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Health Savings Account

Image of Pennstar Bank HSA CardWhere do HSA funds come from?

When you open an Pennstar Bank HSA, you may authorize recurring payroll deductions into your HSA. Employers and family members may also make contributions to your HSA on your behalf.

HSA Facts

  • HSA contributions may come from pre-tax income.
  • Withdrawals from your HSA are used to pay for qualified medical expenses.
  • HSA balances carry over from year to year, building savings for future medical needs over time.
  • Your accumulating HSA balance gains tax-free interest until retirement at age 65. You may withdraw funds upon retirement and pay only normal income taxes.
  • An HSA is owned by an individual, not a company or your employer. It does not terminate when employment ends. It is yours.
  • HSA funds can eventually be used to pay for elder care or long-term care. You can even use HSA funds to purchase long-term care insurance, tax-free.
Features Description

Minimum to Open

None

Monthly Minimum Balance  Required

None

Interest-bearing Checking

Yes

Minimum Balance to Earn Interest

Interest is paid based on balance:
Tier 1 = $0 - $2,499.99
Tier 2 = $2,500 and over

Debit Card

Free HSA debit card for easy account access*

Checks

Free (Limited to special design checks, which includes a supply of deposit tickets)

Monthly Maintenance Fee

No monthly maintenance fee with a direct deposit and/or an average balance of $500;
otherwise $2.50 per month fee applies

Online Banker

Free Pennstar Online Banker access

Set-up Fee

No set-up fee

Monthly Statement

Portfolio statement that will detail the Health Savings Account and other Pennstar Bank accounts the employee may have

Easy Account Access

24-hour access through our Pennstar Banker Line (1.866.4STAR.PA) (1-866-478-2772)  
Easy payment and account access using your Health Savings Account Card

Investment Option —
HSA Certificate of Deposit

Invest unused dollars from your Health Savings Account

  • Terms: Range from 12 months to 60 months
  • Minimum to open $1000
  • Additional deposits allowed — one time annually

*No monthly usage or point-of-sale fees.
Consult your tax advisor regarding the deductibility of HSA contributions and charges.