Health Savings Accounts
Health Savings Accounts are for eligible individuals for the purpose of paying for qualified medical expenses. Our HSA is a tiered-rate checking account that pays higher rates if you maintain a higher balance. You may open this account without a monetary deposit, but you must pay your account set up fee and maintain a minimum daily balance of $10.00 to earn interest and the stated APY. After the first six months, a service charge of $5.00 will be imposed every month that the Average Daily Balance in the account for the month falls below $700.00. Only the deposited funds that comprise each tier earn the rate for that tier. This account may have as many as eight rate tiers, but currently has four tiers as follows:
| Tier | Interest Rate | APY |
|---|---|---|
| 1 –$10.00 - $999.99 | 0.25% | 0.00% - 0.25% |
| 2 –$1,000 - $9,999.99 | 0.50% | 0.25% - 0.48% |
| 3 –$10,000 - $24,999.99 | 1.15% | 0.48%-0.88% |
| 4 –$25,000 - and over | 1.25% | 0.88% - 1.26% |
There is an account setup fee of $20.00 which covers your first 50 checks, 20 deposit slips and your HSA Debit Card. See our electronic Funds Transfer (EFT) Agreement and Disclosure for information regarding HSA Debit Card privileges. This account can utilize I-Bank with Bill Pay and I-Bank with Bill Pay Plus.
These fees are accurate as of the date of this notice. All fees are subject to change at any time at our discretion. Current rates, yields and fees on all depository accounts are available upon request by calling (607)324-1822.
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