HSAs
Ready to learn more? Call us at (207) 897-0900 for additional information and to get started today.

A Health Savings Account, or HSA, is a medical savings account that allows you to set aside money to pay for health care expenses on a pre-tax basis.
An OTIS Health Savings Account ensures that you’re prepared for the unexpected: When you have a large, unanticipated medical expense, your insurance might not cover it unless you have already met your plan’s deductible. If you’ve been paying into a Health Savings Account, however, you’ll have a store of tax-free money with which to pay your deductible. If you’ve already reached your deductible, these funds can be used to pay other out-of-pocket, health-related expenses.
Ready to learn more? Call us at (207) 897-0900 for additional information and to get started today. For any tax-related questions, please consult with your trusted tax advisor.

Benefits of a Health Savings Account
- Flexibility to pay for current medical expenses or save for future needs
- Tax-deductible contributions
- Tax-deferred earnings
- Tax-free distributions if used properly
- Remains with you even with a change of health coverage or employment
View Savings Rates
Saving Rates
Account Type | Dividend Rate | Annual Percentage Yield | Minimum Opening/Required Balance |
---|---|---|---|
Membership Share (Savings) | 0.05% | 0.05% | $25.00 |
Coindexter Club (Youth Savings - Under 13 years of age) | 0.05% | 0.05% | $5.00 |
Share Draft (Checking) | 0.00% | 0.00% | $0.00 |
Clubs | 0.05% | 0.05% | $0.00 |
Holiday Club* | 0.05% | 0.05% | $0.00 |
*Withdrawals made more than 7 days after the account is opened and before the maturity date of October 18, 2021 are subject to a $5.00 penalty. Rates effective 4/1/2021. Savings Rates effective 11/1/2020. |
|||
Money Management** Rates Effective 5/12/2022 | $2,000.00 | ||
Tier 1 | 0.05% | 0.05% | $0.00 to $1,999.99 |
Tier 2 | 0.25% | 0.25% | $2,000.00 to $20,000.00 |
Tier 3 | 0.35% | 0.35% | $20,000.01 plus |
**Withdrawals must be $500.00 or more and limited to 3 withdrawals per month at no charge. Excess withdrawal will be charged a $1.00 thereafter. Rates effective 4/1/2021. |
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IRA Share | 0.05% | 0.05% | $25.00 |
Roth IRA Share | 0.05% | 0.05% | $25.00 |
Coverdell Educational IRA Share | 0.05% | 0.05% | $25.00 |
Health Savings*** | $0.00 | ||
Tier 1 | 0.05% | 0.05% | $0.00 to $1,999.99 |
Tier 2 | 0.25% | 0.25% | $2,000.00 to $20,000.00 |
Tier 3 | 0.35% | 0.35% | $20,000.01 plus |