FICA Account Overview
Oregon FICA Savings Accounts could potentially help Oregonians insure deposits over $250,000.
High FDIC Insurance Limit
T. Mann Financial can help you gain access to up to $25 Million in FDIC Insurance (per Tax ID)
FDIC Insurance limits traditional accounts like checking and savings accounts are limited to just $250,000 per tax ID.
How is the limit so high?
One of our affiliates, StoneCastle, grants us the opportunity to provide our clients with a high-yield federally insured cash account. The deposits are spread across hundreds of network banks, and are easily accessible through a 24/7 online access dashboard.
High Interest for Oregon Residents
The National Average
The current national average APY for a savings account is 0.42%, according to the FDIC as of June 6th 2023.
Please check the FDIC site here for the most up-to-date average national rate information.
FICA Accounts via T. Mann Financial
FICA Account via T. Mann Financial is currently yielding an APY of 4.75% for deposits up to $1,000,000 as of August 7th, 2023.
Deposits over $1,000,000 will have a blended rate with the APY being over 4% at $25 million.
Rates change frequently, please check here for the most up-to-date information.
Why does the interest rate matter? Answer: Compounding Interest
At an account size of $1 million, an account yielding 4.5% APY will earn $568,268 in ten years; whereas the same account yielding 0.42% APY will earn $42,894.
How to open a FICA Account
Take the first steps to opening a high-yield savings account.
How to Open a FICA Account in Oregon through T. Mann Financial
Step 1. Click this link and start your application
Step 2. Deposit your funds
Easily move money in-and-out of your account.
Your Online Dashboard
Gain access to a 24/7 application that allows you to manage and monitor your funds seamlessly.
*Note that there is a $100,000 minimum initial deposit, and an annual .1% fee
Start Benefiting from a FICA Account today!
FICA Examples for Oregon Residents
T. Mann Financial can help advise Oregon Residents on when a FICA Account should be used.
Capitalize on your FICA Account!
Away from Home
Spend less time worrying about your money by having up to $25 million being insured.
A FICA Account can be used to keep up to $25 million safe in the event of a disaster, or if you are unable to manage your money with a watchful eye.
Surplus of Cash
If you're in a position where you have more cash than you can manage, use a FICA Account!
Protect more of your money in the event of a banking crisis or banking failure.
A Banking Crisis Example
Imagine a professor at the University of Oregon named Jake who has an opportunity to go on a sabbatical in Europe for a year. This is convenient because he was hoping to downsize his home in Eugene and decided to sell before he left for and then will purchase a smaller one when he returns.
Jake puts all of the $1,000,000 proceeds of the sale into a local bank. Six months go by, and Jake was shocked to learn that his bank collapsed, and is left with a quarter of his money.
Jake could have avoided this problem by using an Oregon FICA Savings Account to insure deposits over $250,000 safely in his bank.
Jake's $1,000,000 investment during a bank failure illustrated
When could Oregon Residents benefit from using a FICA Account
Through T. Mann Financial, gain a much higher APY than your standard savings account, and insure a substantial amount of your money as well.
As of 2023, Oregon has a state Capital Gains Tax (CGT) up to 9.9%
Generally, short-term CGT can range from 10% to 37% depending on income, and long-term CGT can range from 0% to 20%, also depending on income
This can combine together to be a sizable portion taken off of your stock option after selling, which is why it is important to recognize the timing and conditions of sale
Section 1202 of the Internal Revenue Code allows holders of Qualified Small Business Stock (QSBS) to exclude 50% to 100% of capital gains on the sale of QSBS, and Oregon follows the section 1202 100% tax exclusion on capital gains from the sale of QSBS