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Montana Medical Savings

New tax incentive program designed to help you save for medical expenses.

Federal regulations allow no more than six preauthorized transfers per month on savings accounts or market interest accounts, including a maximum of three drafts. There is no regulatory limit to the number of withdrawals made in person or at the ATM, however, you may be subject to excessive withdrawal fees (see below). Interest is compounded and paid monthly on the collected balances on all interest-bearing accounts. Interest rates and Annual Percentage Yield are subject to change without notice.

At First Interstate Bank, we offer a variety of savings plans insured for up to $100,000 by the Federal Deposit Insurance Corporation (FDIC).

Recent legislation in Montana has opened the doors to a new tax incentive program called Montana Medical Savings. The program was designed to help you save money for medical expenses and long-term health care and provide a tax deduction from your Montana state income taxes.

How does it work?

Any Montana resident can open a Montana Medical Savings account and deduct up to $3000 per year from your Montana Individual Income Tax form*. If you're married, your spouse can also establish an account and you can jointly claim up to $6000 combined deduction.

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Disclaimers

*Consult your tax advisor
Interest rates on Checking Accounts, Regular Savings, Market Interest and variable rate IRAs are subject to change without notice.

 


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