Special Purpose Savings Account

• Minimum $5.00 to open and earn dividends
• Dividends accrued daily and paid monthly for maximum earnings
• Payroll Deduction/ Direct Deposit available
• Matures on October 1st each year
• For any purpose - vacation, holidays, school, taxes, and more!

This credit union is federally insured by the National Credit Union Administration.

Money Market Share Account

This account offers a competitive interest rate that increases as your balance increases! Plus, you can access your Money Market funds just like you would with a regular checking account (up to 6 transactions per month).

This credit union is federally insured by the National Credit Union Administration.

Savings Certificates

Pacific Crest FCU offers a variety of short- and long-term certificates at competitive rates to give you a safe place to steadily earn guaranteed return on your money. You may even use your savings certificates to secure an exceptionally low loan rate from Pacific Crest FCU!

This credit union is federally insured by the National Credit Union Administration.

Individual Retirement Accounts (IRA's)

Offering you outstanding flexibility and tax advantages, an IRA is one of the smartest ways to save for a secure and comfortable retirement, or even for your children's education. Pacific Crest offers Roth and Traditional IRAs, as well as Coverdell IRAs.

This credit union is federally insured by the National Credit Union Administration.

Savings Bonds

Series EE bonds can be purchased for half the denomination value. These good, long-term investments mature in 17 to 30 years, but may be redeemed as early as 12 months-although it may not have achieved face value.

Purchase a Series I bond at face value for $50 or up to $30,000, and defer federal taxes on earnings for up to 30 years-and pay no state and local taxes on earnings!

Health Savings Account

Get the most out of your savings with a Health Savings Account (HSA) from Pacific Crest. It is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

Benefits of an HSA

1. Tax Savings. Annual contributions are tax-deductible* from federal and Oregon state income tax. Plus, qualified withdrawals are free from federal income tax.
2. Ownership. Funds remain in the account from year to year, just like an IRA.
3. Earned Interest. Dividends earned are tax-free.
4. Portability. You, not your employer, own the account, so you can always keep your HSA.
5. Flexibility. You can use the funds in your HSA to pay for medical expenses, including those not covered by your insurance, or you can save the funds in your account for future medical costs.

Eligibility

To make contributions to an HSA you: must be covered under a High Deductible Health Plan (HDHP), may not be covered by any other health plan that is not a HDHP, may not be enrolled in Medicare, may not be a recent recipient of VA medical benefits and cannot be claimed as a dependent on another person's tax return.

Availability of Funds

Withdrawals are tax-free if the funds are used exclusively for paying or reimbursing qualified medical expenses, such as a doctor's visit, prescription drugs, and over-the-counter medicines for the owner, his or her spouse and dependents. Qualified expenses are those incurred after the account is opened.

For complete details on HSA accounts, eligibility, contributions and withdrawals, simply contact our Call Center at 541-884-1376 or 1-800-570-0265, Monday & Friday from 8:00 a.m. - 6:00 p.m. and Tuesday - Thursday 8:00 a.m. - 5:00 p.m.

Q & A

What is a Health Savings Account (HSA)?
A Health Savings Account is an account that you can put money into to save for future medical expenses for you and your family. An HSA works like an IRA, except that money is used to pay health care costs.

How will an HSA save me money?
An HSA may save you money through lower premiums and tax savings. The money deposites in your account can be used to pay your insurance deductible and other out-of-pocket medical expenses.

What are the additional benefits of an HSA?
Tax Savings. Annual contributors are tax deductible from federal and most states income tax, including Oregon. Plus, qualified withdrawals are free from federal income tax.
Ownership. Funds remain in the account from year to year, just like an IRA. Earned Interest. Dividends earned are tax-free. Portability. You, not your employer, own the account so you can always keep your HSA.

Who is eligible to open an HSA?
To be eligible to contribute, the individual:

1. Must be covered by a qualified High Deductible Health Plan (HDHP).
2. Cannot be covered by Medicare.
3. Cannot be covered by other health insurance that is not an HDHP (excluding accident, dental or vision plans).
4. Cannot be claimed as a dependent on another person's tax return.

What is qualifying "High Deductible Health Plan (HDHP)?
For 2010, a HDHP is a health plan with a minimum deductible of $1,200 for self-only coverage and $2,400 for family coverage. The maximum out-of-pocket expenses for allowed costs must be no more than $5,950 for self-only coverage and no more than $11,900 for family coverage. Other restrictions may apply.

What can I use my HSA funds for?
Funds used to pay for the following are tax-free and penalty-free:

1. Qualified medical expenses such as doctor visits, prescription drugs, and over-the-counter medicines. (See IRA Publication 502: Medical and Dental Expenses.)
2. COBRA Insurance.
3. Qualified long-term care insurance and expenses.
4. Health insurance premiums for individuals receiving unemployment compensation.
5. Medicare and retiree health insurance premiums, but not Medicare Supplement premium Funds may be used for eligible expenses for your spouse or dependents, even if they are not covered by the HDHP.

How do I access the funds in my HSA?
Funds may be accessed with HSA checks or bill pay or by withdrawing funds at your local branch. Contact your local representative for complete details.

How much can I contribute to an HSA?
You can make a contribution to your HSA each ear that you are eligible. For 2010, you can contribute up to $3,050 for an individual or $6,150 for a family. If you will be 55 or older by the end of 2008, you may contribute an additional catch-up contribution of $1,000.

Can any unused funds be rolled over each year?
Yes. Your funds will accumulate without a maximum cap.

What happens at age 65?
When you turn 65 you become eligible for Medicare. If you enroll in Medicare, you may no longer contribute to your HSA. You may use your existing HSA funds to pay qualified medical expenses. You may withdraw any amount from your account for any reason, penalty free (though you must pay income taxes on withdrawals at that time.)

What happens to my HSA when I die?
If you are married, your HSA will pass to your surviving spouse, tax-free. If you are unmarried and did not name a beneficiary, the money is disbursed to your estate and is subject to any applicable taxes. Funds paid to a non-spouse beneficiary are also subject to applicable taxes.

Where can I open my HSA?
You can open an HSA at Pacific Crest. We offer savings, checking and health money market accounts. To open your account, please contact your local representative at 541-884-1376 or 1-800-570-0265.

This credit union is federally insured by the National Credit Union Administration.