Frequently Asked Questions
BSNB offers checking options for different needs, whether you want digital convenience, relationship benefits, or simple everyday banking. You can compare account features online or contact our team for guidance.
BSNB issues a Debit Mastercard©, which is accepted worldwide wherever Mastercard is accepted, including in-store, online, and for contactless tap-to-pay purchases. The card includes protection against unauthorized transactions and supports real-time transaction monitoring with the Card Suite Lite mobile app so customers can track activity as it happens.
You can open a personal checking account at BSNB by visiting one of BSNB’s local branch locations. A minimum opening deposit is required. BSNB also assigns customers a Relationship Manager who can help identify the right account type based on your financial goals and banking habits.
BSNB customers have free access to the Allpoint nationwide ATM network. For certain account types, BSNB’s own fee for using a non-Allpoint ATM is waived. BSNB branch and ATM locations can be found using the locator on the BSNB website.
Yes. BSNB’s Refer a Friend program pays you $50 when a person you refer opens a new personal checking account. This bonus applies when the referred individual meets the program’s qualifying requirements. Learn more.
Veterans receive $250 when they open a new checking account. You will also receive discounts on auto and commercial loans. To qualify for the $250 reward, you must open a new Free Direct Checking, GO Checking or Premier Checking account and receive monthly direct deposits in the amount of $500 or more for at least 3 consecutive months. The initial direct deposit must occur within 60 days of account opening. Account must be open and in good standing to receive the cash reward. Cash reward paid within 30 days of meeting the direct deposit requirement. All cash awards may be subject to 1099 tax reporting. This offer does not apply to second or multiple checking accounts within the same household or for customers who have closed a checking account within the last 365 days. This limited time offer may be withdrawn or changed at any time. All standard account requirements apply. Additional conditions may apply. Employees of BSNB are not eligible. A .25% rate discount will be applied on auto and consumer loans. An additional .25% discount will be applied for signing up for automatic payment on auto and consumer loans from a BSNB account. Fee waived up to $500 on a commercial loan. Loans subject to application and approval.
To purchase a gift or travel card, visit any BSNB location.
Yes, you can use your savings balance to cover accidental overdrafts in your checking account*. Transfers will occur automatically in increments of $25, provided you have sufficient funds in your savings account. A flat transfer fee of $5.00 will be charged for each transfer, regardless of amount.
*Savings Overdraft Transfer Service is subject to transaction limitations as required by Federal Regulation D. Savings and Money Market withdrawals are limited to 6 pre-authorized electronic transactions. This includes any pre-authorized, automatic, telephonic or computer transactions to another account of yours with us and/or transfers or payments to a third party each monthly statement period. Withdrawals made in person or at an ATM are unlimited.
When your combined balance of qualifying deposit accounts totals $20,000 or more, there is no monthly fee on your Premier Checking account and you will receive these added benefits:*
- Preferred rate of interest on Premier CDs and the Premier Money Market Account.
- Interest on your Premier Checking balances and unlimited check writing.
- Discount of 0.25% on auto, boat, RV or personal loans when payment is automatically deducted from your Premier Checking Account.1
- Waived monthly fee on your Premier Checking account when you maintain the qualifying relationship balance.*
- Free access to Online and Mobile Banking services as well as Bill Pay2 and Mobile Check Deposit3.
- All BSNB ATM transaction fees waived on ATMs worldwide when you use your BSNB Debit MasterCard®.4 Cash withdrawals at BSNB and Allpoint ATMs are free of charge.
- Free investment planning consultation.5
- Waived purchase fee for one cashier’s check per month.
- Free small safe deposit box6 or 25% reduction on the annual rental fee for larger sizes.
- Free box of basic checks each year.
* A minimum of $20,000 in combined Personal Statement Savings, CD/IRA, Money Market, Checking and Holiday Club balances is required to avoid paying a monthly Maintenance Service Charge of $15. Refer to BSNB’s Premier Checking disclosure provided at account opening for minimum balance qualification, fees and charges and additional information related to Premier Plan services.
- Loans subject to application and approval.
- There is no monthly service fee for Bill Pay.
- Mobile check deposit may not be available to some users.
- The operator of a foreign ATM terminal may charge you a fee, however, BSNB will waive our foreign ATM fees.
- Investments are not FDIC insured.
