Why open an HSA?

A Health Savings Account (HSA) is a type of personal savings account designed to help you take more control of your health care. With an HSA, you can save money tax-free to pay for almost any medical cost. HSAs are tax-advantaged accounts for consumers who are covered by high deductible health insurance plans. 

Like any health care option, HSAs have advantages and disadvantages. You will need to consider your budget and what health care you're likely to need in the next year.  Please see more information contained in our HSA FAQs.

Health Savings Account Benefits

Tax Benefits - Contributions made to an HSA by an employer may be excluded from the employee’s gross income.

Earnings are Tax Free - Interest or other earnings on an HSA are tax free.

Distributions are Tax Free - If distributions are used to pay qualified medical expenses, those distributions are tax free.

Portability - The HSA moves with the account holder if they leave their employer or the workforce.

Funds remain in the account - Funds remain in the account from year to year until you use them. There is no “use it or lose it" rule for HSAs.

After age 65 HSA assets can be used for retirement (but may be subject to income tax if not used for medical expenses).

The primary source of information for this webpage was the IRS Publication 969. However, the HSA content on this webpage is for informational purposes only. For additional information please refer to the IRS Publication 969 (see link on this page) or consult your tax professional.

Health Savings Account Things to Consider
  • Amount required to open the account $100
  • Minimum Balance Required to Earn Interest is $250.00 
  • This account pays Interest -  Click here for Current Rates 
  • Debit Card - Included
  • Standard checks - Available for purchase upon request
  • Online Banking- Included
  • Bill Pay - Included, if attached to a primary checking account
  • Monthly Account Service Fee -  $3
  • Paper Statements - $3, waived if customer signs up for e-statements
  • Custodial Transfer Fee $25, only applies when moving the account to another financial institution.
  • Account Closure fee within first 90 days $25, if the customer transfers the account to another financial institution within the first 90 days you will not be charged the transfer fee and closure fee.