With health insurance premiums and costs rising each year, it’s no surprise that people are always looking for ways to save money on medical expenses. That’s where 1st Bank and the health savings account (HSA) comes in.
A Health Savings Accounts (HSA) is a tax-exempt account established for the purpose of paying for qualified medical expenses for you and your family. HSAs are used in combination with high deductible health plans—heath insurance plans that carry a high deductible. One important benefit of an HSA is the tax break: you can make deposits with pre-tax dollars and any interest you earn is also tax-free. This can help your account grow quickly, but before opening an account you should check with a tax advisor.
Our HSA follows the same regulations as all of our other Savings account products - during any statement cycle, you may not make more than six (6) withdrawals or transfers to another account by means of pre-authorized or automatic transfer, or by check, draft, debit card, or similar order to a third party. Fees may apply.
*Rates for interest bearing accounts are subject to change.