If you are enrolled in a High Deductible Health Plan then you may be eligible to open a Health Savings Account (HSA). A FAIRWINDS HSA offers simple terms and great rates. Combined with the tax advantages of an HSA there has never been a better time to open one.
Contributions may be 100% tax deductible
Withdrawals to pay for qualified medical expenses are not taxed
Interest earnings accumulate tax-deferred, and if used to pay qualified medical expenses, are tax-free
- Savings – unlike healthcare premiums, unused HSA dollars remain in the account and earn interest until used
- Flexibility – the savings account can be used to pay for a broad variety of services including dental, vision and prescription medication
- Portability – the savings account is yours regardless of job change
- Timeless – there is no requirement to use the funds by a certain time each year so your balance can roll over and not be forfeited
Current Rate — rates as high as 0.25% APY
Account set-up — $10.00
Monthly maintenance — $2.50
Excess contribution, per return — $10.00
Additional HSA debit card — $5.00
See Service Charge Schedule for additional fees that apply to all FAIRWINDS accounts.
APY = Annual Percentage Yield
Fees can reduce earnings on the account.