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Savings

 

Statement Savings Accounts

The minimum balance to open a statement savings account is $50. A balance of $50 must be maintained in order to earn the current annual percentage yield. The interest rate on this type of account is variable. Your interest rate and annual percentage yield may change daily at the discretion of management.

Features of the BNO Statement Savings Account include:
  • Three withdrawals per month from this type of account are permitted free of charge. $2.00 will be charged for each withdrawal over the limit of three.
  • Accounts with balances of less than $50 will be assessed a monthly maintenance fee of $1.00 and will not earn interest
  • Combined checking and savings account statements are available free of charge


Certificates of Deposit

Invest in a Bank of New Orleans Certificate of Deposit and put your money to work! Certificates of Deposit are available in a variety of terms to best meet your needs, with terms as short as 7 days or as long as 5 years.

Click here for our most current certificate rates.


Looking for a way to keep large deposits safe?  Ask us about CDARS®.  It’s a great solution for: businesses * nonprofit organizations * public funds managers * trustees * financial advisors * individuals * credit unions * IRAs
 
With CDARS, you can receive up to $30 million in FDIC protection through Bank of New Orleans.  There are few guarantees in life – FDIC insurance is one of them.  CDARS can be a valuable cash management or longer-term investment tool for you or your business.1
 
Why CDARS?
It’s one-stop shopping.  With help from CDARS, you can access:

  • Safety – Your money can receive up to $30 million in FDIC insurance coverage.

  • Convenience – You work directly with us.  You earn one interest rate and receive one regular statement.  Individual investors receive one year-end tax form.

  • Community Investment – The full value of your money can support lending opportunities in your local community.2

  • CD-Level Rates – Your money earns CD-level returns which may compare favorably with other investment alternatives, including Treasuries, corporate sweep accounts, and money market funds.

How does CDARS work?
We are members of a special network.  When you place a large amount with us, we place your funds into certificates of deposit issued by other banks in the network – in increments of less than $100,000 – so that both your principal and interest are eligible for complete FDIC protection.  With help from a sophisticated matching system, we exchange deposits with other banks that are members of the network.
 
These exchanges, which occur on a dollar-for-dollar basis, can bring the full amount of your original deposit back to our bank. As a result, we can make the full amount of your deposit available for community lending purposes. 
 
What else should I know?
Now, you no longer have to spend time managing multiple bank relationships, administering various interest rates, organizing interest disbursements from various sources, or manually consolidating monthly statements.  This reduces your administrative burden, especially during tax and financial reporting seasons. 
 
And with CDARS, you can eliminate the need to monitor changing collateral values – another time saving convenience. 
 
Of course, your confidential account information remains protected. 
 
Ask us about how CDARS can work for you the next time you visit one of our branches, or email Sharon Murphy for more information.

  1. Funds may be submitted for placement only after a depositor enters into the CDARS Deposit Placement Agreement with Bank of New Orleans  The agreement contains important information and conditions regarding the placement of funds by us.  
  2. This benefit applies to some, but not all types of CDARS transactions.  Let us know if this benefit is important to you, so that we can explain the relevant terms and conditions in more detail.

CDARS is a registered service mark of Promontory Interfinancial Network, LLC.

 

 

Money Market Fund
Enjoy the combined features of a savings and checking plan by opening a Money Market Fund with Bank of New Orleans.

Features of the Money Market Fund are as follows:

Minimum balance to avoid imposition of fees - $500
(A monthly service charge fee of $7 will be imposed each monthly statement cycle if the balance for the monthly statement cycle falls below $500.)

Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum average daily balance of $2,500 to obtain the disclosed annual percentage yield. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the monthly statement cycle.

Accrual of interest on non-cash deposits - Interest begins to accrue on the business day you deposit non-cash items (for example, checks).

Transaction limitations - Transfers from a BNO Money Market Fund account to another account or to third parties by preauthorized or automatic transfer are limited by the Federal Reserve Regulation D to six per month with no more than three by check, draft or similar order to third parties.

Fees - An excess withdrawal fee of $1 will be charged for each withdrawal in excess of six during a month.


Individual Retirement Accounts (IRA)
Save for your future now with an IRA account from Bank of New Orleans. BNO offers both the Traditional IRA and the new Roth IRA. In addition to these two plans, BNO also offers our customers the opportunity to open a Coverdell Education Savings Account. Below is an overview of each of these plans.

Traditional IRA
A Traditional IRA is an Individual Retirement Account other than a Roth IRA, Simple IRA, or Coverdell Education Savings Account. It is a tax deferred savings plan authorized by the federal government to encourage you to accumulate money for retirement.

