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 from your insurance provider.
- $50 minimum deposit to open account, waived if regular ACH deposits established at account opening
- Earn interest on the full balance of your HSA with tiered interest
- $50 setup fee ($30 setup fee if done online); to be paid at the time HSA is established, may be deferred for up to 30 days
- No monthly service charge on account.
Additional Features and Requirements
- Variable interest rate may change daily; Interest calculation is based on daily (collected) available balances and is compounded monthly
- Free eStatements or $4 per month if paper statements are mailed
- Free debit card; no checks with account
- Overdrafts & NSF: $33 per item
- $30 fee if account is closed within 6 months of opening
- Transfer money electronically to or from your account…anytime, online
- External Transfer: $50
- IRS corrections: $10
- Excess contributions: $20
- Make tax-free distributions from your HSA for qualified medical expenses using:
- Debit card at merchants and service providers—FREE
- ePay online bill pay—FREE
- In bank withdrawal—$10.00 each
* Overdrawing your HSA will cause the plan to be disqualified by the IRS.
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