Personal Health Savings Accounts (HSAs) | Minster Bank
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Health Savings Account

If you have a high-deductible health plan, an HSA can help you save for medical expenses while saving on income taxes.1

Health Savings Account

If you have a high-deductible health plan, an HSA can help you save for medical expenses while saving on income taxes.1

Save Smart. Stay Healthy.


Enjoy multiple potential tax benefits1

Easily roll over funds from year to year

Keep your account even if you change jobs

Use funds for any purpose after age 651

Enjoy multiple potential tax benefits1

Easily roll over funds from year to year

Keep your account even if you change jobs

Use funds for any purpose after age 651

Maximize Savings

Our HSAs enable you to earn higher rates on higher balances while maintaining unlimited access to your funds:

  • Variable interest rate, compounded daily and paid monthly
  • $0 minimum balance to avoid fees if balance falls below minimum the first year; $200 minimum required each year after
  • $4 monthly maintenance fee if balance falls below minimum
  • $1 per check over 5 per month
  • $0 minimum opening balance
  • No transaction limits
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Maximize Savings

A health savings account can be a powerful financial tool for anyone with an eligible high-deductible health plan.

By contributing a portion of your paycheck to an HSA, you can access triple tax benefits: contributions are tax-deductible, the interest you earn is tax-deferred, and qualified withdrawals are tax-free.1

With an HSA, you own your account and can decide how to spend your healthcare dollars. Eligible expenses may include:

  • Insurance premiums, copays, and diagnostic fees
  • Prescriptions and over-the-counter medications
  • Dental, vision, and hearing care
  • First aid and hygiene supplies
  • Medically necessary transportation, home improvements, and more

Once you turn 65 (or become covered by Medicare), HSA funds can be used for any purpose without penalty (although you do have to pay income taxes on withdrawals not used for medical expenses).1

Unlike flexible spending accounts (FSAs), HSA funds roll over from one year to the next – there’s no “use it or lose it” rule.

Plus, HSAs are fully portable, so you can keep your account here at Minster Bank even if you change jobs or retire.

The IRS’s Health Savings Account contribution limits have increased for 2024:

  • $4,150 for individuals
  • $8,300 for families
  • Those aged 55 and up can make an additional catch-up contribution of $1,000

For 2024, an eligible high-deductible health plan (HDHP) must have:

  • A deductible of at least $1,600 for individual coverage
  • A deductible of at least $3,200 for family coverage
  • An out-of-pocket maximum not exceeding $8,050 for individual coverage
  • An out-of-pocket maximum not exceeding $16,100 for family coverage

Note: ATM transactions, online transfers, and direct deposits into HSAs are always coded as current-year contributions for tax reporting purposes. You can make in-person contributions for tax year 2024 until April 15, 2025.

Interest is compounded daily and paid monthly based on tiers:

  • $0–$4,999
  • $5,000–$9,999
  • $10,000–$24,999
  • $25,000 or more

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Disclosures

1. For HSA questions about government rules and regulations, visit the IRS website. Minster Bank does not provide tax or legal advice. Please consult your tax advisor or attorney before making any decisions or taking any actions based on this information.

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