| Account Type | Opening Balance | Rate Type | Minimum Balance | Monthly Service Charge |
| Health Savings Account | $25.00 | Variable | $500 | $3.00 per month plus 25¢ per check if minimum balance is not maintained. |
Health Savings Accounts, or HSAs, were created by Congress to combat rising medical costs by providing an incentive for more consumers to pay "first-dollar" medical expenses. An HSA is like an IRA that is designed exclusively for covering medical expenses incurred by the HSA account beneficiary and his or her dependants.
- Tax benefits
- HSA contributions, by employee or employer are excluded from income
- HSA earnings are tax deferred
- HSA assets are never taxed if used for qualified medical expenses
- Unused HSA assets may be used for retirement; however, they will be subject to a 10 percent penalty until the HSA account beneficiary turns age 65. If not used for medical expenses, they will be subject to income taxes
- Upon death, HSA assets become the property of a named death beneficiary, or of the HSA account beneficiary’s estate. A spouse may treat the assets as his or her own HSA, while non-spouse death beneficiaries must treat such assets as ordinary taxable income.
- $15.00 account set up fee
- Earn interest on all balances. Click here for current deposit rates
- Unlimited check writing
- Monthly statement mailed or Free E-mail delivery of monthly statement
- Free direct deposit and automatic withdrawals
- Free ATM access at all Access network terminals
- Free ATM/Debit Card available (only one per account)
- Free NetTeller
- Free use of AccountLink, our telephone banking service
- Limited number of check copies available per month at no charge
- Account history CDRom available for a fee
- Bill Payer available for a fee
- See a Personal Banker for more information regarding:
- Qualified medical expenses
- Eligibility
- Contributions/Distributions
- Government reporting
Contact us for more details or to apply for this account.
