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Health Savings Accounts


  • No minimum balance requirement
  • Interest paid on balances of $1,000 or more – click here for rates.
  • Free HSA Debit card
  • Free online banking and eStatements
Additional Info

One of the smartest financial moves you can make for the future can be a Health Savings Account. A Health Savings Account (HSA) is a tax-favored account used in conjunction with an HSA-compatible high deductible health plan. The HSA allows you to contribute funds on a pre-tax or tax-deductible basis, which you may use to pay for eligible medical expenses.

You can qualify for an HSA if:

  • You are covered by a single or family high-deductible health plan (HDHP).
  • You are not covered by any other health plan, unless it is also a HDHP.
  • You are not enrolled in Medicare.
  • You cannot be claimed as a dependent on another person's tax return, excluding your spouse.

Tax Advantages of an HSA

There are plenty of advantages to a Health Savings Account. Funds rollover each year, there’s no “use it or lose it’ and the account is FDIC insured. But the biggest advantage is the tax savings.

Contribution Tax Benefits

Contributions to a Health Savings Account are tax deductible (subject to IRS annual limits). This means you can reduce your taxable income by the amount you contribute to your HSA.

Distribution Tax Benefits

Eligible medical expenses such as prescriptions or dental and vision care can be purchased tax-free when you use your HSA. You can also pay out-of-pocket for eligible medical expenses and then reimburse yourself from your HSA.

Earnings Tax Benefits

The interest on HSA funds grows on a tax-deferred basis. And, unlike most savings accounts, interest earned on an HSA is not considered taxable income when the funds are used for eligible medical expenses.

See IRS Publication 969 for more information on Health Savings Accounts.

See IRS Publication 502 for more information on Medical & Dental Expenses.


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