Health Savings Accounts (HSAs)

Keep your finances healthy while you stay healthy. An HSA can help you cover routine doctor visits or unexpected ones — tax-free.2

Key Features

  • Tax Savings2
  • No Setup or Maintenance Fees
  • Withdraw Funds at Any Time
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  • Greater personal control over healthcare management and expenses
  • Prepare for qualified medical expenses
  • Earn interest above standard savings on entire balance1
    • Interest is compounded monthly
  • Receive higher rates on larger deposits
  • An HSA provides triple tax savings:
    • Tax deductions when you contribute to your account
    • Tax-free earnings through investment
    • Tax-free withdrawals for qualified medical, dental, vision expenses, and more2
  • Contributions are tax-free and can be made by you, your employer, or a third party
  • Funds can be withdrawn at any time3
  • No monthly service fee
  • No minimum balance requirements
  • Unused funds remain in account year after year; no "use it or lose it" policy
  • Keep your HSA in your name, regardless of career or life changes
  • Federally insured by FDIC
  • $50 minimum deposit to open

Please see our HSA Eligibility Form (PDF).

Transaction Limitations

  • Withdrawals are limited by law3
  • Please see your tax accountant for details 

Contribution Limits

An eligible individual who is age 55 or older may make additional HSA contributions (called catch-up contributions) up to $1,000 annually and may continue to make catch-up contributions until enrolled in Medicare. You may contribute to your HSA until the tax return due date which is typically April 15th.     

Non-Qualified HSA Distributions

HSA distributions not used for qualified medical expenses are subject to ordinary income tax and if taken before age 65, a 20% IRS penalty tax could result if not used for qualified expenses.

Qualified HSA Distributions

Funds held in an HSA account may be used for qualified medical expenses as defined in United States tax law. These expenses include the majority of medical, vision, or dental expenses. Additionally, although HSA account balances cannot be used to pay health insurance premiums, they may be available to be used to pay qualified long-term care premiums after age 65.

Please be aware that any funds withdrawn from an HSA account that are not used for qualified medical, vision, or dental purposes are typically subject to ordinary income tax. If taken before age 65 they are also subject to a 20% IRS penalty unless due to a disability or death.

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1BALANCE COMPUTATION METHOD: APY=Annual Percentage Yield. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day. The daily balance that we use when calculating interest is the collected balance. That means we only include those funds for which we have actually received payment when we determine the balance on which interest is paid. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).

2Consult a tax advisor.

3You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.