- Small safe deposit box is subject to availability.
Personal Digital Banking
Getting started takes less than five minutes — simply sign the required forms and follow the steps in our easy application process.
To deposit a check using BSNB Mobile Banking, log in to the app, select “Deposit a Check,” and follow the prompts to photograph the front and back of your endorsed check.
After submitting a mobile deposit through the BSNB Mobile Banking app, you’ll receive an on-screen confirmation and an email notification to the address on file with your account. You can also verify the deposit by checking your transaction history in the app or online banking.
Most bill payments made through BSNB Online Banking are processed within one to three business days, depending on the payee. Electronic payments to major billers typically post faster than check payments sent by mail. For time-sensitive bills, schedule your payment at least three business days before the due date to avoid late fees.
Yes. BSNB Online Banking and the BSNB Mobile Banking app both support recurring bill payments. Once you’ve added a payee, select the option to schedule recurring payments and choose your frequency – weekly, biweekly, monthly, or another interval. You can edit or cancel a recurring payment at any time before it is processed.
Personal Savings
BSNB savings accounts earn interest based on your balance during the statement period. Interest rates vary by account type are subject to change at any time. You can view current rates at bsnb.com or contact us at 518-885-6781 to learn more about which account is best for your situation.
Yes. Ballston Spa National Bank is FDIC-insured, meaning deposits are insured up to $250,000 per depositor, per ownership category, backed by the full faith and credit of the U.S. government. Your money is safe at BSNB.
Transfers between your BSNB accounts are easy and instant through online banking or the BSNB mobile app. You can set up one-time or recurring automatic transfers, a simple way to make saving a habit. Transfers can also be made at any BSNB branch or by calling our team.
Money Market Accounts at BSNB typically offer a higher interest rate in exchange for a higher minimum balance. Savings accounts are ideal for everyday saving and emergency funds. Money Market Accounts tend to suit customers with larger balances who want to earn more while keeping funds accessible. BSNB also offers CDs for savers who want a guaranteed rate over a fixed term.
Personal Money Market & CDs
A Certificate of Deposit is an account that earns a fixed interest rate over a set term – typically three months to five years. You deposit a set amount, agree not to withdraw it for the term, and in return, BSNB guarantees your rate. At the end of the term (maturity), you receive your original deposit plus the interest earned.
The minimum to open a CD depends on the terms you select. See our current rates and contact your local branch for more information or to open an account.
Early withdrawals from a CD are subject to a penalty that varies by term. We recommend choosing a term that aligns with your financial timeline – and if you need more flexibility, a Money Market Account may be a better fit. Talk to a BSNB Relationship Banker, and we’ll help you decide
At maturity, you can withdraw your funds, roll them into a new CD, or discuss other savings options with your banker. If no action is taken, your CD will automatically renew with a term and rate disclosed to you prior to maturity.
Monthly fees on BSNB Money Market accounts vary by account type and are typically based on maintaining a minimum balance. See our money market accounts and contact your local branch for more information.
Yes. Your BSNB Money Market Account is fully accessible through online and mobile banking. Transfer funds, check balances, and view statements anytime at bsnb.com or through the BSNB mobile app.
Personal IRAs
A Traditional IRA and a Roth IRA both help you save for retirement with tax advantages, but they work differently. We recommend speaking with your tax advisor to determine what type of IRA is best for you. Call 518-885-6781 or visit any Ballston Spa National Bank branch location to get started.
A Traditional IRA and a Roth IRA both help you save for retirement with tax advantages, but they work differently. We recommend speaking with your tax advisor to determine what type of IRA is best for you. Call 518-885-6781 or visit any Ballston Spa National Bank branch location to get started.
Yes. IRA deposits held at Ballston Spa National Bank are FDIC-insured up to $250,000 per depositor, per ownership category – separately from your other BSNB deposit accounts. That means your retirement savings are protected by the full faith and credit of the U.S. government, regardless of what happens in the stock market. BSNB is a Member FDIC institution.
Yes. If you’ve left a job or are retiring, you can roll over your 401(k) or other employer-sponsored retirement plan into a BSNB IRA. A Financial Advisor can walk you through the process and help you avoid common rollover mistakes. Call 518-885-6782 6781 to get started.
To understand what IRA distribution rules apply to you, we recommend visiting the retirement plans page of the IRS website: https://www.irs.gov/retirement-plans.
