Prepare for the Future Medical Expenses Today.
A Guaranty Bank & Trust Health Savings Account (HSA) offers tax advantages and great flexibility in covering medical expenses for individuals with a qualifying high deductible health plan. Contribute pre-tax dollars for current and future medical expenses, carry over funds from year to year, and keep the account even if you change jobs, health plans, or retire.
Account Highlights
Benefits
- Interest Bearing Account1
- Tax Savings – HSA contributions are tax-deductible, and earnings and eligible withdrawals are tax-free.2
- Ownership and Control – You own your account and decide how to spend your healthcare dollars.
- Portability – You can continue your account even if you change places of employment.
- Roll Over – Unlike Flexible Spending Accounts, money left over in your HSA at the end of the year rolls over into the next year.
Easy Access
- Free Mobile Banking
- Free Online Banking
- HSA Mastercard®3
- Unlimited Check Writing
Requirements
- $50 Opening Balance4
- Monthly E-Statements5
- Must be covered under a high deductible health plan
- Minimum Balance to Avoid Service Charge - $500 as of June 30th4
If you need more information or have questions about health savings accounts reach out to our friendly customer care team. They’re here to help! Contact Us
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Frequently Asked Questions
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To be eligible for an HSA, you must be enrolled in an HDHP, and cannot be covered by any other medical plan that is not an HDHP, with certain exceptions. Additionally, you cannot be enrolled in Medicare or be a dependent on someone else’s tax return. If you have questions about your eligibility, please contact your tax advisor.
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A health savings account (HSA) is a tax-advantaged account that works with a high deductible health plan. You can use it to pay for qualified medical expenses tax-free, or grow the account and use it for qualified medical expenses in the future.
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There is an annual maintenance fee of $25.00 per year that will be charged to your HSA on June 30th. If the balance of the HSA account is $500 or above on June 30th, the minimum balance fee is waived. There are no transaction fees for using the debit card or writing checks. However, additional fees do apply for things like insufficient funds, additional cards, etc. A complete fee schedule is available when you enroll.
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A high-deductible health plan (HDHP) is a health plan with a minimum deductible amount. For detailed information please review IRS publication 502. Please contact your tax advisor if you have additional questions.
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All unused funds carry over from year to year.
Bank In The Heart Of Texas
Where you bank makes a difference. When you bank with Guaranty, every dollar you spend — and every penny you save — helps your community prosper. And, because generations of Texans have invested in us over the last 100 years, we’re able to complement today’s most state-of-the-art banking solutions with personalized service and support. Whatever your financial goals, we’re here to help you achieve them.
Disclaimer:
1For current interest rate information, please call 888-572-9881 or come by any Guaranty Bank & Trust location.
2Refer to a tax professional regarding potential tax savings with an HSA account.
3The use of this card is for health-related expenses only.
4Annual service fee: If your current balance is below $500 as of June 30, your account will be subject to an annual service charge of $25.00. Also, E-statements are required but can receive paper statements for $5 per month.
5Paper statements available $5 per month