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Health Savings Account (HSA)
A Health Savings Account (HSA) from The RiverBank is a great way to save for your health care deductible, while taking advantage of tax savings. Learn more about Health Savings Accounts with our Online Education Center.
- Interest earning checking account (rate is tied to Prime Rate)
- No minimum balance requirements
- No monthly service charge
- Free Instant Cash & Check Card
- Free Online Banking
- Free Online Bill Pay
- Free Telephone Banking Access
- Monthly account statement - eStatements available
- Free eAlerts available
What is a Health Savings Account?
A Health Savings Account (HSA) is a savings / investment account owned by an individual where tax deductible contributions can be made and set aside to pay for current and future medical expenses.
Who Is Eligible For Health Savings Accounts?
Any individual who:
- Is covered under a high-deductible health plan (HDHP)
- Is not covered by any other health plan that is not an HDHP
- Is not entitled to Medicare benefits
- Can not be claimed as a dependent
Advantages of Health Savings Accounts:
- HSA contributions are tax-deductible
- Interest earned on your account is tax-free
- Withdrawals for qualified medical expenses are tax-free
- Unused funds and interest are carried over, without limit, from year to year
- You own the HSA and it is yours to keep – even when you change plans or retire
The RiverBank Member FDIC Equal Housing Lender