Personal HSAs
A Health Savings Account (HSA) is a tax-advantaged savings account that lets you set aside money specifically for qualified medical expenses. HSAs are available to individuals enrolled in a high-deductible health plan (HDHP) and offer a rare triple tax advantage – contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are tax-free.
For 2026, the HSA contribution limit is $4,300 for individuals and $8,550 for families. If you are age 55 or older, you can make an additional catch-up contribution of $1,000, bringing your total to $5,300 for individuals or $9,550 for families. These limits are set annually by the IRS and apply to the combined contributions from you, your employer, and any other source.
Your HSA can be used to pay for a wide range of qualified medical expenses for yourself, your spouse, and your dependents. Common eligible expenses include doctor visits and copays, prescription medications, dental care, vision care including eyeglasses and contact lenses, mental health services, and certain over-the-counter medications. HSA funds cannot be used for cosmetic procedures, gym memberships, or most insurance premiums.
Your HSA funds roll over completely from year to year – there is no “use it or lose it” rule. Unused balances stay in your account and continue to earn interest, growing tax-free until you need them. After age 65, you can withdraw HSA funds for any purpose without penalty, though withdrawals for non-medical expenses will be subject to ordinary income tax — similar to a Traditional IRA.
Opening an HSA at BSNB is simple. Visit any Ballston Spa National Bank branch location in Saratoga County or the Capital Region, or call 518-885-6782 to speak with an advisor. You’ll need a valid government-issued ID, your Social Security number, and proof that you are enrolled in a qualified high-deductible health plan.
Personal Mortgage
The best mortgage depends on your timeline, budget, and long-term plans. A BSNB Mortgage Loan Originator will walk you through your options, fixed vs. adjustable rates, loan terms, and down payment requirements, so you can make a confident decision. Contact us at 518-885-6781 or visit any branch to get started.
You’ll typically need recent pay stubs, W-2s or tax returns, bank statements, and a valid form of ID. Download the BSNB Mortgage Checklist for a full list of what to prepare before your application.
BSNB also offers financing for jumbo mortgages, second homes, and investment properties. See current rates.
Yes. BSNB offers a $5,000 grant for qualified buyers through our Homebuyer’s Assistance Program, available on a first-come, first-served basis until funds are depleted. Qualified borrowers may receive down payment and closing cost assistance when they meet the following criteria:
- Home must be located in Albany, Schenectady or Saratoga County within New York State.
- Household income may not exceed $89,750.
- Buyer must complete a homebuyer education course prior to applying for the grant.
Terms and conditions may change at any time and without notice. NMLS #414706
A draw loan funds construction managed by your builder and converts to a permanent mortgage at completion. A construction end loan is for buyers purchasing a newly built home from a builder who is self-financing their own construction. It’s essentially a mortgage with an extended rate lock that protects you while you wait for the home to be finished.
No. A BSNB Home Improvement Loan is unsecured, you borrow based on your creditworthiness rather than your home’s equity. That means faster approval and no need for an appraisal or title work. A home equity loan or HELOC uses your home as collateral and may allow for larger loan amounts. Talk to a BSNB banker to compare options.
Home improvement loans can be used for a wide range of projects, including:
- Kitchen and bathroom remodeling
- Roof replacement and repairs
- New windows, siding, or flooring
- Heating and cooling systems
- Decks, pools, and landscaping
- General repairs and upgrades
Personal Home Loans
HELOC stands for home equity line of credit. A HELOC works like a credit card – you draw funds as needed and only pay interest on the balance. A home equity loan gives you a lump sum upfront at a fixed rate, with predictable monthly payments. HELOCs are better for ongoing or uncertain expenses; home equity loans work best when you have a defined cost and want payment certainty.
BSNB’s HELOC minimum is $10,000, and the maximum is $100,000. The amount you qualify for depends on your available home equity, credit profile, and income.
You can use a BSNB HELOC for almost any purpose – home renovations (kitchen, bath, roof, windows, HVAC), debt consolidation, education expenses, major purchases, or as an emergency reserve. Many homeowners in Saratoga County use a HELOC to fund upgrades that increase their home’s value.
