Health Savings Account (HSA)
Health Savings Account (HSA)
Bruning Bank offers a tax-advantaged medical savings account. As health care costs continue to rise, this is a tool to help you develop an effective financial plan to pay for qualified healthcare expenses now and in the future.
- Free Visa debit card.
- Free Online Banking.
- Minimum deposit to open is $1.
- No monthly maintenance fees as long as you maintain a monthly average balance of at least $1,500 in your HSA. If monthly average balance falls below $1,500, then a $2 maintenance fee will be incurred that month.
- Interest* is compounded and credited to this account monthly. If you close this account before interest is paid, you will not receive the accrued interest.
- Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Benefits of Opening a Health Savings Account:
- Encourages you to save money for medical expenses and emergencies.
- Offers Tax Benefits:
- Contributions are tax-deductible.
- Earnings grow tax-deferred.
- Distributions for qualifying medical expenses are tax free.
- Provides a way for employers to contribute to their employee's health savings.
- Allows money to accumulate since unused HSA balances can be carried over from year to year.
- Lets you roll over funds directly from a medical savings account.
- Functions like a checking account:
- Make unlimited transactions using checks or a FREE debit card.
- Earn interest* on your HSA balance.
- Monitor your HSA with Online Banking.