Traditional IRA Q & A:

Q: Who may contribute to a Traditional IRA?
A: Any individual who has been under the age of 70½ years for the duration of the tax year and who has earned compensation or received alimony.

Q: When may I contribute to a Traditional IRA?
A: Qualified individuals can open or fund a Traditional IRA at any time. You have from January 1st of a calendar year until that year’s tax filing deadline (typically April 15th of the following calendar year) to make a contribution for that tax year. Contributions made after the previous year’s tax filing deadline are attributed to the current tax year.

Q: What are the contribution limits for Traditional IRAs?
A: Qualified Traditional IRA owners are permitted to contribute $4,000 in the tax year 2007. This amount will continue to gradually increase to $5,000 by 2008. Additional catch-up contributions can be made by qualified individuals over 50. After 2008, the contribution limit will be adjusted annually for inflation in $500 increments.

Qualified participants are permitted to annually contribute the following maximum amounts or 100% of your earned compensation and alimony; whichever is less:
 
Tax Year Maximum Contribution

Limit Under Age 50

Maximum Contribution Limit Over Age 50
2005 $4,000 $4,500
2006 $4,000 $5,000
2007 $4,000 $5,000
2008 $5,000 $6,000



Traditional IRA owners may also make contributions to a Roth IRA. However, it is important to note that your Traditional and Roth IRA contributions may not exceed the maximum contribution limit in a given tax year.


Q: May I contribute the full amount to a Traditional IRA?
A: If you are covered by a retirement plan at work, then your contribution to a Traditional IRA is reduced if:
    Partial contribution if your MAGI* is between:
Single Person Filing Individually For tax year 2007
For tax year 2008 		$52,000 - $62,000
$53,000 - $63,000
Married Couple Filing Jointly For tax year 2007
For tax year 2008 		$83,000 - $103,000
$85,000 - $105,000
Married Person Filing Separately For tax year
2007 & 2008 		$0 - $10,000


Q: Is my Traditional IRA contribution tax deductible?
A: If you and your spouse are not covered by an employer sponsored retirement plan, you will receive a full deduction regardless of your income. Participation by you or your spouse in an employer sponsored retirement plan will affect your ability to deduct your Traditional IRA contribution. Contact BNO for further information.

Q: Are distributions from a Traditional IRA tax free?
A: Distributions attributable to deductible contributions and earnings will generally be taxed as income in the tax year they are withdrawn. If you have made non-deductible contributions, you will not have to pay tax on that portion.

Q: When can I take distribution from a Traditional IRA?
A: You can withdraw funds from your IRA any time after you reach age 59½. Distributions taken prior to age 59½ are subject to a 10% early withdrawal penalty unless the distribution is:

  • made to a beneficiary due to an account holder’s death.
  • made to an account holder who has become permanently and totally disabled.
  • made as part of a series of “substantially equal” periodic payments.
  • taken to pay for qualifying medical expenses or health insurance for unemployed individuals
  • taken to pay first time home purchase expenses or higher education expenses of qualified individuals
     

Q: When must I take distribution from a Traditional IRA?
A: As a Traditional IRA owner, you are required to begin taking minimum distributions from your accounts at age 70½. Your RMDs must be distributed to you by December 31st of each year after that. You may choose to delay your first RMD until April 1st of the calendar year following the year in which you attain age 70½. However, if you choose to wait, you will also be required to take another distribution by December 31st of that same year to satisfy that year’s RMD requirement.

Taking your RMD is very important. Failure to take your full distribution will result in a 50% IRS penalty tax.


Roth IRA
A Roth IRA is an Individual Retirement Account to which participants are able to make annual non-deductible contributions. Unlike a Traditional IRA in which your earnings are tax deferred, Roth IRA earnings can be tax free.

Roth IRA Q & A:

Q: Who may contribute to a Roth IRA?
A: Single filers who have earned compensation or have received alimony totaling less than $114,000 for 2007 and $116,000 for 2008 may contribute, regardless of age.

Married individuals filing jointly who have earned compensation or have received alimony totaling less than $166,000 for 2007 and $169,000 for 2008 may contribute regardless of age.

Q: When may I contribute to a Roth IRA?
A: Qualified individuals can open or fund a Roth IRA any time. You have from January 1st of a calendar year until that year’s tax filing deadline (typically April 15th of the following calendar year) to make a contribution for that tax year. Contributions made after the previous year’s tax filing deadline are attributed to the current tax year.

Q: What are the contribution limits for Roth IRAs?
A: Qualified Roth IRA owners are permitted to contribute $4,000 in the tax year 2007. This amount will continue to gradually increase to $5,000 by 2008. Additional catch-up contributions can be made by qualified individuals who are over age fifty. After 2008, the contribution limit will be adjusted annually for inflation in $500 increments.