No. A BSNB Home Improvement Loan is unsecured and you borrow based on your creditworthiness rather than your home’s equity. That means faster approval and no need for an appraisal or title work. A home equity loan or home equity line of credit (HELOC) uses your home as collateral and may allow for larger loan amounts. Talk to a BSNB Mortgage Loan Originator to compare options.
You can apply online at bsnb.com or visit any of our 21 branch locations across the Capital Region. Our lending team will review your application and walk you through the process – from application to closing. Call 518-885-6781 to speak with a lender today.
BSNB has served homeowners in Saratoga County, Albany County, and the Capital Region since 1838. As a locally owned, FDIC-insured community bank, we offer local underwriting, faster decisions, and a personal relationship with a Mortgage Loan Originator who knows your full financial picture – not just your credit score.
Personal Loans
A personal loan gives you a fixed lump sum at a fixed rate, with set monthly payments over a defined term – best for a specific, one-time expense. A line of credit is revolving: you borrow what you need, repay it, and borrow again without reapplying – best for ongoing or unpredictable expenses. BSNB offers both options.
Yes. BSNB provides auto loan financing whether you’re buying from a dealership, a private seller, or a classified listing. Financing is available for new and used cars, trucks, and SUVs.
No. BSNB does not charge prepayment penalties on vehicle loans, so you can pay off your loan early without any additional fees.
You can apply online at bsnb.com or visit any of BSNB’s 12 branch locations in Saratoga and Albany counties. Our local lending team reviews applications and can walk you through your options. Call 518-885-6782 to speak with a lender today.
BSNB has served individuals and families in Saratoga County and the Capital Region since 1838. As a locally owned, FDIC-insured community bank, we offer local underwriting, faster decisions, and a personal relationship with a Relationship Manager who reviews your full financial picture – not just a credit score.
Business Checking
Yes. BSNB’s Community Checking account is specifically designed for nonprofits and not-for-profit organizations. It has no monthly maintenance fee, no transaction fees, and earns interest on the account balance – ideal for organizations that want simple, low-cost banking with a local institution.
Yes. The BSNB Business Debit Mastercard can be issued to authorized employees, giving them convenient access to business funds for approved purchases. Your account also integrates with Business Online Banking so you can monitor transactions in real time.
Every BSNB business checking account can be enhanced with Cash Management and Treasury Management tools, Remote Deposit Capture, Business Online and Mobile Banking, and Merchant Services for payment processing. A BSNB Relationship Manager can help you build the right combination of services for your business.
You can open a BSNB business checking account by visiting any of our 21 branch locations in Saratoga County and Albany County. A minimum deposit of $50 is required to open any business checking account. Visit bsnb.com/locations to find the branch nearest you, or call 518-885-6781 to speak with a Customer Service Representative.
Business Savings
A business savings account is a straightforward, accessible account that earns interest – ideal for everyday reserves. A business money market account offers tiered interest rates that increase with higher balances, making it a stronger choice for businesses that maintain larger reserves and want a better return.
Yes. All BSNB business deposit accounts – including Business Savings, Business Money Market, and Business CDs – are FDIC insured up to applicable limits. Ballston Spa National Bank is a Member FDIC institution.
Yes. Your BSNB Business Savings or Money Market account can be linked to your BSNB Business Checking account for easy transfers through Business Online Banking. This makes it straightforward to move funds between accounts as your cash flow needs change.
You can open a BSNB business savings account by visiting any of our 21 branch locations in the Greater Capital Region. Call 518-885-6781 or visit bsnb.com/locations to find the branch nearest your business.
Business Money Market & CDs
A business money market account at Ballston Spa National Bank is an interest-bearing deposit account that earns tiered rates based on your balance. It offers more earning potential than a standard savings account, with limited check-writing access and FDIC insurance up to applicable limits.
BSNB sends a maturity notice before your CD term ends. There is a ten-day grace period starting on your maturity date, giving you time to decide whether to renew, withdraw, or deposit funds. If no action is taken, the CD auto-renews for a term similar to that described in the pre-renewal notice.
Yes, but early withdrawal from a CD may be subject to a penalty based on your CD term. For businesses that need occasional access to funds, a money market account may be a better fit. A BSNB Relationship Manager can help you decide.
BSNB offers competitive, tiered money market rates for NY Capital Region businesses. Rates are updated regularly – visit bsnb.com or contact us at 518-885-6781 to see current rates.
