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. |
|||
| 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 |
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.