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

Rates effective as of 08/22/2023.
*APY = Annual Percentage Yield
**Interest rate is variable and may change after the account is opened.
See account disclosures for additional account information.

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

TypeMinimum Deposit to OpenVariable Interest RateAPY*Interest FrequencyEarly Withdrawal Penalty
HSA Checking**$25.000.15%0.15%Monthlynone

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.