Yes. All BSNB deposit accounts, including money market accounts and CDs, are FDIC-insured up to applicable limits, backed by the full faith and credit of the U.S. government.
Commercial Loans
BSNB makes all commercial loan decisions locally. Our lenders are based in the Capital Region and evaluate each application based on a thorough understanding of your business, the local market, and your long-term goals, not just a credit score.
Minimum loan amounts vary by product type. Contact a BSNB commercial lender at 518-885-6781 to discuss your specific financing needs and find the right program for your business.
You can start the commercial loan process by calling our team at 518-885-6781, visiting any of our branch locations in the Capital Region, or downloading the commercial loan application at bsnb.com. A commercial lender will guide you through every step.
Most commercial loan applications require recent business financial statements, a personal financial statement, and documentation supporting your loan purpose (such as a purchase agreement or construction plans). Your BSNB lender will provide a complete checklist tailored to your request.
Small Business Loans
You can start the process by contacting a BSNB business banker directly, downloading a commercial loan application at bsnb.com, or visiting any of our 21 Capital Region branch locations. Our team will walk you through the right loan type and your next steps.
Most applications require a completed commercial loan application, a personal financial statement, and supporting business financials. Your BSNB business banker will guide you through exactly what’s needed based on the loan type you’re pursuing.
BSNB works with businesses at a variety of stages, from established companies looking to expand to newer businesses building their foundation. Our business bankers focus on your goals, cash flow, and long-term potential – not just your history.
Yes. BSNB is a preferred SBA lender, which means your application benefits from a streamlined approval process and our team’s demonstrated experience processing and servicing SBA-guaranteed loans.
All lending decisions are made locally by lenders who live and work in the Capital Region including Saratoga County, Albany County, and the greater 518 area. That means faster turnaround and financing built on a real understanding of the local market.
Treasury Managment
Treasury management is a set of banking tools and services that helps businesses manage cash flow, send and receive payments efficiently, protect against fraud, and maintain clear visibility into account activity. If your business regularly runs payroll, pays vendors, processes customer payments, or manages multiple accounts, treasury management services can save you time, reduce risk, and give you more control over your finances. Ballston Spa National Bank offers treasury management solutions designed for Capital Region businesses of all sizes, from small businesses to nonprofits and larger organizations.
BSNB offers two primary electronic payment methods for businesses:
ACH (Automated Clearing House) payments are ideal for recurring transactions like payroll, vendor payments, and tax payments. ACH transfers are processed electronically, reducing the time, cost, and fraud risk of paper checks.
Wire transfers are best for time-sensitive or high-value payments that need to move quickly and securely, whether to another bank or to a vendor or partner.
Remote Deposit Capture (RDC) lets you deposit checks without making a trip to the bank. Using a desktop scanner connected to BSNB’s online banking platform, you scan checks directly from your office and submit the deposit electronically. Funds are credited to your account faster than with traditional paper deposits, and you keep a digital record of every transaction. It’s available for businesses that regularly receive check payments and want to reduce the time spent on manual deposits.
Remote Deposit Capture lets you deposit checks by scanning them using a specialized device and software. The funds are processed just like a traditional deposit – without you ever leaving your office.
A lockbox is a payment processing service where BSNB receives, opens, and deposits customer payments on your behalf. Your customers mail payments directly to a dedicated P.O. Box managed by BSNB. Our team processes the checks and deposits them into your account, typically faster than if payments were mailed to your office first. Lockbox services are particularly valuable for businesses and nonprofits that receive a high volume of mailed payments, such as insurance companies, utilities, associations, or healthcare organizations.
The Card Suite Lite mobile app gives you instant control over your BSNB business debit card – no phone call required. If your card is lost, stolen, or you notice suspicious activity, you can turn the card off immediately from the app. When you find your card or confirm the situation is resolved, you can turn it back on just as quickly. The app also lets you monitor and manage transactions in real time, so you always know exactly how and where your card is being used. Download the app via Google Play or on the Apple store.
Positive Pay is one of the most effective tools BSNB offers to protect your business against check fraud and unauthorized ACH transactions – and it works automatically, in the background, every day.
Check Positive Pay works by matching every check presented for payment against the check file you’ve uploaded into BSNB’s online platform. The system compares check numbers, dollar amounts, and payee names. If anything doesn’t match – a counterfeit check, an altered amount, a wrong payee – you receive an exception report and decide whether to pay or return it before it clears.
