Health Savings Accounts: (HSA)
| Type | Account Name | APR | APY |
|---|---|---|---|
| 21 | HSA Savings (min. $100) | 0.05% | 0.05% |
| 29 | HSA Checking ($1,000-$2,499.99) | 0.10% | 0.10% |
| HSA Checking ($2,500-$4,999.99) | 0.15% | 0.15% | |
| HSA Checking ($5000 and over) | 0.20% | 0.20% | |
What is an HSA?
A Health Savings Account (HSA) is an account that you can put money into to save for future medical expenses. There are certain advantages to putting money into these accounts, including favorable tax treatment. HSAs were signed into law by President Bush on December 8, 2003.
Who can have an HSA?
Any adult can contribute to an HSA if they:
- Have coverage under an HSA-qualified "high deductible health plan" (HDHP)
- Have no other first-dollar medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care or long-term care insurance are permitted)
- Are not enrolled in Medicare
- Cannot be claimed as a dependent on someone else's tax return
SECNY FCU Health Savings Accounts
Benefits:
- NO MONTHLY FEE!
- Interest-bearing savings (Min. $100 to earn interest)
- First 50 checks FREE!
- Tax-free contributions
- Tax-free distributions for qualified medical expenses
- No hidden withdrawal fees
- Federally insured by the NCUA (National Credit Union Administration)
- FREE 24-hour Online Account Access with FREE Online Check Imaging
- FREE 24-hour Audio Response Telephone Account Access
- FREE 24-hour Online Bill Pay
- FREE HSA Visa Debit Card
- Free ATM access at over 450 ATMs across CNY and 40,000 Nationwide Surcharge Free ATM Network!
Details:
- NO ANNUAL FEE!
- $5 minimum deposit to open HSA savings
- $25 minimum deposit to open HSA checking