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 4.00% for deposits up to $1,000,000 as of Jan. 2nd, 2025.
Deposits over $1,000,000 will have a blended rate with the APY being over 3% 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!
Banking Crisis
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.
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As of 2023, Oregon has a state Capital Gains Tax (CGT) up to 9.9%
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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
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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
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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