ACH Positive Pay gives you the same control over electronic debits. You define which companies or individuals are authorized to debit your account. Any ACH transaction that falls outside those parameters is flagged in your online banking dashboard for your review and decision. Both services are subject to approval. Contact ourTreasury Management team to learn how to get started.
Merchant Services
Elavon is one of the five largest payment processors in the world, handling more than 3 billion transactions annually. BSNB partners with Elavon to give our business customers access to enterprise-grade payment technology with the backing of a trusted local bank. You get the reliability and reach of a global processor combined with the personal service of a banker who picks up the phone.
Through BSNB’s merchant services partnership, your business can accept Visa, Mastercard®, American Express, and Discover credit and debit cards, as well as corporate and purchasing cards, electronic checks, and mobile wallets, including Apple Pay™ and Google Pay™. Payments can be processed in person, online, or through a smartphone or tablet.
EMV (also called chip card technology) creates a unique transaction code every time a chip card is used, making counterfeit card fraud significantly harder. When paired with Elavon’s Safe-T Security Solutions, your business is also protected by end-to-end encryption, simplified PCI DSS compliance, and up to $250,000 in breach assistance and reimbursement coverage in the event of a data compromise.
PCI DSS (Payment Card Industry Data Security Standard) is a set of security requirements that any business accepting card payments must meet. Non-compliance can result in fines and increased liability in the event of a data breach. BSNB and our merchant services provider simplify the compliance process with built-in tools that reduce your validation burden and help keep your business protected.
Yes. The merchant services platform supports in-person, online, and mobile payment acceptance. Whether you run an e-commerce site, a service business that invoices remotely, or a mobile operation, we can find a solution that fits your business.
Yes. Every BSNB merchant services customer is assigned a dedicated account manager – a real person who knows your account and is available to help with questions, troubleshooting, and account changes. Customer support is also available 24 hours a day, seven days a week, 365 days a year.
Contact our business banking team at 518-885-6781 or visit any of our 21 Capital Region branches to discuss your options.
Wealth Management
A trustee manages a trust overseeing assets, making distributions, and fulfilling the trust’s terms, often over many years. An executor (or administrator) settles a deceased person’s estate through probate, paying debts, filing taxes, and distributing assets to heirs. BSNB can serve in either or both roles.
A corporate trustee like BSNB provides continuity and impartiality that individual trustees, even well-intentioned family members, may not be able to provide. We never retire, move away, or have personal conflicts of interest. We follow your trust terms exactly and report transparently to all beneficiaries.
No, when properly structured, a special needs trust preserves eligibility for Medicaid, SSI, and other government benefit programs. Trust assets are used for supplemental needs that government benefits do not cover, such as education, recreation, and personal care items. BSNB administers these trusts in compliance with federal and New York State benefit program rules.
Call our Wealth Management Solutions team at (518) 885-6781 or visit one of our locations to speak with an advisor. We recommend scheduling a no-obligation consultation to discuss your goals and determine which services best fit your situation. Our advisors serve clients throughout Saratoga County, Albany County, and the surrounding Capital Region.
BSNB administers the following types of trusts:
- Revocable living trusts
- Irrevocable trusts
- Testamentary trusts (created through a will)
- Charitable trusts
- Special needs trusts
- Free consultation with a trusted Wealth Management Solutions advisor.*
- Unlimited check writing with two free check orders provided annually!
- A preferred rate of interest with a Wealth Management CD or Money Market Investment Account.
- Receive a .50% discount on an Auto/RV/Boat or Personal Loan when the payment is automatically deducted from your BSNB account.1
- 24 hour access to account information with online and mobile banking, plus FREE2 access to “Bill Pay”, our online bill payment service.
- Free debit MasterCard with all BSNB and non-BSNB ATM fees waived.
- Free small safe deposit box or 50% discount on any other size.
- No fee on official bank checks.
- No fee on wire transfers or stop payments.
- No closing costs or mortgage tax on Home Equity Lines of Credit.3
- $850 closing cost credit with a new to BSNB residential Mortgage Loan.4
Personal Investment Services
No. Products offered through BSNB Financial Services and BSNB Wealth Management Solutions are not FDIC insured, carry no bank guarantee, and may lose value, including loss of principal, since they are not bank deposits.
