HSA Checking Account: Flexible Savings with Tax Benefits
Combine the flexibility of a checking account with the tax advantages of a Health Savings Account (HSA) at NCACU. If you’re enrolled in a high-deductible health plan, an HSA can help you save for medical expenses tax-free.
Key Features:
- Earn .50% APY: Interest paid monthly for competitive returns on your savings.
- No fees: No minimum balance, opening, maintenance, or transaction fees.
- Convenient access: Use your free debit card or checks for qualified medical expenses.
- Online & Mobile Banking: Monitor balances, transfer funds, and pay bills.
- Year-to-year rollover: Funds roll over annually and grow until retirement.
- Tax advantages: Tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.
Contribution Limits (2025):
- $4,300 for single coverage.
- $8,550 for family coverage.
- Add $1,000 in “catch-up” contributions if you’re 55 or older.
Additional Benefits:
- Funds are yours to keep—no “use it or lose it” rule, unlick other types of tax-favored accounts.
- At age 65, withdraw funds for any purpose (non-medical expenses subject to income tax).
- Track and organize your expenses with eStatements.
Why Choose NCACU?
Unlike employer-sponsored HSAs, NCACU offers flexibility and control. Make tax-deductible contributions anytime, access funds with your debit card, and manage your account easily through online banking.
Open Your Account Today!
Start enjoying tax benefits and a .50% APY while organizing your medical expenses. Call us at (989) 910-5135 to get started with your HSA Checking Account.
Consult a tax advisor to ensure transactions meet HSA requirements.
*APY = Annual Percentage Yield. Rates are effective as of November 1, 2024, and are subject to change. This offer is available for a limited time and may change or end without notice. Interest is compounded and credited monthly. Other restrictions may apply. Members are encouraged to work with their tax advisor regarding the specifics of their HSA and for individual tax advice. It is the member’s responsibility to review their account transactions to ensure they qualify. North Central Area Credit Union is not responsible for ensuring transaction compliance and is not liable in the event of an audit.