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1st Bank Sidney and Broadus Montana


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Health Savings & IRAs


Health savings account
  • A Health Savings Account (HSA) is a tax-exempt account established for the purpose of paying qualified medical expenses of you and your family.

  • You must be covered under a high-deductible health plan (HDHP) and not covered by any other health plan that is not an HDHP.

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  • Contributions to an HSA are fully tax deductible and distributions for qualified medical expenses are tax free.


  • $50 minimum balance requirement to avoid a $5.00 per month service charge.
traditional IRA
  • The traditional IRA allows you to defer taxes on the earnings on your contributions until they are withdrawn.  Also, certain distribtions are tax deductible in the tax year for which you make them.  Distributions must be taken starting at age 70 1/2.  Contributions can be made if you or your spouse have compensation.

roth IRA
  • The Roth IRA allows only nondeductible contributions and features tax free access to your contributions.  Earnings, however, may be subject to taxes unless they are withdrawn after age 59 1/2 or taken as a qualified distribution.  Distributions are not required at any age.  Contributions can be made if you or your spouse have compensation and your modified adjusted gross income does not exceed certain prescribed limits.

    Consult your accountant to determine the best IRA for your financial needs.  For more details, contact the Customer Service Representative at your branch.