Investing in mutual funds can help you conveniently diversify your investments. Our Osaic Institutions Financial Advisors* will help you consider your investment objectives, risk tolerance and other variables and provide guidance on whether this type of investment makes sense for your individual situation.1
What are the benefits of investing in a mutual fund?
- Opportunities for diversifying your portfolio2
- Invest with experienced money managers
- Low initial investment amounts
- Opportunity to set up automatic investments3 through a bank transfer
- Convert your investment to cash by redeeming your shares
* Investment and insurance products and services are offered through OSAIC INSTITUTIONS, INC. Member FINRA/SIPC.BSNB Financial Services is a trade name of Ballston Spa National Bank. OSAIC INSTITUTIONS, INC. and Ballston Spa National Bank are not affiliated. Products and services made available through OSAIC INSTITUTIONS, INC. are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.
1 Before investing in a mutual fund, carefully consider its investment objectives, risks, fees, and expenses, which can be found in the prospectus available from the fund. Read it carefully before investing. 2 Diversification is a method of controlling risk. It does not assure a profit or the avoidance of loss. 3 Dollar cost averaging is a method of controlling risk. It does not assure a gain or the avoidance of loss. Investors should consider their ability to continue a dollar cost averaging program in periods of declining markets.
A 529 plan offers tax-advantaged growth and professional money management specifically for education expenses, while a regular savings account does not offer the same tax benefits for college costs.
Your investments are managed by local, credentialed advisors – including CFP® professionals and Osaic Institutions Financial Advisors for personal investing, and BSNB Wealth Management Solutions officers for trust and asset management.
Yes. BSNB Financial Services and Wealth Management Solutions advisors are based in Ballston Spa and Albany, serving clients throughout Saratoga County, Albany County, and the greater Capital Region.
Your advisor helps you evaluate your family’s full financial picture, so you can balance college savings goals with retirement contributions rather than choosing one over the other.
Retirement Services and IRAs
Ballston Spa National Bank offers Traditional IRAs, Roth IRAs, and Managed IRAs. Traditional and Roth IRAs are FDIC-insured deposit accounts available with CD terms and competitive rates. Managed IRAs are professionally invested accounts offered through BSNB Wealth Management Solutions, designed for individuals who want active portfolio management as part of their retirement strategy. Managed IRAs are not FDIC-insured, are not deposits, and may lose value.
With a Traditional IRA, contributions may be tax-deductible, and withdrawals in retirement are taxed as ordinary income. With a Roth IRA, contributions are made with after-tax dollars, and qualified withdrawals in retirement are tax-free. Roth IRAs also have no required minimum distributions (RMDs) during the account owner’s lifetime. The best choice depends on your current tax rate and what you expect in retirement. A BSNB advisor can help you decide.
Put simply, a rollover is the transfer of your funds from a former employer’s retirement plan into a new IRA. There are many things to consider when determining if a rollover is the right option given your situation. Our advisors will help you identify the advantages and disadvantages for the options available to you in addition to providing guidance on IRA rollover rules and IRA rollover time limits.
A Managed IRA is an IRA account where your retirement assets are professionally invested and actively managed by BSNB Wealth Management Solutions advisors. Unlike a standard IRA savings or CD, which is an FDIC-insured deposit account, a managed IRA invests in a diversified portfolio tailored to your goals, timeline, and risk tolerance. It’s designed for individuals who want their retirement savings actively working in the market with professional oversight. Managed IRAs are not FDIC-insured, are not a deposit, and may lose value.
Yes. BSNB can help you roll over assets from a former employer’s retirement plan, such as a 401(k) or 403(b), into a Traditional or Managed IRA. A direct rollover moves funds from the plan directly to your BSNB IRA. Our advisors guide you through the process from start to finish. Call 518-885-6781 or visit any of our 21 BSNB branches in the Greater Capital Region to get started.
Yes. BSNB IRA deposits, including IRA CDs and IRA savings accounts, are FDIC-insured up to $250,000 per depositor, per ownership category. Managed IRA investment assets are not FDIC-insured, are not bank-guaranteed, and may lose value. Ballston Spa National Bank is a member FDIC institution.
