Valley Savings Bank Health Savings Account
Take advantage of triple tax advantages.
A Health Savings Account (HSA) from Valley Savings Bank is loaded with benefits for individuals enrolled in a high deductible health plan (HDHP). Set up as a checking account for easy access and convenience, an HSA from Valley Savings Bank allows you to set aside money for current and future health expenses for yourself and your family. All with triple tax advantages. The money in your account can be used to pay for medical expenses costing less than your deductible, to pay your deductible, to pay for approved medical expenses not covered by your insurance, to pay for vision and dental expenses, to pay for over-the-counter medications and other medical related expenses.
Features and Benefits
- Must be enrolled in a high deductible health plan (HDHP) to qualify (other restrictions apply)
- Minimum deposit to open is $25.00
- Money deposited into HSA checking account (up to the maximum annual
- contribution allowed by law) is tax deductible
- Interest earned on account balances over $500.00
- Variable interest, based on account balance, compounds monthly
- Interest earned is tax exempt
- Withdrawals from account for qualified medical expenses are tax-free
- No “use-it or lose-it” stipulation
- Rollovers and transfers from other institutions are allowed
- Includes 50 free checks and VISA® debit card
- Free online banking
- No monthly service charge; $25.00 annual fee
- No minimum balance required
- Monthly statement with imaged checks
- $25.00 set-up fee to be collected from employee or employer
Click here for several HSA frequently asked questions.
To learn more about the benefits of an HSA, visit www.hsainsider.com.
For Valley Savings Bank account details or to start the application process please call Christine Petroff at 330-928-8550 or click to submit an inquiry online.