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HSA Checking

Combine the flexibility of an NCACU Checking account — and the tax benefits of an HSA.

If enrolled in a high deductible health insurance plan, a Health Savings Account (HSA) at NCACU can help you save toward future medical expenses — tax-free. Use the funds for various medical expenses and enjoy the transaction flexibility of a Checking Account.

Account Overview:

  • No minimum balance requirements — with no opening, maintenance, or transaction fees.
  • Earn a competitive .50% APY*.
  • Enjoy a free Debit Card, and unlimited transactions.
  • Monitor funds, make transfers, and track balances via Online and Mobile Banking.
  • Track expenses with convenient eStatements.
  • Funds roll over each year and grow until retirement.
  • Earnings are tax-free when used for a qualified medical expense.
  • At age 65, withdrawals from an HSA can be made for any purpose (beyond medical expenses), subject to normal income taxes.

Qualified Expenses:

  • Doctor’s office visits
  • Prescriptions
  • Vision expenses
  • Dental expenses
  • Long-term care insurance

24/7 Access:

When you put your funds into an NCACU HSA Checking Account, you can make convenient payments for qualified medical expenses with a Debit Card or by check. You also gain 24/7 access with Online and Mobile Banking, while eStatements present all HSA expenditures in a given tax year in one place.

Earn a .50% APY*

You’ll earn interest on your HSA Checking Account, paid monthly. So as you gain valuable tax benefits today, you also receive a competitive return on your money.

Contribution Limits:

  • $4,150 single coverage
  • $8,300 family coverage

Individuals age 55 and older may be permitted to make an additional $1,000 “catch-up” contribution.

Funds Are Never Forfeited.

Unlike other types of tax-favored accounts, such as Flexible Spending Accounts (FSAs), the money in your HSA Checking is yours — with no “spend it or lose it” stipulation. HSA funds can be used for non-medical expenses, but the funds will be subject to income tax and a 20% IRS penalty. (Penalty does not apply after age 65).

We recommend you save all HSA transaction receipts. If you have specific questions, please consult your tax advisor.

Open Your Account Today!

Not only will you gain tax benefits and keep medical expenses organized, but you’ll also earn an excellent APY. Call (989( 910-5135 for more information or to get started with your HSA Checking Account.

*APY = Annual Percentage Yield. Rate effective August 1, 2022, and subject to change.