A Health Savings Account (HSA) is designed to help you save for medical expenses by maintaining an account separate from your regular savings account. HSAs include individual and family plans, which are governed by the IRS.
- $5 minimum opening deposit
- $50 minimum balance to earn interest
- $15 debit card fee, then every three years
- Withdrawals and transfers will be made according to IRS guidelines.
- Contribution limits are determined by IRS annual limits.
HSA contributions are tax deductible and HSA earnings are tax deferred. If funds are used for qualified medical expenses, HSA assets are tax free. Consult a tax advisor for tax implications.
Health Savings Account
Effective Date: Wednesday, March 22nd, 2023
Subject to change. Dividends are calculated daily and credited monthly.
| Type of Account | APY* | Dividend Rate | Minimum to Earn Interest |
|---|---|---|---|
| HSA Savings | 0.05% | 0.05% | $50 |
| HSA Checking Tiered Rates | 0.25% | 0.25% | $0-$4,999.99 |
| 1.00% | 1.00% | $5,000-$9,999.99 | |
| 1.11% | 1.10% | $10,000+ |