PrinsBank’s Health Savings Account (HSA) is an interest-bearing account designed to give you more control over healthcare expenses—allowing you to save for current and future qualified medical expenses. You will need to have a qualified High Deductible Healthcare Plan to open this tax–exempt account.
- $50 minimum opening deposit
- No minimum balance
- $1.25 monthly service charge/maintenance fee
- Multi-tiered variable interest rates that may change at any time
- Interest accrues daily and will be compounded and credited on a monthly basis
- Interest earned on an HSA is tax-free
- Withdrawals for qualified medical expenses are tax-exempt
- HSA funds will not be lost if not used. Funds are rolled over from year to year
- HSA funds will not be lost if you change employers or healthcare plans
Consult your tax advisor, employer or insurance provider regarding healthcare plan eligibility and tax advice.
To learn more about HSAs, including Frequently Asked Questions, visit the official U.S. Treasury HSA web site at http://www.treasury.gov/resource-center/faqs/Taxes/Pages/Health-Savings-Accounts.aspx.