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First-Time Home Buyers Savings Account

A smart way to save for a first home.

 

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Note: Make sure to contact your tax advisor for annual tax reporting  and IRS requirements.

 

^Personal Savings

Earn interest while saving with a traditional savings account that will help you achieve your financial goals.

  • $100.00 initial deposit
  • Twelve (12) debits allowed per semi-annual statement, $0.75 fee per debit thereafter**
  • $5.00 semi-annual service charge is applied if the daily balance falls below the $100.00 minimum balance
  • $50.00 minimum balance required to receive APY*
  • Interest compounded daily and credited semi-annually
  • Current Interest Rate 3.00% with a 3.02%APY* with rate accurate as of 08/01/19.
  • No more than six (6) transfers to another account of yours or third-party withdrawals or preauthorized transfers per month.**

Visit your nearest Platte Valley Bank location to Open your First-Time Home Buyer Savings Account today!

Find a Location
 

^ Fees could reduce the earnings on the account.
*APY (Annual Percentage Yield). Rates are subject to change. Rates accurate as of 08/01/19.
**Includes preauthorized automatic, telephone, fax or internet transfers and third-party transfers by check, draft and debit card.

 

 


 

What is a First-Time Home Buyer Savings Account?

A first-time home buyer savings account is a tax-advantaged savings account that incentivizes home buyers to save toward their future home purchase. Funds saved in these accounts can be applied, on a tax-advantaged basis, toward the down payment, closing costs, and other eligible expenses of your first-home.

 

Who Qualifies for a First-Time Home Buyer Savings Account?

 

First-time home buyer savings accounts are generally targeted toward young adults who have trouble saving for a down payment due to student loans, rising rents or other expenses. However, there are no age restrictions, so anyone of the age of majority, who has never purchased a home before, generally qualifies as a first-time home buyer and is eligible for the account.
Eligible home purchases include single-family homes, townhouses, condos and co-ops as well as mobile homes in some cases.

 

How Do First-Time Home Buyer Savings Accounts Work?

 

First-Time Home Buyer Savings Accounts help home buyers save for their first home purchases on a tax-advantaged basis. Money in these accounts can be used for down payments and eligible closing costs, including origination fees, underwriting fees, title and escrow fees and more. Individual states differ on what can and cannot be deducted, however once the funds are used, another form must be filed with the state, showing that the funds were used for approved purposes.

 

How Do You Get a First-Time Home Buyer Savings Account?

 

You can open a new savings account at one of our northland convenient locations. As a First-Time Home Buyer Savings Account is simply a regular savings accounts that you declare as an FHSA to your state's tax authorities.
 



Important Information:

Platte Valley Bank is not responsible for reporting or monitoring the activity in your First-Time Home Buyers Savings account. You may be required to complete a report with the Missouri Department of Revenue on an annual basis and may be required to report the existence of your account during their annual tax reporting. We suggest you contact your tax preparer with any questions about this reporting requirement. Platte Valley Bank will endeavor to notify you if it becomes aware that the Missouri Department of Revenue produces a form for this reporting requirement. Please be advised that First-Time Home Buyers Savings Account may be opened and titled in the name of the first-time home buyer designated by an account holder for whose eligible expenses the moneys in a first-time home buyer savings account are or will be used. This first-time buyer is called the “Qualified Beneficiary.” The account may be opened by a Qualified Beneficiary. For specific details of the rules and restrictions regarding the eligible deposits for the Missouri First-Time Home Buyers Savings Account, please refer to Missouri House Bill No. 1796.

 

 

Additional Helpful Information

 

Customer Service

(816) 858-5400

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(816) 858-5000

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