Open your wallet and say ‘Ah…’
Financial and physical health go hand in hand with a health savings account (HSA). Flexible and easy to use, an HSA is a tax-advantaged personal savings account that works with a qualified health plan. If you’re 18 years or older and have a high-deductible health plan, you can make contributions to an HSA and use those funds to pay for medical expenses—or to save for future/retiree health expenses, tax-free.
- Minimum amount to open: $50
- No setup or annual fees
- Earn competitive interest on entire balance
- Have tax-free contributions deposited directly from paycheck
- If contributions are made after tax, amount deposited is tax deductible
- Withdrawals are tax free when used for qualified medical expenses*
- Money rolls over year to year; no “use it or lose it” policy
- HSA is not tied to any employer
- Easy withdrawal access by check, debit, online or teller
*Withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty. The 10% penalty is waived for people 65 and over or those who have become disabled.
- Must be covered under a qualified, high-deductible health plan
- Cannot be claimed as a dependent on another person’s tax return
- Cannot be enrolled in Medicare
Contribution limits are set by the IRS. Currently, they are as follows:
- $3,350 for a single person
- $6,750 for a family
- A person age 55 or older may make an additional $1,000 “catch-up” contribution
See current deposit rates.
View Terms and Conditions of Deposit Accounts (PDF).
[OPEN AN ACCOUNT]