Health Savings Accounts
A Health Savings Account (HSA) allows you to pay for a wide range of medical expenses with pre-tax dollars. Since there is no "use it or lose it" requirement, your
unused HSA dollars can accumulate tax deferred to pay for future health care costs. Also, funds deposited into the account belong to you so they stay with you when
you change employers. This account is used to pay for routine medical expenses until your deductible is met.
Health Savings Account
Your HSA (Health Savings Account) will be deposited as a checking account at Bank of Ann Arbor. You will receive a monthly account statement, which details all
deposits and withdrawals. If you have written checks on the account during the month, you will receive images of the checks with your statement. Your account
balances are insured up to the limits imposed by the FDIC.
- Minimum deposit to open: $50
- Monthly maintenance fee: $4
- One-time enrollment fee $12
Visa® Debit Card
Your Visa Debit Card can be used to make qualified healthcare purchases anywhere Visa is accepted. Purchases will be automatically deducted from your HSA.
An initial supply of specially designed HSA checks is available upon request. These checks can also be used to pay for qualified healthcare expenses from your HSA.
Interest is paid on average daily collected balances with increases. Check current rates and tiers.
Obtain account balances and transfer funds between Bank of Ann Arbor accounts anytime day or night.
Already have a HSA?
We would be pleased to assist you with transferring an existing HSA to Bank of Ann Arbor.