Skip to main content
Close

Before you go

You are about to leave flagstar.com. Flagstar is not responsible for the content on other sites.

Continue

PerfectHealth Savings

Save for healthcare expenses with PerfectHealth Savings, a health savings account that complements your high deductible health plan.

Get 3 tax advantages from a health savings account (HSA) like PerfectHealth Savings.

Icon with cash going into an ATM or account

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

Icon indicating financial growth

Advantage 2: No tax on HSA growth

Sit back and watch your interest and investment earnings grow tax free.1

Icon indicating money being distributed from a bank or ATM

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 Mobile Banking.3

Mobile Banking lets you pay bills, move money, deposit checks,4 and much more. Add this easy-to-use app to your Android or iPhone and manage your money on your schedule.5

Learn more
Images of the login and alerts screens of mobile banking

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.

Open a health savings account today.

Icon indicating person and branch team member conversing

Visit a branch

We’ll walk you through it. Stop by the nearest branch to open an account in person.

HSA contribution calculator

You may also be interested in:

Two peope looking off into the distance happily.
Retirement Accounts

Start here to plan the future you desire for yourself and your family. Tap into our expertise to discover low-cost, high-quality financial solutions that bring clarity and precision to the path ahead.
Image of person with child on their shoulders
Earn 5.15% APY6 with Flagstar Performance Savings

Grow your money with a great savings rate.
Person on tablet with bank card
Checking Accounts

Explore our personal checking account options to find the right fit for you. 

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.

1Please consult a tax or legal expert for advice.

2This debit card is issued by Flagstar Bank pursuant to a license from Visa U.S.A. Inc.

3Not all devices supported. Available for eligible personal and business deposit account customers only.

4Not all devices supported. Available for eligible personal and business checking and savings account customers only. Must be an active mobile banking user. Must be a customer for a minimum of two business days. Accounts must be in good standing.

5Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android, Google Play, and the Google Play logo are trademarks of Google Inc.

Flagstar Performance Savings

6Annual Percentage Yield (APY) is accurate as of 9/16/2024. Tier 1 $0 – $9,999.99 features an annual percentage yield of 0.10%. Tier 2 $10,000.00 – $24,999.99 features an annual percentage yield of 0.10%. Tier 3 $25,000.00 – $49,999.99 features an annual percentage yield of 5.15%. Tier 4 $50,000.00 – $99,999.99 features an annual percentage yield of 5.15%. Tier 5 $100,000.00 – $499,999.99 features an annual percentage yield of 5.15%. Tier 6 $500,000.00+ features an annual percentage yield of 5.15%. The interest rate(s) and annual percentage yield(s) are variable and may change at any time before or after the account is opened. Initial minimum opening deposit to earn the higher interest rate on the Flagstar Performance Savings account is $25,000 and must be “new money,” which is defined as money that is not currently on deposit in any Flagstar Bank account (except maturing CDs). Additionally, (i) account must be funded within 90 days of the approval date, and (ii) early account closure fee may be imposed for accounts closed within 180 days. A maintenance service charge of $15 will be imposed every statement cycle if the average daily collected balance in the account is less than $10,000. The maintenance service charge will be waived if you are the tax reported owner on this account and you are an owner on a Flagstar personal checking account. Fees may reduce earnings. Personal accounts only. Limited time offer. Area restrictions may apply. If you are a Private Bank client, please contact your Private Client Group to enroll.