Medical expenses are often unexpected, so it’s nice to know you can be prepared with a Bank Iowa Health Savings Account (HSA). Plus, you’ll enjoy several tax-free advantages while you save, knowing any unused savings will grow year after year.
Easy transactions with a free HSA debit card
Save money for future medical costs and earn tax-free interest with low annual fee of $20
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A Bank Iowa HSA provides a simple way to manage and pay medical bills. This account can be used in conjunction with a high-deductible health plan (HDHP) to help save money for medical expenses that fall below your deductible. Make tax-exempt, FDIC-insured contributions that can be used to pay for qualified healthcare expenses* for you and your family at any time without tax liability. You choose your contribution level and then use your HSA like a regular checking account to pay for doctor visits, orthodontia, prescriptions, vision care and much more with a Bank Iowa HSA debit card, a written check or online bill pay. With your yearly contribution to a Bank Iowa HSA, you can carry over your balance from year to year with no “use it or lose it” policy.
* For a complete list of qualified medical expenses, visit irs.gov.
The maximum amount you are allowed to contribute is based on IRS limits and is different for individuals versus family coverage. If you are 55 or older, you are allowed to make “catch-up” contributions. Please visit irs.gov for current contribution limits.
| Account Type | Min Balance to obtain APY | Interest Rate | Annual Percentage Yield (APY) |
|---|---|---|---|
| Health Savings Account* | |||
| $0 - $999.99 | $0.01 | 0.11 | 0.11 |
| $1,000 - $9,999.99 | $1,000 | 0.12 | 0.12 |
| $10,000 - $19,999.99 | $10,000 | 1.09 | 1.10 |
| $20,000 and above | $20,000 | 1.98 | 2.00 |
*No minimum balance to open account. Interest rate and annual percentage yield (APY) is variable and subject to change at any time. Fees may reduce earnings.