Health Savings Account
Tax savings1, convenience, portability. These are just a few of the perks of opening up a Health Savings Account (HSA) at Guaranty Bank & Trust. When an unexpected medical bill rolls in, an HSA can help you deal with the stress.
- Tax Savings1 – HSA contributions are tax-deductible, and earnings and eligible withdrawals are tax-free, as long as certain requirements are met.1
- Ownership and Control – You own your account and decide how to spend your healthcare dollars.
- Convenience – You can use your HSA Mastercard® debit card to get instant access to your HSA and pay for eligible out-of-pocket health expenses. You can also use your checkbook to access the funds in your HSA.
- Portability – You can continue your account even if you change places of employment. Guaranty Bank & Trust will still be here to service your account.
- Roll Over – Unlike Flexible Spending Accounts with “use it or lose it” requirements, money left over in your HSA at the end of the year rolls over into the next year.
- Minimum Opening Balance of $50
- Interest-Bearing Account – Daily interest paid on the entire balance.
- Unlimited Check Writing
- Free Mastercard® Debit Card2
- Annual service fee of $25 per year will be charged to your HSA on June 30th. Minimum balance to avoid service charge is $5,000, based on HSA balance on June 30th.
Health Savings Accounts FAQs
1 Refer to a tax professional regarding potential tax savings with an HSA account.
2 The use of this card is for health related expenses only.