A Health Savings Account is used to accumulate money to pay for future out-of-pocket medical expenses.
Features
- Ideal, if you have a High Deductible Health Plan and need to withdraw funds for qualified medical expenses for yourself, your spouse or a dependent. What you don't spend on health care expenses, you can save for retirement.
- $100 minimum opening deposit
- No service charge if $100 minimum daily balance; otherwise, $3 service charge per statement cycle if minimum balance is not maintained
- Pays tiered interest
- Online Banking and Bill Pay, at no charge
- Free (HSA specific) debit card, subject to approval
- Free Online E-Statements
Benefits
- Earn Interest
- Helps you pay for out-of-pocket medical expenses2
- Funds deposited may be tax-free1
- Earnings on your money may be tax-free1
- Withdrawals for medical expenses may be tax-free2
- Save for future medical expenses with pre-tax dollars
- Funds remain in your Health Savings Account from year to year
* $3 service charge per statement cycle if minimum daily balance is not maintained.
1 Talk to a tax professional to confirm applicable benefits.
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