Health Savings Account

 

Health Savings Account

A Health Savings Account (HSA) is a tax-advantaged way to help pay for select medical expenses for those enrolled in a qualified High Deductible Health Plan (HDHP).

View Rates

 

HSA Features

Enjoy these great features with a Katahdin Health Savings Account:

  • 24/7 access to account information
  • Checks available to withdraw funds
  • Free HSA branded Debit Card
  • Free Online Banking 

HSA Eligibility

You're eligible for an HSA if you meet these requirements:

  • Covered under a High Deductible Health Plan (HDHP).
  • Not claimed as a dependent on someone else’s tax return.
  •  A US Citizen or Resident Alien who lives/receives mail in the U.S.
  • Account holder is responsible for using the HSA for qualified health and medical expenses.

 A great way to help pay for qualified medical expenses.

 

Health Savings Account

Get Started

Contact your local branch to open an HSA account today.

Minimum to Open

No minimum opening deposit required

Earn Interest

Yes

Benefits 

  • Provides triple tax savings: tax deductions when you contribute, tax-free earnings on investments, and tax-free withdrawals for qualified medical expenses.
  • You decide how much money to contribute, up to the annual contribution limit.
  • Use the available funds you have saved to help pay for qualified medical, dental and vision expenses and help protect against high or unexpected medical bills.
  • Available funds can be used for yourself and your dependents at any time, even if your dependents are not covered under your HDHP.
  • Money can be deposited and saved for future health care expenses and/or retirement.
  • Funds in the HSA remain in the account from year to year.
  • Take the HSA with you if you leave your employer, change medical coverage, become unemployed, move to another state, or change marital status.

Monthly Statement

$2.95 monthly paper statement fee. To avoid this fee, simply enroll in online banking and sign up for free eStatements.

Monthly Service Charge

$5.00

To avoid this monthly service charge, maintain a $500.00 average balance or $5,000.00 in combined average deposit balances** during the statement period. No charge will be accessed in the first month the account is open, regardless of balances.

There is no monthly service charge for qualified customers under age 24 who receive eStatements.

 Employer Contributions

If you’re a business interested in contributing to an employee’s account, ask about our ACH services

Get Started

Open an account today!

Contact Local Branch

Personal Checking

Find out which account is best suited for your lifestyle and banking needs.

TAKE ME TO PERSONAL CHECKING

Personal Savings

Enhance your earning power with a savings account. Take advantage of automatic deposits and you can increase your savings account balance effortlessly.

TAKE ME TO PERSONAL SAVINGS

Account Services

Please refer to our Fees for General Services brochure for charges on unusual activities such as overdrafts, stop payment orders, etc. that may be assessed. *Message and data rates may apply from your wireless carrier. Subject to certain restrictions. **Deposit balances will be combined based on accounts where the tax reporting name of the health savings account is listed on personal checking, savings, money market, CD, IRA, and/or Christmas Club accounts as an owner in the first three name lines. Summit customers may choose which accounts they want combined.

 

 

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