• An initial deposit is required at the time the account is established
  • $500 minimum balance (to avoid a $5 monthly service charge)
  • Low annual administration fee of $5
  • Monthly statements
  • Interest paid monthly
  • Ability to make additional deposits at any time through direct deposit
  • 24-hour telephone banking available for balance inquiries at (888) 248-6423

Please visit your nearest Flagstar branch to learn more about Flagstar's Health Savings Account.

We reserve the right to change account at any time without notice.

1Please consult your tax advisor for guidance.

If you’re covered by an HDHP, an HSA offers a way to help you pay for qualified medical expenses. Unlike a flexible savings account, any unused HSA funds will roll over and accumulate—ready to be used for medical expenses in future years.

HSA General FAQ

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What is an HSA and how does it work?

Who qualifies for an HSA?

What can I use the HSA for?

Is tax reporting required for an HSA?

What are the tax rules of an HSA?

Who is responsible for determining whether HSA distributions are used exclusively for qualified medical expenses?

If I change employers, what happens to my HSA?

What are the requirements for an HSA at Flagstar?

How will HSA statements be delivered to me?

HSA Contributions FAQ

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Who may contribute to an HSA?

How do I make contributions and distributions?

How much can I contribute to my HSA?

In what form must contributions be made?

How are contributions applied to my HSA?

Are rollover contributions to HSAs permitted?

What is the tax treatment of earnings on amounts in my HSA?

HSA Distributions FAQ

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How are distributions from an HSA taxed?

What “medical expenses” qualify for tax-free distributions?

How are distributions taxed after the account beneficiary is no longer an eligible individual?

When can I receive distributions from an HSA?

Can I use the HSA to pay for services obtained before I enrolled in the HSA program?

What happens to the HSA if I die?

Printer-friendly PDF of HSA FAQ

Please visit your nearest Flagstar branch to learn more about Flagstar's Health Savings Account.

We reserve the right to change account at any time without notice.

1Please consult your tax advisor for guidance.

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