Health Savings Account (HSA)
Learn more about how you could put aside tax-free¹ savings for future medical expenses with a Health Savings Account from Flagstar Bank.
What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is a great choice for your healthcare-related costs if you have a high-deductible health plan (HDHP) and are looking for a more convenient, tax-advantaged¹ way to pay your medical expenses. Unlike flexible savings accounts, any unused HSA funds roll over and accumulate—ready and waiting to be used for medical expenses in future years.
If you wish to calculate your HSA contributions and savings, head over to our HSA Contribution Calculator.
KEY HSA BENEFITS:
- Contributions are tax free1
- Deposited funds grow tax free1
- Qualified Medical Expense withdrawals are tax-free
- 24-Voice Phone Banking Call (888) 248-6423
- Contributions can be made up to the maximum amount through April 15 of the subsequent year
- Funds withdrawn may be used for qualified medical expenses anytime
HSA SERVICE FEE:
$5 annual administration fee
All Health Savings Accounts come with:
We want to help you save on out-of-pocket expenses.
An unexpected medical bill doesn't have to become a financial emergency when you set aside tax-free1 funds in a Health Savings Account. In the case of an emergency event, your insurance may not cover the payment unless you meet your deductible. You can use your tax-free¹ money from an HSA to pay the deductible, then insurance may cover the rest depending on your plan. If you’re trying to determine if you qualify for an HSA, visit one of our many convenient Flagstar Bank locations or see below for the most frequently asked questions.
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INFORMATION TO NOTE:
Rate information — Your interest rate and annual percentage yield may change.
Frequency of rate changes — We may change the interest rate on your account at any time.
Determination of rate — At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency — Interest will be compounded every month. Interest will be credited to your account every month.
Minimum $50 opening balance required; open in a branch only.
Daily balance computation method — We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits — Interest begins to accrue on the first business day after the banking day you deposit noncash items (for example, checks).
Interest accrual upon account closure — Interest accrues up to the business day that you close your account and is credited when the account is closed.
1Please consult a tax or legal expert for advice.
2Not all devices supported. Available for eligible personal and business checking and savings account customers only. CD customers may view their balance and account activity only. Must be an active personal online banking user.
3Currency conversion fee may apply to transactions outside the U.S.
4This debit card is issued by Flagstar Bank pursuant to a license from Visa U.S.A. Inc.lease consult a tax or legal expert for advice.
We reserve the right to change accounts at any time without notice. Please see the complete Disclosure Guide for additional details.