Health Savings Account (HSA) | WaterStone Bank

We can help you open a Health Savings Account

Call Customer Service, (414) 761-1000, or visit a location near you.

To be eligible for a HSA, you must be:

  • Covered under a High Deductible Health Plan (HDHP)
  • Not covered by another health plan that is not an HDHP
  • Not enrolled in Medicare
  • Not eligible to be claimed as a dependent on another individual's federal income tax return

HSA benefits

  • Significant tax benefit for paying qualified medical expenses (based on eligibility)
  • Checks and Debit Cards are provided for easier access
  • Receive 1,000 ScoreCard® Reward points when you create your profile at for your HSA Debit Card
  • Competitive rates
  • Peace of mind of having savings ready when you need it
  • View balances, make transfers and distributions on our Digital Banking app

Girl at doctors appointment

Planning for the Future

Secure you and your family's future today by opening a Health Savings Account at WaterStone Bank. Don't let unexpected healthcare costs sneak up on you. Start saving today and use your HSA to pay for qualified medical expenses on a tax-free basis! Available to those who are enrolled in a High Deductible Health Plan (HDHP). To learn more, please visit a branch near you or call Customer Service at 414.761.1000.

Upon opening a WaterStone Bank Health Savings Account and enrolling in ScoreCard® Rewards program, 1,000 ScoreCard® Rewards points will be credited to your ScoreCard® Rewards account within 30 calendar days of account opening.

*Promotion is accurate as of 3/1/2022. $50 HSA bonus offer requires a WaterStone Bank checking, savings or money market account to receive bonus. The bank will credit the customer’s account within 30 days of opening new HSA. The credit will be applied to your primary checking account first. If you do not have a checking account, credit is applied to money market. If you do not have a money market, credit is applied to savings account. All offers require account to be open and active for the entire statement cycle in order to qualify for the statement cycle’s bonus. A $50 payback fee will be imposed if your HSA is closed within 180 calendar days of account opening. For tax reporting purposes, a 1099 form may be issued at yearend to recipients of bonuses. Offer expires 4/30/2024.

Your Benefits with a Health Savings Account

Lower overall health care costs + Easy access with your debit card and checks + No annual fee + Competitive tiered interest rate + HSA funds roll over to the next calendar year

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Frequently Asked Questions (FAQs)

What is a HSA?

A Health Savings Account (HSA) is used to pay, on a tax-free basis, qualified medical expenses for the accountholder and their family who have a High Deductible Health Plan (HDHP). HSAs can provide significant tax benefits to eligible individuals relating to paying qualified medical expenses, and benefits similar to many tax-favored retirement plans.

How do I qualify?
  • Those who are enrolled in a High Deductible Health Plan (HDHP) qualify for a Health Savings Account.
  • Not enrolled in Medicare
  • Not eligible to be claimed as a dependent on another individual's federal income tax return

Make sure to view your benefits package or talk to your employer to see if you qualify for a HSA today.

Why is a HSA good?

Not only can they provide you and your family security for future medical expenses, when you go through WaterStone Bank all of our HSAs include:

  • Convenient access with your Debit Card or checks
  • Competitive rates for enhanced savings potential
  • Easy automatic transfers so the money is available when you need it
How do I open an account?

To open an account, please visit a branch near you, call Customer Service at 414.761.1000, or contact us for more information.

How do I contribute to my HSA?

The two most common ways are:

  • Payroll deduction from your employer
  • Electronic transfers from a savings or checking account

Make sure you talk to your employer about options when it comes to payroll deductions.

What is considered a qualified medical expense?

In short, an eligible expense that would be covered by your HSA is a type of health care service the IRS states can be paid for without having to pay taxes on it. This can be used for yourself, your spouse, or your other dependents.

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