A Health Savings Account (HSA) is an account owned by an individual where tax deductible contributions can be made and set aside to pay for current and future medical expenses.

This tax exempt custodial account is established exclusively for the purpose of paying or reimbursing qualified medical expenses of a person, their spouse or dependents.

An HSA can be opened at any convenient Citizens Banking Center located in Indiana and Illinois. For our business clients, HSA’s can also be established at their business location.

Individuals (not employers) determine their eligibility status and maintain their records to verify status. Individuals are also responsible for reporting distributions on their annual tax return.

Features

• No set-up, annual maintenance or monthly service fee
• No minimum balance requirement
• Variable tiered interest rate
• Detailed monthly statement with check images
• Free HSA Check Card / POS (Point-of-Sale) transactions
• Unlimited check writing and free starter checks
• Ability to utilize free Online Banking (with HSA as secondary bill pay account)
• Free Telephone Banking
• Annual summary statement