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Health Savings Account

Open a Health Savings Account* and start reaping the benefits of pre-tax medical expenses and pre-tax contributions

No monthly fee
Interest bearing with tiered variable blended** rates
Minimum to earn interest $1,000
Free Visa™ Debit Card
Minimum to open $10
Free online banking

Health Savings Accounts were designed to help individuals save for qualified medical and retiree health expenses on a tax-advantaged basis.

Pre-tax dollars can be contributed to the account

Distribution from an account is tax free for "qualified" medical expenses

Distributions can be for the individual covered by a HDHP, their spouse, even if the spouse does not have a high deductible health plan, or a dependent

The account is transferrable to a beneficiary upon death (either as an HSA to your spouse or taxable if not used for qualified medical expenses, taxable as income to anyone other than your spouse or taxable as your own income at death if not designated to anyone)

Funds in the account can be invested just like an IRA to maximize growth potential. Interest accrues tax free.

Trustee or custodian fees can be paid from the assets in the account without being subject to tax or penalty

No "use it or lose it" rules like in a flexible spending account; unspent monies remain in the account until they are spent

There is NO time limit on when the funds have to be spent so if your situation changes and you are no longer in a high deductible plan, the remaining funds can remain tax free year after year until they are spent

Frequently Asked Questions

INFORMATION FOR HEALTH SAVINGS ACCOUNTS:

A monthly dormant fee of $8.00 will be charged if there is no activity after one year and the balance is below $500
*To be eligible, you must have a high deductible health plan (HDHP) of $1200 for individuals and $2400 for families in 2010, you may not be enrolled in Medicare, you may not be claimed as a dependent on someone else's tax return. Please refer to the US Department of Treasury for specific eligibility requirements.
**The interest rate and annual percentage yield are blended based on all rate tiers that apply. The rates for these tiers may change. Interest will be compounded daily using the average daily balance computation method and paid at statement cycle. Interest begins to accrue on the day we receive credit.

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A Health Care Plan
You Can't Ignore

♦ Pre-tax contributions

♦ Tax-free withdrawals
(qualified expenses)

♦ Interest that accrues tax-free

♦ Transferable upon death

♦ Roll unused balances
each year

♦ No time limits to spend the remaining balance

♦ After age 65, use the balance for NON-qualified medical expenses