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Health Savings Account

Overview – Health Savings Accounts provide a tax-free method to save and pay for qualified medical expenses and may have the following advantages: 1) Lower premiums 2) Lower taxes and 3) Freedom of choice.  HSA rules require that the funds be held in a financial institution trust account.

Minimum balance to open the account – $50 minimum balance to open.

This is a tiered interest bearing account. The tiers are as follows:

•    Tier 1 –$     .01   to $ 4,999.99

•    Tier 2 –$  5,000  to $ 9,999.99

•    Tier 3 –$10,000 to $24,999.99

•    Tier 4 –$25,000 or greaterRate

Information – Account rates are available at all branches and also posted online for customer convenience.  The interest rate and annual percentage yield may change on the account at any time and at our discretion.

Compounding and crediting frequency – Interest will be compounded and credited to the account every month. 

Effect of closing an account – If the account is closed before the interest is credited, you will not receive the accrued interest.

Maintenance Fee – A $2 monthly fee is charged regardless of balance.

Distribution corrections – A $10 fee will be charged.

Closing fee – A $25 fee will be charged.

Minimum balance to avoid imposition of fees – There are no minimum balance fees.

Minimum balance to obtain annual percentage yield disclosed – There is no minimum balance required to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on the account.  This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on non-cash deposits – Interest begins to accrue on the first business day after the banking day the non-cash items were deposited (for example, checks).

Account access – First order of check are free (limited selection), Debit card available, Internet Access.    

(There are restrictions.  Speak to a bank representative to see if you qualify.)