Health Savings Account (HSA)
Are you enrolled in a high-deductible health insurance plan? Save for qualified medical expenses in a tax-advantaged Health Savings Account. Have questions or ready to open your new HSA today? Contact us or visit your nearest location.
Current Rates
PLEASE NOTE: APY assumes interest remains on deposit. A withdrawal or fees could reduce earnings. A penalty will be imposed for early withdrawal. Rate changes are made at the Bank’s discretion. Rates are subject to change without notice.
Health Savings Account
| Type | Minimum Deposit to Open | Variable Interest Rate | APY* | Interest Frequency | Early Withdrawal Penalty |
|---|---|---|---|---|---|
| HSA Checking** | $25.00 | 0.15% | 0.15% | Monthly | none |
HSA Benefits
- Plan that uses pre-tax* dollars to pay for qualified medical expenses
- Earn competitive interest, like regular savings, to grow funds quickly
- Interest compounded monthly
- Account is owned by you, not your employer
- Money rolls over year-to-year (no “use it or lose it” policy)
- No monthly service charge
- No minimum balance requirements
- Free online banking & bill pay, plus mobile banking
- Free Visa® debit card to access HSA funds
- Free monthly bank statement with check images, or choose free e-statements
HSA Requirements:
- $25.00 minimum opening deposit
- Must be enrolled in a high deductible healthcare plan (HDHP), not enrolled in Medicare, not able to be claimed as a dependent on another person’s tax return
- In addition to the $25.00 opening deposit, a $20.00 set up fee must be paid at account opening
How to Set Up a Health Savings Account in Central Illinois
At Flanagan State Bank, we believe we’re one family helping another. As our customer, you can expect to feel valued by a bank that strives to be an asset to our communities and to treat everyone like they matter–because you do. Contact us or visit your nearest location to open a new HSA today!
*Consult your tax adviser. Visa is a registered trademark of Visa International Service Association.