Qualified participants are permitted to annually contribute the following maximum amounts or 100% of your earned compensation and alimony; whichever is less:
 

Tax Year Maximum Contribution
Limit Under Age 50		 Maximum Contribution
Limit Over Age 50
2005 $4,000 $4,500
2006 $4,000 $5,000
2007 $4,000 $5,000
2008 $5,000 $6,000

 
Roth IRA owners may also make contributions to a Traditional IRA. However, it is important to note that your combined Roth and Traditional IRA contributions may not exceed the maximum contribution limit in a given tax tear.

Q: May I contribute the full amount to Roth IRA?
A: Your income and filing status will determine the amount you may contribute to a Roth IRA.
 
    Full contribution if your MAGI* is less than: Partial contribution if your MAGI* is between:
Single person
Filing Individually		 For tax year 2007
For tax year 2008 		$99,000
$101,000 		$99,000 - $114,000
$101,000 - $116,000
Married Couple
Filing Jointly		 For tax year 2007
For tax year 2008 		$156,000
$159,000 		$156,000 - $166,000
$159,000 - $169,000
Married Person
Filing Separately		 For tax year
2007 & 2008 		N/A $0 - $10,000

*Modified Adjusted Gross Income


Spousal IRA rules enable married couples filing jointly to contribute the maximum amount to their separate IRA accounts even if one spouse has little or no earned income. To qualify, their combined earned income must be equal to or greater than the total combined amount.

Q: Is my Roth IRA contribution tax deductible?
A: Contributions to Roth IRA are not tax deductible.

Q: Are distributions from a Roth IRA tax free?
A: “Qualified Roth IRA distributions” may be withdrawn tax and penalty free. “Non–qualified” distributions may be taxable and subject to an IRS 10% early distribution penalty.

Q: When can I take a distribution from a Roth IRA?
A: You may withdraw your contributions from your Roth IRA at any time, tax and penalty free. “Qualified distributions” of your earnings may also be taken tax and penalty free. Please refer to the table below for an explanation of the requirements of “qualified distributions.”
 
Qualified Roth IRA Distributions
In order to be a “qualified distribution” the following characteristics MUST apply:

You have been a participant in the Roth IRA for over five years, beginning with the first year in which the account was converted or a contribution was made
AND . . .

  • you have reached age 59½ or,
  • the distribution is paid to a beneficiary due to your death.
  • the distribution is paid following your becoming permanently and totally disabled
  • the distribution is paid to you for the first time purchase of a home up to $10,000
    		•  The 10% IRS early withdrawal penalty will not apply to “non-qualified” distributions to which one or more of the following exceptions apply:
  • you have reached age 59½ or,
  • the distribution is paid to a beneficiary due to your death.
  • the distribution is paid following your becoming permanently and totally disabled
  • the distribution is paid as a part of “substantially equal” periodic payments
  • the distribution is used to pay for medical expenses in excess of 7.5% of your AGI
  • the distribution is used to pay for health insurance premiums if you have been unemployed for 12 or more weeks.
     
    		•
  • the distribution is paid to you for the first time purchase of a home, up to $10,000.
  • the distribution is used to pay for qualified higher education expenses.
    Ordering rules dictate that distributions from a Roth IRA come first from:

    (1) Annual contributions

    (2) Rollover contributions on a first in, first out basis (with the dollars that were includable in income as a result of conversion coming out before nontaxable dollars)

    (3) post-contribution earnings
     
    		•



    Q: When must I take a distribution from a Roth IRA?
    A: Roth IRA owners are never required to take a distribution from their accounts at any age.

    Coverdell ESA
    Coverdell Education Savings Accounts are an ideal way for you to begin saving money to help a child, grandchild, or any young person you know pay for higher education expenses down the road. Contributions to a Coverdell Education Savings Account are not tax-deductible, but distributions used to pay for the qualified educations costs of the named beneficiary are generally tax free.

    Coverdell ESA Q & A:
     

    Q: Who may contribute to a Coverdell ESA?
    A: Single filers who have earned compensation or have received alimony totaling less than $110,000 may contribute, regardless of age.

    Married individuals filing jointly who have earned compensation or have received alimony totaling less than $220,000 may contribute, regardless of age.

    Q: When may I contribute to a Coverdell ESA?
    A: Qualified individuals can open or fund a Coverdell ESA any time. You have from January 1st of a calendar year until that year’s tax filing deadline (typically April 15th of the following calendar year) to make a contribution for that tax year. Contributions made after the previous year’s tax filing deadline are attributed to the current tax year.

    Q: What are the contribution limits for a Coverdell ESA?
    A: The contribution limit for qualified individuals is $2,000 annually per beneficiary below the age of 18.

