-term care insurance
• Employee assistance programs
• Disease management program or wellness program if there is no medical care or treatment involved
• Discount card for health care services or products such as a pharmacy card

How does a Health Savings Account work?

Contributions to HSA's can be made by the employer or the individual, or both. If the contributions are made by the employer, it is not taxable to the employee. If contributions are made by the individual, they are an "above-the-line" deduction. Contributions must stop once an individual is enrolled in Medicare.

There is a maximum aggregate annual contribution that can be made to an HSA of $2,900 for individuals and $5,800 for family plans (2008 information). Contributions to the HSA in excess of the contribution limits must be withdrawn by the individual or be subject to an excise tax.

Tax Advantages

• Contributions are 100% tax deductible
• Funds grow on a tax-deferred basis, and if the funds are used for an eligible medical expense, the funds are tax-free.
• If your employer offers a cafeteria plan, you can contribute to your HSA on a pre-tax basis (i.e., before income taxes and FICA taxes). Or if not an option, you can take the "above the line" deduction on your personal income taxes.
• Consult your tax advisor for more details.

Customer Responsibilities

• Provide proper identification during account opening
• Prove your enrollment in a High Deductible Health Plan
• Decide how much to use for medical expense and which medical expenses to pay from account
• Keep records/receipts for all medical expenses for which the HSA has been used
• File proper tax forms