Health Savings Checking
Prepare for medical expenses with a Health Savings Checking Account
Whether you are looking to cover doctor expenses or medication costs, you will be prepared when you open a Health Savings Checking account. This interest-earning account can help individuals with high-deductible health plans save for future and qualified medical expenses.
Product Features
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Get Paid Up To Two Days Early42
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Use Towards Qualifying Medical Expenses3
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Earns Interest
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No Monthly Service Fee
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No Minimum Balance Requirement
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Designated Beneficiaries (but no joint owner)
- No Direct Deposit Requirement
- Free Enrollment in SCCU Saving Cents
- Free CALL-24 telephone banking
- Free Online Banking and Mobile Banking60
- Free Statements
- Free Mobile Deposit29
- Free Bill Payer30
- Free Visa® Contactless Debit Card
- Free Access to SCCU ATMs
- Access to Over 20,000 Fee-free Allpoint ATMs Nationwide
- Free Card Controls to Manage Card Usage in the SCCU Mobile App
- Free Account Alerts to Monitor Activity
- 2Way Text Fraud Alerts
| Minimum opening deposit |
$0 |
|---|---|
| Minimum daily balance |
None |
| Monthly low balance fee |
None |
| Requires an adult joint account holder |
No |
| Funds can only be used for qualified medical expenses |
Yes |
| Earns Interest |
Yes |
| Monthly service fee |
None |
| Free Visa® Debit Card |
Yes |
| Interest Rate | APY^ |
|---|---|
| 0.50% | 0.50% |
^APY = Annual Percentage Yield. Fees may reduce earnings on the account.
Account Requirements and Eligibility
- You must have coverage under a High Deductible Health Plan
- You may not be covered by any health plan that is not an HDHP (exceptions exist for insurance that covers accidents, disability, dental care, vision care, long-term care and other "permitted insurance.")
- You must not be enrolled in Medicare
- You may not be claimed as a dependent on someone else's tax return.
- You must comply with the guidelines for annual contribution limits.
- You must understand and manage your contributions and distributions. The financial institution holding your account is not responsible for advising you regarding compliance with these requirements.
- You should keep all receipts for expenses made from the Health Savings Checking account in case they are needed during an audit.
- You do not lose the funds in your Health Savings Checking account if they are not used within the year.
- You may make contributions to your HSA account for the previous tax year until April 15th or the tax deadline.
- HSA funds can pay for any qualified medical expense. This includes most medical care and services, and dental and vision care. Refer to IRS Pub 502 (available at www.irs.gov) for a partial list. To be an expense for medical care, the expense has to be primarily for the prevention or alleviation of a physical or mental defect or illness.
- Your employer or a tax adviser can help you determine if you are eligible to open an HSA and provide you with the contribution limits that apply to your situation.
- Your HSA funds may not be used to make loan payments or as collateral for a loan
- Overdraft protection - not offered with this account. Non-sufficient funds fees will be assessed if the account is overdrawn.
- No minimum opening deposit required.