Employee Sponsored Retirement Plans
An employer sponsored retirement plan is a savings plan a business offers its employees, funded through voluntary payroll deductions that the employer may match up to a certain level. Funds grow tax deferred, and employees don’t pay taxes on earnings until they withdraw funds – usually during retirement.
Small businesses in the Capital Region commonly choose among a SEP IRA, a 401(k) – including Safe Harbor and SIMPLE 401(k) options – and a SIMPLE IRA. The right choice depends on how many employees are eligible, whether you want to make employer contributions, and how much administrative simplicity you need. A BSNB Financial Services advisor can compare the options with you.
With a SEP IRA, the employer contributes the same percentage of pay to each eligible employee, and contributions aren’t required every year. With a SIMPLE IRA, employees fund the plan, the employer is required to contribute a specific percentage, and funds are immediately vested.
Not necessarily. In a traditional 401(k), employees fund the plan and employer contributions are optional – though many employers contribute as an incentive to attract and keep talent. Certain plan types, such as Safe Harbor 401(k)s, do include required employer contributions in exchange for simplified compliance requirements.
No. Investment products offered through Osaic Institutions, Inc. are not FDIC-insured, are not deposits or obligations of the bank, and are subject to investment risk, including possible loss of value. This is different from BSNB deposit products, such as deposit IRAs, which are FDIC-insured.
Investment and insurance products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. BSNB Financial Services is a trade name of Ballston Spa National Bank, with advisors serving businesses across Saratoga County, Albany County, and the greater Capital Region.
Insurance
Long-term care insurance – sometimes called nursing care or elder care insurance – protects you from the risk that long-term care costs more than you can afford. You make premium payments, and in exchange, your insurer helps cover future long-term care expenses, whether that’s skilled care from health care professionals or support from home health workers, nurses’ aides, and family caregivers. An Osaic Financial Advisor can help you determine what types of insurance are right for you.
Term life insurance covers you for a fixed period at a lower initial cost with no cash value, while whole life insurance costs more up front but builds tax-deferred cash value you may be able to borrow against. An Osaic Financial Advisor can help you determine what types of insurance are right for you.
Not always. Long-term care insurance is designed to help cover expenses that health insurance, Medicare, or Medicaid may not, so you’re not paying entirely out of pocket.
Yes. Osaic Financial Advisors are based in Ballston Spa and Albany, serving families throughout Saratoga County, Albany County, and the Capital Region.
Security & Fraud
No. BSNB will never ask for your online banking credentials, password, or PIN by phone, email, or text message. If someone claiming to be from BSNB asks for this information, do not respond – hang up or delete the message, and call us directly at 518-885-6781.
Turn your card off instantly in the Card Suite Lite app, then call 518-885-6781 to report it. You can also visit any BSNB branch during business hours and we’ll take care of it with you.
A legitimate BSNB communication will never ask for your password, PIN, or full account credentials. If a message pressures you to act immediately, click a link, or verify confidential information, treat it as a scam. When in doubt, contact us directly at 518-885-6781 – we’re always happy to confirm.
Phishing is a scam that uses fake emails or pop-up messages to trick you into revealing sensitive information such as account numbers, Social Security numbers, or passwords. Avoid it by never clicking unexpected links, never opening attachments from unknown senders, and never sharing confidential information with anyone who contacts you unsolicited.
Enhanced Login Security is a free BSNB service that verifies both your password and the device you’re signing in from. If you log in from an unrecognized computer, you’ll answer additional verification questions that only you would know – extra protection against unauthorized access.
Multi-factor authentication (MFA) will be required to log into your online banking account and access certain features. MFA provides an additional layer of security, helping reduce the risk of unauthorized access to your account.
Setting up MFA:
- Sign in to online banking using your username and password.
- We will send a one-time security code to an email address you have on file with us.
- After receiving the security code, enter it into online banking to finish signing in and setting up your MFA.
To enable MFA via text message:
- Sign in to online banking.
- After setting up email MFA, sign in to online banking using a desktop computer or the web browser on your mobile device (the text alert setup process cannot be completed using the BSNB Mobile App).
- Navigate to Services & Settings > Security Code Delivery.
- Select: Enroll to receive text alerts.
- Follow the remaining steps as prompted to complete your text alert enrollment.
- Note: If you do not have a cell phone number on file, you will need to update your contact information by navigating to Your Name > Contact Information (located near the log-out button).
