You can use your debit card to pay for qualified medical expenses.
HSA spending can be monitored through Digital Banking
You get tax-free earnings1 and tax savings when you contribute1.
Balances of $15,000 and over earn 2.00% APY2.
Your money is federally insured by the NCUA.
What is an HSA?
An HSA is a savings account that allows you to put money aside on a pre-tax basis for qualified medical expenses. It can only be used if you meet the qualifications below. These accounts earn dividends, and your money rolls over from year to year if you don’t spend it.
Who Qualifies for an HSA?
To be an eligible individual and qualify for an HSA, you must meet the following requirements:
- You are covered under a High Deductible Health Plan (HDHP)
- You have no other health coverage except what is permitted under “Other health coverage,” listed on IRS.gov
- You are not enrolled in Medicare
- You cannot be claimed as a dependent on someone’s tax return1
Contributions can be made by you or your employer up to the maximum limit specified by law. Individuals age 55 and older can make an additional $1,000 catch-up contribution.
HSAs Earn Dividends
|$15,000 and over||2.00%|
|$5,000 to $14,999.99||1.50%|
|$2,500 to $4,999.99||1.00%|
|$500 to $2,499.99||1.00%|
|$100 to $499.99||0.50%|
|$0 to $99.99||0.00%|
|Accurate as of 1/1/2020|
FAQs: You Asked. We Answered.
You won’t lose the money in your HSA account and you can continue to use the money for qualified medical expenses. However, you will not be able to make contributions to your HSA.
The main difference is that you will not lose your money in your HSA if you do not use it. The money in your HSA will carry over from year to year.
Yes, you will receive an HSA debit card (upon request) when the account is opened.
See our Fee Schedule for a list of fees you may encounter.
1 Please consult your tax advisor to determine your specific tax situation.
2 APY = Annual Percentage Yield. Balances of 0 to $99.99 earn 0.00% APY. Balances of $100 to $499.99 earn 0.50% APY. Balances of $500 to $4,999.99 earn 1.00% APY. Balances of $5,000 to $14,999.99 earn 1.50% APY. Balances of $15,000 and over earn 2.00% APY. Rates are accurate as of 1/1/2020. No minimum opening deposit or balance is required. Fees may reduce earnings. The rates stated on these products are subject to change.