Health Savings Accounts
Features
- Minimum opening deposit required is $100
- No minimum balance fees
- Initial checks may be provided
- Contributions to an HSA may be made by any person (an employer, a family member, or any person) on behalf of an eligible individual.
- The HSA has an annual fee of $25 which will be debited from the account upon opening and annually thereafter.
- Unused balances may be carried from year to year during the participant's lifetime
FDIC insured up to $100,000
Distributions
Distributions for non-qualified medical expenses, prior to age 65 are generally subject to federal income tax and a 10% tax penalty. Distributions for non-qualified medical expenses, after age 65 are taxed as ordinary income.
Interest
- Compounded daily and credited to the account monthly
- Tiered interest rate, based on account balance
Statements
- Mailed monthly
- Can be combined with other accounts
- Available in Spanish
Convenient Access
|
