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Personal Health Savings Accounts


Contribution Limits for 2023

  • $3,850 for self-only coverage or $7,750 for family coverage
  • Catch-up contributions - $1,000 for individuals age 55 or older
  • ATM, Internet transfers or direct deposits into a HSA is always coded as a current year contribution for tax reporting. 
  • Contributions across the counter must be made before April 15, 2024.

Minster Bank's Health Savings Account (HSA) is a powerful financial planning tool to help you manage your healthcare expenses.

What Is It?

A Health Savings Account is a tax-free savings account for medical expenses when used with a High Deductible Health Plan.

How It Works

You contribute a portion of your paycheck into this account before taxes, subject to certain limits, reducing the amount of federal income tax you pay for the year. Then, you can make tax-free withdrawals to pay for qualified healthcare expenses such as:

  • Insurance deductibles
  • Eligible prescriptions
  • Dental care
  • Eye care, including glasses, contacts, and more

Details of the Minster Bank HSA
Features  Details
Variable rate based on tiers:
   $25,000 or more
    $10,000 - $24,999
    $5,000 - $9,999
    $0 - $4,999
Compounded daily. Paid monthly.
Minimum Balance to avoid fee
$0 the first year
$200 after the first year
Monthly fee if below minimum balance $4
Any other charges $1 per check over 5 per month
Minimum Opening Balance $0
Transaction limits Unlimited transactions

Benefits of the Minster Bank HSA
  • Triple Tax Benefits - (1) The HSA can be funded on a pre-tax basis, (2) distributions made from the HSA for qualified medical expenses are tax-exempt and (3) investment income in the HSA grows tax-deferred and distributions of income for qualified medical expenses are tax-exempt.
  • Roll Over - With the Minster Bank HSA, money left over in your account at the end of the year rolls over into the next year.  Unlike a Flexible Spending Account, there is no use it or lose it
  • Portability - You can continue your account even if you change places of employment. Minster Bank will still be here to service your account.
  • Control - You own your account and decide how to spend your healthcare dollars.
  • Flexibility - At age 65, or when you become covered by Medicare, the money in your account can be used for any reason without penalty. You still pay income tax on these distributions if they are for non-qualifying medical expenses.*

 For HSA questions about government rules & regulations, click here

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