Personal Savings Accounts Health Savings Account (HSA)

Health Savings Account (HSA)

Heritage Bank's Health Savings Account (HSA) is an interest bearing account designed to help eligible individuals save for current and future qualified medical expenses and is used in conjunction with a High Deductible Health Plan.

• Higher rate of interest for higher balance based on the following tiers: $1,000, $25,000, $50,000, $99,000 and $199,000. Click here for current interest information
• Free Shazam check card; no checks with this account
• Make tax-free distributions from your HSA for qualified medical expenses using: 
    - Shazam check card at merchants and service providers—FREE
    - Shazam check card to get cash at an ATM—$1/transaction at non Shazam ATMs
    - Online banking bill pay—$2.50 per payment
    - In bank withdrawal—$5.00 each  
• Online Banking and Telephone Banking access
• Free monthly e-statements; $3 per month to receive paper statement

Additional Features and Requirements

• $50 minimum deposit to open account, waived if regular ACH deposits established at account opening
• $25 setup fee
• Variable interest rate paid monthly 
• $1,000 minimum average available (collected) balance to earn interest 
• $25 fee if account is closed within 90 days of opening
• IRS corrections: $10
• Excess contributions: $20
• Overdrafts & NSF: $27 per item

Current Interest Information / Consumer Fee Schedule

For More Information

To learn more about HSAs, including a Frequently Asked Questions page, downloadable brochures in English and Spanish and other resources, visit the official U.S. Treasury HSA web site at www.ustreas.gov/offices/public-affairs/hsa/.

• HSA Account Application—this form contains the documents necessary to establish a Heath Savings Account at Heritage Bank. Fill the application out on your screen, print it and bring it to the bank to open your HSA. 
• HSA Designation or Change of Beneficiary form—use this form to select or change the current beneficiary designation of your HSA.
• HSA Contribution Instructions form—use this form to document an HSA contribution transaction.
• HSA Distribution form—This form is designed to assist an HSA owner in selecting an HSA distribution reason and method.
• Request for Transfer to a HSA—this form is designed to assist you in the non-reportable movement of assets from one HSA to another HSA or from an Archer Medical Savings Account (MSA) to an HSA.
• HSA Rollover Review—this form is designed to assist you in meeting your responsibility to only roll over eligible assets.
  

Important Information About Procedures for Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.