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A Health Savings Account (HSA) gives you the option to save money tax-free for current and future out-of-pocket heath expenses.
To contribute to an HSA, you must be covered under an HSA-eligible high deductible health plan (HDHP). In addition, you cannot be enrolled in Medicare, be eligible to be claimed as a dependent on another person’s tax return, or be covered by another health plan (with limited exceptions).
As long as you don’t go over the limits that apply to your type of insurance coverage, you can contribute as much as you want, as often as you want throughout the year until your tax return due date (generally April 15 of the following year). In fact, anyone can contribute for you, even your employer.
| Health Savings Account | |
| Effective Date: 11/1/2024 | |
| Balance | Tiered Dividend Rate/APY (Interest Rate) |
| Below $100 | 0.00% |
| $100.00 - $2,499.99 | 0.25% |
| $2,500.01 - $10,000.00 | 0.40% |
| $10,000.01 and up | 0.65% |
| Regular savings, money markets, accumulators and checking: Rates are subject to change at any time. Annual percentage yield on regular savings accounts is accurate as of the last declaration date of 1/1/2023. Rates may change after a savings, money market or checking account is opened. Disclosures available upon request. Minimum balance to earn dividends is $100 for regular savings, $1,000 for IRA, $2,000 for money market, $75000.01 for Jumbo Money Market and $1500 for eInterest and second tier of Premier Interest checking. Fees could reduce earnings on accounts. We may offer different rates in the future. APY = annual percentage yield. | |
You can make saving automatic with direct deposit, payroll deduction, or by setting up recurring transfers from other accounts. Plus, it’s easy to manage your savings with free online and mobile banking and your choice of free printed or e-Statements.
APY = Annual Percentage Yield. See rates page for full rates disclosures. ACCOUNTS INSURED UP TO $500,000. American Share Insurance insures each account up to $250,000. Excess Share Insurance Corporation provides up to an additional $250,000 of insurance per account.
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