Health Savings Account (HSA)

      Deerwood Bank has an HSA       that will fit your needs.

• No minimum opening or maintaining balance
• No annual fee
• First order of checks
  are FREE
• FREE debit card, imaged statements, automatic transfers, direct deposit,
  online banking and dial-a-bank
• Monthly interest earned on daily balances
• $25 account closing fee if account is closed within the first 12 months
• Click here for printable application

Health Savings Account FAQs

What is a Health Savings Account (HSA)?

A Health Savings Account is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of HSAs. An HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can be put into the Health Savings Account.

You own and you control the money in your HSA. Decisions on how to spend the money are made by you without relying on a third party or a health insurer.

To open your Health Savings Account, call or stop in today to talk to one of our helpful staff.