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Health Savings Account (HSA)

Health Savings Account (HSA)

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Summary

If you're covered under a high-deductible health plan, paying for those out-of-pocket expenses can be a real challenge. To help you meet these expenses, we now offer a special Health Savings Account, or HSA.

With an HSA, deposited funds are tax deferred, and as long as you use that money to pay for qualified medical expenses, you'll never have to pay taxes on it. We make it even easier by providing you with a free debit card.

Your HSA also earns interest and includes free account management via the Internet.

  • Balances over $300 earn interest
  • Monthly service fee waived on balances over $3,000
  • Free Online Banking
  • FDIC insured
  • No minimum balance to open
  • $25 set-up fee to open account

Helpful Hint: The IRS ultimately determines what's considered a qualified expense, so it's important to keep detailed records. Also, you should check with your employer or insurance carrier to make sure your coverage qualifies as a high-deductible health plan.

Interest Rates

Interest Rates:

Balance...................................APY* ....... Rate

$300 - $10,000.......................0.20% ........0.20%

$10,000.01 & up.....................0.45% ........0.45%

*This is a variable rate account. APYs (Annual Percentage Yield) are accurate as of January 1, 2012 and are subject to change thereafter, including after account opening. Fees and withdrawals could reduce earnings.