Health Savings Accounts, HSAs, are savings accounts specifically designed to help you put aside money for out-of-pocket medical expenses. You can deposit money into your HSA before it is taxed and earn tax-free interest on your savings. If you have a high deductible health care plan, the money in your HSA can be used to pay your deductible when you have a medical expense. Withdrawals from HSAs are limited to qualifying medical expenses, and penalties apply if you need to access your funds for other reasons. Should you end up not using the money in your HSA, you may be able to access the funds as retirement savings after age 65. HSAs are a great tax-free savings accounts for health care expenses and long-term savings.
- $100 minimum opening deposit
- No daily balance required
- Free VISA® Debit Card
- No maintenance fees
- Please consult a tax advisor and/or a High Deductible Health Plan (HDHP) provider for eligibility and contribution/distribution requirements
Since 1889, PB&T has proudly provided banking with a personal touch to local communities throughout Colorado. Your trusted partner, PB&T offers branch offices in Cañon City, Castle Rock, Colorado Springs, Denver, Pueblo, Leadville, Longmont, and Salida. Stop by or call us today! We look forward to finding the right savings product for your needs and goals.
How to Open a Health Savings Account
Provide the following Information and Documentation:
- An initial deposit of $100
- Date of Birth
- A social security number or Tax Identification Number
- A U.S. residential street address
- A State-issued driver’s license, identification card, passport or military ID
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- Online Banking
- Online Bill Pay
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- Mobile Check Deposit
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