    Please note: Beneficiaries are limited to receiving a total of $2,000 in contributions to one or more Coverdell ESAs annually, regardless of the contributor’s limits.

    Q: May I contribute the full amount to a Coverdell ESA?
    A: Your income and filing status will determine the amount you may contribute to each beneficiary of a Coverdell ESA.

     
      Full contribution if your MAGI* is less than: Partial contribution if your MAGI* is between:
    Single person Filing Individually $95,000 $95,000 - $110,000
    Married Couple Filing Jointly $190,000 $190,000 - $220,000

    *Modified Adjusted Gross Income


    Contributions to a Coverdell Education Savings Account are separate from contributions made to a Traditional or Roth IRA and therefore may be made in addition to your contribution limits for those types of accounts.

    Corporations and other entities, including tax-exempt organizations, are permitted to make contributions to Coverdell Education Savings Accounts regardless of the income of the corporation or entity in the year of the contribution.
    Q: Is my Coverdell ESA contribution tax deductible?
    A: Contributions are not tax deductible.

    Q: Are distributions from a Coverdell ESA tax free?
    A: Distributions from a Coverdell Education Savings Account which are used to pay for the “qualified education expenses” of the beneficiary are tax free. Any amount of the distribution in excess of the qualified expenses, which is not attributable to contributions, will be taxed as earned income.

    Q: When can I take distribution from a Coverdell ESA?
    A: The beneficiary may take distributions from their Coverdell ESA at any time to pay for the “qualified education expenses.” Qualifying expenses include:
      Expenses incurred in connection with the enrollment or attendance of the beneficiary at a public, private, or religious school providing elementary or secondary education. These expenses include tuition, fees, academic tutoring, special needs services, books, supplies, or other equipment. Also included are expenses associated with room and board, uniforms, transportation and supplementary items and services such as extended day programs. Computer technology, equipment, and Internet access and related services may also be paid tax-free from the account, if these items are to be used by the beneficiary or their family during the beneficiary’s period of schooling.

      Post-secondary room and board expenses. (Only if the beneficiary is enrolled on at least a half-time basis at an eligible institution.)

    If the beneficiary does not use the earnings for qualified education expenses, the funds may be rolled over to certain qualified family members of the beneficiary.


    Q: When must I take distribution from a Coverdell ESA?
    A: The funds from a Coverdell Education Savings Account must be received within 30 days after the beneficiary reaches age 30 unless the beneficiary is a special needs beneficiary. The funds must also be distributed within 30 days of the death of the beneficiary.

    If the funds have not been distributed or rolled over by that time, the earnings will be taxable and subject to a 10% IRS penalty tax. The distribution rules do not apply in the event that the beneficiary qualifies as a special needs beneficiary.


    Christmas Club Accounts

    Looking for a smart, safe way to save money for holiday and year-end expenses? A Christmas Club Account could be just what you need. This type of savings account can be opened with as little as $10.00 and will earn interest* as long as the balance is at least $50.00. The funds you keep in this account are automatically disbursed to you at the end of the club cycle**, typically near the beginning of October each year. You may opt to have your funds electronically deposited into your BNO checking account in lieu of receiving a paper check.

    *The interest rate earned is determined by the management of Bank of New Orleans and is variable. Your interest rate and annual percentage yield may change at the discretion of management.
    **A premature withdrawal fee of $10 will be charged if the account is closed before the end of the club cycle.



    Certificate of Deposit Interest Rates

    TERM RATE APY* Minimum Deposit
    7 Day Call For Rates $20,000
    90 Day 2.45 2.47 $1,000
    180 Day 2.55 2.57 $1,000
    1 Year 2.80 2.80 $1,000
    18 Month 2.70 2.73 $1,000
    20 Month BUMP 2.68 2.71 $1,000
    2 Year 2.75 2.78 $1,000
    30 Month 2.80 2.83 $1,000
    3 Year 3.00 3.03 $1,000
    4 Year 3.15 3.19 $1,000
    5 Year 3.50 3.55 $1,000
    *Annual percentage yields (APY) are accurate as of May 09, 2008 and are subject to change at any time. The minimum deposit to earn APY equals the minimum opening deposit. A penalty may be imposed for early withdrawal.

    Contact one of our Branch Managers for information
    about fees, compounding of interest, and terms.


    For more information about the products and services offered by Bank of New Orleans please contact us at any of our four convenient locations, or email us at info@bnoinfo.com.

     

    		  

    Bank of New Orleans Corporate Office
    1600 Veterans Blvd. ♦ Metairie ♦ Louisiana ♦ 70005
    (504) 834-1190 ♦ 1-888-834-1190 ♦ info@bnoinfo.com