FDIC-Insured—Backed by the full faith and credit of the U.S. Government
Close
Before you go
PERFECTHEALTH SAVINGS
A health savings account (HSA) with tax advantages
Save for healthcare expenses with PerfectHealth Savings, a health savings account that complements your high deductible health plan.
Advantage 1: No tax on HSA contributions
Contribute up to the IRS maximum for individuals or families. If you're 55 or older, you can save an extra $1,000.1
Advantage 2: No tax on HSA growth
Sit back and watch your interest and investment earnings grow tax free.1
Advantage 3: No tax on distributions
Pay for qualified medical expenses tax-free.1 That's what we call a win-win-win.
Feel your best now and in retirement with a health savings account
If you have a high deductible health plan, PerfectHealth Savings is a smart way to offset your healthcare costs. Use it now or save it for your golden years when these costs are often higher. Invest in your future health today with a tax-sheltered strategy for staying well.
- For qualified medical, vision, dental, and prescription drug costs (defined in IRS Publication 502)
- Moves with you if you change employers
- $1 minimum deposit to open
- Earn interest with a $500 minimum daily balance
- Flagstar Visa® Debit Card2
Bank on the go with our Mobile App
Our Mobile App lets you pay bills, send money with Zelle,® deposit checks,3 and much more. Add this easy-to-use app to your Android or iPhone and manage your money on your schedule.4
4.7 out of 5 on the Apple App Store as of 7/1/2026
Scan this code with your phone’s camera to download the Flagstar Mobile App from the Apple App Store or Google Play Store.
Health savings account FAQs
An HSA, or health savings account, is a tax-advantaged savings account for people who choose a high-deductible health plan for their health insurance.
The account owner (and sometimes their employer) can contribute funds to the HSA. Then, the money in the account can be used to pay qualified medical, dental, and vision care expenses.
There is no time limit for spending the funds in an HSA account.
HSAs also have a triple tax advantage, which means the account owner will not pay taxes on the account contributions, growth, or withdrawals.
- You must have a high-deductible health plan to open an HSA.
- You can make contributions to your HSA anytime. Some employers contribute to employee HSAs, too.
- Then, you can let the money grow or use it to pay qualified medical expenses.
You are eligible as long as:
- You have a high-deductible health plan.
- You have no other health coverage, including Medicare.
- No one claims you as a dependent on their tax return.
As long as you use the money to pay for qualified medical expenses, you can take money from your HSA tax-free anytime.
In general, contribute as much as you can up to this year’s IRS limits. To find the latest limits, visit the IRS website and search for Publication 969.
Unused funds at year-end can be carried forward to the next year.
You can spend the money as you please. However, if it’s not for a qualified medical expense, it will be considered income and taxed at the current rate. You can no longer make contributions to your HSA once you’re enrolled in any part of Medicare.
HSA contribution calculator
You may also be interested in:
We reserve the right to change account benefits at any time without notice. Certain restrictions may apply. Please see the complete Disclosure Guide for additional details.
Interest rates are tiered to a maximum amount.