HSAs

If you have a high deductible healthcare plan, a Health Savings Account may be for you.

Health Savings Accounts


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. 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, you’ll have a store of tax-free money with which to pay the deductible. If you’ve already reached your deductible, these funds can be used to pay other out-of-pocket expenses.


Why have an HSA?
  • 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 change of health coverage or employment

Call us at (207) 897-0900 for more information. Consult with your tax advisor for any tax-related questions.

 

Savings Rates

Account TypeDividend RateAnnual Percentage YieldMinimum Opening/Required Balance
Membership Share (Savings)0.20%0.20%$25.00
Coindexter Club (Youth Savings - Under 13 years of age)0.20%0.20%$5.00
Share Draft (Checking)0.00%0.00%$0.00
Clubs0.20%0.20%$0.00
Holiday Club*0.20%0.20%$0.00
*Withdrawals made more than 7 days after the account is opened and before the maturity date of October 18, 2020 are subject to a $5.00 penalty. Rates effective 10/18/19.
Money Management**

Rates Effective 10/1/19

$2,000.00
Tier 10.05%0.05%$0.00 to $1,999.99
Tier 20.90%0.91%$2,000.00 to $20,000.00
Tier 31.10%1.11%$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 10/1/2019.
IRA Share0.30%0.30%$25.00
Roth IRA Share0.30%0.30%$25.00
Coverdell Educational IRA Share0.30%0.30%$25.00
Health Savings***$0.00
Tier 10.20%0.20%$0.00 to $1,999.99
Tier 20.45%0.45%$2,000.00 to $20,000.00
Tier 30.50%0.50%$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payment, overdrawn/NSF share drafts, fee based ATM withdrawals, replacement cards and the like, may not be deducted or withdrawn from health savings accounts.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.Minimum balance required to obtain the Annual Percentage Yield for the dividend period. All Rates are subject to change without notice. Truth in Savings Disclosure