Health Savings Account
What is a Health Savings Account?
A Health Savings Account (HSA) is an account that you can put money into to save for future medical expenses. There are certain advantages to putting money into these accounts, including favorable tax treatment. You must have coverage under an HSA-qualified "high deductible health plan" (HDHP) to open and contribute to an HSA. You can use the money in the account to pay for any "qualified medical expense" permitted under federal tax law. This includes most medical care and services, dental and vision care.
New Frontier Bank offers two Health Saving Account options:
HSA Checking Account
- $100.00 minimum opening deposit
- No minimum balance requirement to avoid a service charge
- No transaction or activity limitations to avoid a service charge
- Debit card and check writing privileges at no charge
- Check imaging on monthly statement at no additional charge
- 24-hour access to account information by phone or Internet
HSA Money Market Account
- $100.00 minimum opening deposit
- If average daily ledger balance falls below $200.00 for the month, the service charge will be $4.00
- Variable interest paid on principle balance, interest calculated daily, compounded and credited monthly
- Check imaging on monthly statements at no additional cost
- Limit of six preauthorized transfers each statement cycle, including payments by check to third parties. Withdrawals or transfers to another account owned by you in our bank made by mail, messenger, ATM, or in person are not subject to these limitations. (Excessive withdrawals - $10.00 each)
- 24-hour access to account information by phone or internet
- No charge for deposits/credits or network ATM transactions