HEALTH SAVINGS ACCOUNTS
A Health Savings Account (HSA) gives individuals with high-deductible health plans with their employers the ability to save money for current and future medical expenses. Click here for a Health Savings Account Quick Guide, or continue reading to learn more.
Benefits of an HSA include:
- Lower costs - Insurance premiums are generally lower with high-deductible plans.
- Tax Benefits - Contributions to an HSA are either pre-tax or tax-deductible and interest earned on the account is tax-deferred. Withdrawals for qualifying medical expenses are income tax-free.
- Rollover Capabilities - Unlike Flexible Savings Accounts, with HSAs, if money is not used, it can be saved for future years.
- Simplicity - Money for medical expenses can be accessed through one account by using a check or debit card.
Anchor offers HSAs that can be opened for as little as $100 for the current year, or $0 for the next year. There is a one-time set-up fee of $25, with reduced fees available for employer HSA partners. Talk to an AnchorBank representative to see if you're eligible for a reduced fee.
AnchorBank HSAs offer these benefits:
- No transaction, monthly or annual fees
- 50 Free HSA checks
- Free debit card
- Free AnchorBank ATM access
- Tiered interest rates
See our rates table for current rates or contact us for additional information.