Health Savings Account
Take Control of Your Healthcare Expenses: The Advantages of an HSA
At Citizens State Bank, we know how important it is to take care of your health. That's why we offer Health Savings Accounts (HSAs) that help you save money on your healthcare expenses. With our HSAs, you can enjoy tax-free contributions, competitive interest rates, and no minimum daily balance. Plus, you can make withdrawals for qualified medical expenses without paying any taxes. At Citizens State Bank, we're committed to helping you take care of your health and your finances.
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Protect Your Health and Your Finances: The Benefits of a Health Savings Account
Our Health Savings Accounts offer a variety of features that make it easier for you to save money on healthcare expenses. Some of the key features of our HSAs include:
- Tax-Free Contributions: You can make tax-free contributions to your HSA, up to the annual contribution limit set by the IRS.
- Competitive Interest Rates: Our HSAs offer competitive interest rates that help your savings grow over time.
- No Minimum Daily Balance: We don't require a minimum daily balance, so you can open an HSA with any amount of money.
- Easy Access: You can access your HSA through our online banking system or by visiting one of our branches in Ouray, Ridgway, Silverton, Naturita, Telluride, Mountain Village, Montrose, or Norwood.
- Withdrawals for Qualified Medical Expenses: You can make tax-free withdrawals for qualified medical expenses, including deductibles, copayments, and prescriptions.
Take the First Step to a Healthy Financial Future: Sign Up for a Health Savings Account
Don't let healthcare expenses drain your savings. Open a Health Savings Account with Citizens State Bank today and start saving money on your healthcare costs. You can apply online or visit one of our branches in Ouray, Ridgway, Silverton, Naturita, Telluride, Mountain Village, Montrose, or Norwood.
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Frequently asked questions about Health Savings Accounts (HSA)
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We will respond during regular business hours, M-F - 8:30AM to 5:00PM.
This Account is an interest bearing account.
The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account Monthly. Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest will be compounded quarterly and will be credited to the account quarterly. If the account is closed before interest is credited, you will not receive the accrued interest.
We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.
You must deposit $100.00 to open this account. You may make six (6) transfers from your account each four (4) week or similar period, if by preauthorized or automatic transfer, or telephone (including data transmission) agreement, order or instruction or by check, draft, debit card or similar order (including POS transactions), made by the depositor and payable to third parties. Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited.
$25 Health Savings Account Closing Fee.