Health Savings Account
A Banking Relationship That Puts Your Needs First
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
Through the FAIRWINDS Retirement Central, enjoy the convenience and security of conducting online transactions to your Health Savings Account including withdrawals, rollovers, and contributions. Submit and save your e-signed forms 24 hours a day, 7 days a week, wherever you are.
Rates as of: 3/3/2014 - 3/9/2014
|Health Savings Account:||Interest Rate||APY|
|$.01 - $2,999||0.10%||0.10%|
|$3,000 - $4,999||0.15%||0.15%|
|$5,000 - $9,999||0.20%||0.20%|
In order to open a Health Savings Account you must currently participate in a High Deductible Health Plan.
Account set-up: $10.00
Monthly maintenance: $2.50
Excess contribution, per return: $10.00
Additional HSA debit card: $5.00