Personal SAVINGS

Buy a high-deductible policy and deposit money in a Health Savings Account (HSA) to use for qualified medical expenses.

Gain more control over your healthcare dollars.

Talk to us about starting a Health Savings Account

Here's what you need to know about

Health Savings Accounts (or HSAs)

 

  • Checking Icon

    Minimum Opening Deposit

    $0

  • Checking Icon

    Minimum Balance

    $0

  • Checking Icon

    Monthly Fees

    $1.25

Eligibility

Anyone enrolled in a HSA-qualified health plan is eligible to open a Health Savings Account.

Every standard HSA offers the following benefits:

  • Earns interest
  • Features tax-deductible contributions
  • Offers convenient tax-free withdrawals by check or debit card for qualified medical expenses
  • Balances carry over year to year without “use it or lose it” requirements
  • Allows you to keep your contributions if you change jobs or retire
  • Is eligible for anyone under age 65 who is enrolled in a HSA-qualified plan

Our HSA also offers interest

  • RATE
    0.50%
    APY*
    0.50%

    $0–9,999.99

  • RATE
    0.75%
    APY*
    0.75%

    $10,000–19,999.99

  • RATE
    1.00%
    APY*
    1.00%

    $20,000+

*Annual Percentage Yields (APYs) effective as of October 1, 2023, and subject to change without notice. Contribution limits and restrictions apply. Fees may reduce earnings. Consult a tax advisor to discuss your financial situation.

Related Posts

Choosing the best treasury management services: FAQs to guide your...

Treasury management is a set of services that give you control, freedom, and flexibility in your business’s finances. Manage inflow (money coming in, like revenue), outflow (money going out, like payroll), and security that prevents fraudsters from attacking your business. Use these FAQs to see how Treasury Management services can help you.

What is Treasury Management? Understanding its benefits, functions and more...

Learn all there is to know about treasury management and how Bank Midwest’s treasury management systems can mitigate risk for your business.

Is your banker asking questions? It’s for your own protection....

There are times when your banker may ask you questions about a transaction or withdrawal. It’s part of our job to look out for your best interests, including the protection and usage of your accounts. Learn the importance of this questioning in our blog.

Have a question?

Request a call back