Health Savings Benefits
A HSA is a special account, owned by an individual, used to pay for qualified current and future medical expenses, and used in conjunction with a "High Deductible Health Plan" (HDHP) on a tax free basis. We can help you establish your HSA if you are covered by a high-deductible health plan.
The HSA Difference
Even if you do not expect to have medical expenses during the year, consider an HSA if you’re eligible. From the moment you open it, even if your balance is zero, any medical expense you incur will qualify for tax-free reimbursement when the expense happens. Some other benefits of a HSA are:
- Tax Savings. Federally qualified HSA contributions can be deducted from your gross income on your federal tax return, even if you do not itemize your deductions; distributions are tax-free if used for qualified medical expenses; and accumulated funds grow with tax-deferred earnings.
- Control. You make all the decisions relating to your account, like whether to save for future expenses or pay current medical expenses and how to invest the funds.
- Portability. You own your account, and it goes with you if you change jobs or retire. Funds remain in the account from year to year, just like an IRA.
All Our Savings Accounts Come With These Free Services
Related Products
Preferred Checking49
Free
Name It Save It24
$0 to open
Share Certificates16
$500 Minimum
Rates51 as of 03/23/2025
| Account | APY24 | Dividend Rate24 |
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Rates51 as of 03/23/2025
| Account | APY24 | Dividend Rate24 |
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Rates51 as of 03/23/2025
| Account | APY24 | Dividend Rate24 |
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Disclosures
17. Balances on Checking accounts are calculated using the average daily balance method. The average daily balance method applies a periodic rate to the average balance in the account for the dividend period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
24. The dividend rate and annual percentage yield may change at any time as determined by the credit union's board of directors. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The dividend rate and annual percentage yield are the prospective rate and yield that the credit union anticipates paying for the applicable dividend period. Dividends begin to accrue on noncash items (i.e. checks) on the business day you make the deposit to your account. If you close your account before dividends are credited, accrued dividends will not be paid. Fees may reduce the earnings on any account.
27. An early withdrawal penalty will be imposed if Share Certificate funds other than credited dividends are withdrawn before the maturity date. A certificate may not be reduced below the required minimum balance. Share Certificates and HSA Certificates with terms of 24 months or less will forfeit 90 days of dividends whether earned or unearned. Share Certificates and HSA Certificates with terms greater than 24 months will forfeit 182 days of dividends whether earned or unearned. 91 Day Jumbo Certificates will forfeit 7 days of dividends whether earned or unearned.
35. HSA Primary Share requires a minimum $5 balance. Overdraft protection is available from HSA Primary Share. Checks and debit cards are optional and should be used for normal distributions only. Therefore, for any other type of Health Savings distribution such as death, disability, or excess contribution removal, contact the credit union to complete a withdrawal form to document the purpose of the distribution. The HSA Primary Share and Health Savings Checking are dividend-bearing accounts.
51. Rates are subject to change without notice.
54. Balances on Savings, Sub Savings, Name It Save It, IRA, Health Savings (HSA), and Johnny Appleseed accounts are calculated using the average daily balance method. The average daily balance method applies a periodic rate to the average balance in the account for the dividend period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. Balances on Premier Savings, Performance Plus, and Advantage Money Market accounts are calculated using the daily balance method. The daily balance method applies a daily period rate to the balance each day.
55. Free transfers from a money market or a savings account to another account or to third parties by preauthorized, automatic, internet, telephone, or other electronic means, along with checks and debit cards, are limited to six per calendar month or statement cycle. Daily withdrawal limitations apply for ATM and Point of Sale (POS) transactions.