Health Savings Accounts (HSA) with First Bank is a great tool to help you save for future medical expenses.
An HSA at First Bank is separate from your employer and insurance company, so changing jobs or insurance plans can be done without changing your HSA. This keeps things simple for you and gives you great flexibility for your future!
There are certain advantages to saving money in your HSA account. This can include favorable tax savings, earned interest, and possible savings on insurance premiums. In addition, you control the funds, they provide long-term savings and they’re portable. Meaning the account stays with you as you move through life’s changes.
An HSA at First Bank is separate from your employer and insurance company, so changing jobs or insurance plans can be done without changing your HSA. This keeps things simple for you and gives you great flexibility for your future!
There are certain advantages to saving money in your HSA account. This can include favorable tax savings, earned interest, and possible savings on insurance premiums. In addition, you control the funds, they provide long-term savings and they’re portable. Meaning the account stays with you as you move through life’s changes.
Who is eligible for a Health Savings Account?
You can open and contribute to an HSA if you:
- Are covered under a qualified HDHP (High Deductible Health Plan)
- Are not covered by another health plan that is NOT an HDHP (certain exceptions apply)
- Are not enrolled in Medicare (any part)
- Are not eligible to be claimed as a dependent on another individual’s federal income tax return
Any HSA funds used for anything other than "qualified medical expenses" are taxable as income and subject to an additional 20% tax penalty.
Read our 2023-2024 Frequently Asked Questions or download our Health Savings Accounts brochure for additional information.
Read our 2023-2024 Frequently Asked Questions or download our Health Savings Accounts brochure for additional information.
HSA Account Rates
APY & Interest Rates Effective by November 1, 2024
Employer Sponsored HSA^
| Balance | APY* | Interest Rate |
|---|---|---|
| <$500.99** | 0.10 % | 0.10 % |
| $501.00-$1,000.99** | 0.15 % | 0.15 % |
| $1,001.00-$2,500.99** | 0.20 % | 0.20 % |
| $2,501.00-$14,999.99** | 0.50 % | 0.50 % |
| $15,000.00 and Above** | 0.80% | 0.80% |
Individual HSA^
| Balance | APY* | Interest Rate |
|---|---|---|
| <$500.99** | 0.10 % | 0.10 % |
| $501.00-$1,000.99** | 0.15 % | 0.15 % |
| $1,001.00-$2,500.99** | 0.20 % | 0.20 % |
| $2,501.00-$14,999.99** | 0.50 % | 0.50 % |
| $15,000.00 and Above** | 0.80% | 0.80% |
*APY - Annual Percentage Yield
**Variable Rate Account - The rate may change after the account is opened. Fees may reduce earnings
^Service Charges are waived each month if a direct deposit is made to the account.
Sales tax will be charged on the total Service Charge.
Transferring funds from a HSA account to an outside investment will result in a $50.00 fee.
Duplicate checks - first order free.
Monthly Statements.
**Variable Rate Account - The rate may change after the account is opened. Fees may reduce earnings
^Service Charges are waived each month if a direct deposit is made to the account.
Sales tax will be charged on the total Service Charge.
Transferring funds from a HSA account to an outside investment will result in a $50.00 fee.
Duplicate checks - first order free.
Monthly Statements.
Accounts and rates offered through First Bank are available in our service areas of Bremer, Black Hawk, Wright, and surrounding counties in Iowa.
Do you have a large balance in your Health Savings Account and interested in earning more on your account? Learn more about our Health Savings Investment Account.