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HSA Money Market

Earn healthy interest rates while saving for future healthcare expenses with the HSA Money Market Account.

Get tax benefits and tiered interest to make the most of your funds while ensuring that your medical bills are covered.

Questions?

Summary

This account must be used in conjunction with a qualified High Deductible Health Plan. See the HSA FAQs for more information.

HSA Features

Contributions are tax deductible
Interest earned in an HSA grows tax-free
Money invested in an HSA carries over from year to year
If you change jobs, the HSA goes with you
HSAs help make health care affordable

The interest rate tiers are structured to match the high deductible health plan options:

Less than $1,000

$1,000 - $4,999

$5,000 - $24,999

$25,000 - $49,999

$50,000 - $99,999

$100,000 and up

An opening deposit of $1,000 and an enrollment fee of $25 is all it takes to start taking advantage of the tax benefits of your new HSA Money Market.

Basic Features

Savings Features:

Interest calculated daily and paid monthly
Tiered interest rates to maximize returns
Six transfers per month*
Unlimited lobby transactions
Unlimited Online Banking
Unlimited 24-Hour TeleBank usage
$1,000 to open

An enrollment fee of $25 is all it takes to start taking advantage of the tax benefits of your new HAS Money Market Account.

*You may make six (6) transfers from your account each four (4) weeks or similar period by preauthorized or automatic transfer, or telephone (including data transmission) agreement, order or instruction. Three (3) of these transfers may be made by check, draft, debit card or similar order (including POS transactions), made by the depositor and payable to third parties. Transfers or withdrawals made in person, by messenger, by mail or at an ATM are unlimited.

HSA FAQ

What is a Health Savings Account (HSA)?

A Health Savings Account is an alternative to traditional health insurance. It is a savings product that offers a different way for consumers to pay for their routine medical expenses. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. HSAs must be used in conjunction with a qualified High Deductible Health Plan (HDHP).

What is a qualified High Deductible Health Plan (HDHP)?

An HDHP is an insurance plan that has a minimum deductible of $1,150 annually for individual coverage ($2,300 minimum for family coverage). Maximum annual out of pocket cannot exceed $5,500-individual/$11,000-family. You need to verify with your insurance provides and/or with your employer as to whether or not your insurance plan qualifies you to contribute to an HSA. Usually plans with co-pays are not eligible.

By selecting a health insurance plan with a higher deductible, employers may save up to 40% on health care expense over a traditional healthcare insurance plan. Or individuals who previously felt they could not afford health insurance now have access to cost-effective, comprehensive health insurance plans.

What are eligibility qualifications for an HSA?

Must be covered under a qualified high-deductible health plan
Not covered under another type of health plan
Not entitled to Medicare benefits (must be under 65)
Not claimed as a dependent on another person's tax return

What are the contribution requirements to an HSA?

Can annually contribute up to $3000 for individuals and $5,950 for families in 2009. These amounts will be increased for inflation in future years.

In addition, individuals over age 55 can make additional catch-up contributions each year until they are eligible to enroll in Medicare. The amount of the additional catch-up amount is based on the following schedule: