Health Savings Account (HSA) | WaterStone Bank

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Our Health Savings Accounts provide flexibility and convenience, allowing you to maximize your savings and manage your healthcare costs easily through our digital banking app.

Why Choose a WaterStone Bank HSA?

Stacked coins, set aside funds icon
Set aside funds for medical expenses.

Tax deductible icon
Contributions might be tax-deductible.

Coin with arrow, withdrawing money icon
Withdrawals for qualified medical expenses are tax-free.

Circle with money inside, roll over funds icon
Funds in your HSA roll over year after year.

Debit card icon
Pay for qualified medical expenses with a debit card.

Writing a check icon
Write checks directly from your HSA.

Arrow on top of bars, competitive rate icon
Earn competitive interest rates on your HSA balance.

Digital phone icon
Manage your account through digital banking.

Open your account today!

To open an account, visit any branch location or schedule an appointment online.

Frequently Asked Questions

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 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.

Health Savings Account Disclosure: Health Savings Account is a tiered rate product and pays interest. The Annual Percentage Yield (APY) for each tier is based on a daily balance method: 0.10% on balances $4,999.99 or less, 0.15% on balances $5,000.00 to $9,999.99, 0.20% on balances $10,000.00 to $24,999.99, 0.25% on balances $25,000.00 to $49,999.99 and 0.30% on balances over $50,000.00. The APY is accurate as of 7/24/2024 and will be paid on the entire balance in the account. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing by the number of days in the period. A statement cycle may be from the 17th day of the month to the 16th day of the next month. Account must be open and active for 180 calendar days, or a $30.00 closing fee will be assessed at account closing. Fees may reduce earnings. To determine your statement cycled please ask your banker at the time of account opening. REV072424

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