Special Health Savings
It's similar to an IRA, but for your health. The money you invest in an HSA gives you tax savings. Your contributions, any earnings and withdrawals are tax-free. The money in your account rolls over from year to year, giving you added flexibility.
You can make tax-free withdrawals from your HSA, as long as your withdrawal is being used for qualified medical expenses.
This account is for customers who have a HDHP (High Deductible Health Plan). The minimum amount to open the account is $50.00. An average monthly balance of $5,000 must be maintained to avoid a $3.00 service charge that would be assessed at the time of your statement. Another way to avoid the $3.00 service charge is to sign up for e-statements.
There is a $25.00 closing fee if the account is closed within 1 year of opening.
You will also receive an ATM card and a starter pack of checks when you enroll. You can purchase additional ATM cards for $5.00 and more checks can be purchased.
HSA rates are tiered, so the more you have in your account the more interest you get paid.
Rates effective: December 02, 2014
|$0 - $999
||.25% APR (.25% APY)
|$1,000 - $4,999
||.30% APR (.30% APY)
|$5,000 - $14,999
||.35% APR (.35% APY)
|$15,000 & Up
||.40% APR (.40% APY)
Information About Procedures for Opening a New Account
Please see a Bank Representative for full details. Rates and terms subject to change at bank discretion. All interest rates are compounded daily. Penalty may be imposed for early withdrawal on certificate of deposit.
APY**: Annual Percentage Yield
APR*: Annual Percentage Rate