Health Savings Account (HSA)
- Prepare for healthcare costs
- May earn higher rate than traditional savings
- Earn higher interest on larger balances through our tiered rate system
- Must have high deductible health plan coverage
- Tax deductions when you contribute to your account*
- Tax-free earnings through investment
- Tax-free withdrawals for qualified medical expenses
- Maintain account even if you change jobs, change medical coverage, or move
- No set up cost or annual charges
- Free Visa HSA® debit card
- Unlimited withdrawals
- No minimum deposit to open
- Federally insured by FDIC
Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.
*Direct deposit from your paycheck will reduce your taxable earnings. If contributions are made after income was taxed, the amount deposited is tax deductible. Consult a tax advisor.