Health Savings Accounts include individual and family plans, which are governed by the IRS.
Saves you money by providing significant tax benefits:
- Contributions are tax deductible; consult a tax advisor.
- HSA earnings are tax-deferred.
- If used for qualified medical expenses, HSA assets are tax free.
- HSA debit card provides convenient access to HSA funds.
Consult a tax advisor concerning tax implications.
|Minimum opening deposit||$5|
|Minimum balance to earn dividends
|Monthly service fee||None|
|Debit card fee||$15 for initial card, then every two years|
|Withdrawals/Transfers||Withdrawals and transfers will be made according to IRS guidelines.|
|Contributions||Contribution limits are determined by IRS annual limits.|
|Dividends||Check Truth-in-Savings Rate and Fee Disclosure for current rates. Dividends are calculated daily and credited monthly.|
|Account access||You may access the account in person, through direct deposit, payroll deduction, ATM card, PAL, Online Banking, Mobile Banking or Share Branch Network.|
|Statements||You will receive statements either monthly or quarterly, depending on your account activity.|