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.

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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

Savings Rates

Account TypeDividend RateAnnual Percentage YieldMinimum 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
Teen Flex (Teen Savings - 13-15 years of age)0.05%0.05%$15.00
Share Draft (Checking)0.00%0.00%$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, 2024 are subject to a $5.00 penalty.

Rates effective 2/27/2024.

Money Management**

Tier 10.05%0.05%$0.00 to $1,999.99
Tier 22.96%3.00%$2,000.00 to $20,000.00
Tier 33.20%3.25%$20,000.01 plus
**Withdrawals must be $500.00 or more and limited to 3 withdrawals per month at no charge.
Excess withdrawals will be charged a $1.00 thereafter.

Rates effective 2/27/2024.
IRA Share0.05%0.05%$25.00
Roth IRA Share0.05%0.05%$25.00
Coverdell Educational IRA Share0.05%0.05%$25.00
Health Savings***$0.00
Tier 10.05%0.05%$0.00 to $1,999.99
Tier 20.85%0.85%$2,000.00 to $20,000.00
Tier 31.04%1.05%$20,000.01 plus
***Fees for stop payment, overdrawn/NSF share drafts, fee-based ATM withdrawals, replacement cards and the like, may not be deducted or withdrawn from health savings accounts. These fees shall be deducted from other accounts in which the health savings account owner has an interest.

Rates effective 2/27/2024.

How can OTIS work for you?

If you live, work, worship, or attend school in Franklin County, Canton, Fayette, Hartford, Leeds, Livermore, Livermore Falls, Mount Vernon, Readfield, Turner, Vienna, or Wayne, you’re eligible to be part of OTIS FCU – and we’d love to have you join our community.