Health Savings Account (HSA) - First Federal this is a test
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A First Federal HSA is a tax-advantaged way to save and pay for healthcare because it lets anyone with a high-deductible plan put aside pre-tax dollars to pay for future medical expenses. Interest on your deposits accrues tax-free, and funds carry over year-to-year. And since it's structured like a checking account, you can access those funds by check, debit-card and ATM transactions.  

Up to 4.08% APY on HSAs. See what the Carolinas HSA leader can do for you. Apply Online!

 
  Account Details:
 

Monthly maintenance fee

No monthly fee. Annual fee of $35.00 (collected March 15th each calendar year)
Opening fee: $15.00
Minimum opening deposit $50.00

Best for you if

 You are interested in a tax-advantaged way to save and pay for medical expenses.
Yearly Contribution Limits $2,900 for individuals with single coverage

$5,800 for those with family coverage

Benefits & Features

 Funds may be withdrawn tax-free and without penalty for most medical expenses.

Funds accumulate tax-deferred from year-to-year and earn interest.

No annual fee VISA Debit Card -- enables you to pay for qualified medical expenses wherever VISA is accepted.
Other Benefits

Individuals who become covered by a High Deductible Health Plan after January are allowed to contribute up to the full annual limit, even if they were only eligible individuals for a portion of the taxable year, however, they must remain HSA eligible during a testing period.

Individuals are allowed to transfer the remaining balance in a health Flexible Spending Account (FSA) or a Health Reimbursement Arrangement (HRA) as of September 21, 2006 (or, if less, the balance on the date of the transfer) to an HSA. The transfer is a one-time only allowance and must be made before January 1, 2012.

Coverage under a health FSA during the "2 1/2 month grace period" may be disregarded for eligible individuals who have a zero balance in their HSA at the end of the previous calendar year, or if the remaining year-end balance is transferred directly to an HSA from the individuals' FSA.

Individuals may make a one-time distribution to rollover amounts from an Individual Retirement Account to an HSA, subject to the HSA contribution limit.

Employers may make contributions to HSAs on behalf of non-highly compensated employees in higher amounts (or higher percentages of deductibles) than to highly compensated employees without violating the comparable contribution
rules.

Online Banking with Bill Pay and Presentment

 FREE*

ATM Card

 Yes

Interest

 See today’s great rate
How interest works

Compounded daily and credited monthly.
Telephone banking FREE
Limitations

Early closing fee of $25.00 (if closed within first 180 days)

*When used at least twice per month

Open Now! >>

 
   
   
  Open a Health Savings Account Online in Minutes!
   
  Apply For A Health Savings Account The Old-Fashioned Way!
   
  Compare Savings Account Options Side-By-Side
   
   
  HSA Savings Calculator - See How Much Your HSA will be Worth Over Time.
   
  HSA Contribution Calculator - Determine the Amount You Can Deposit This Tax Year.
   
  Savings Calculator - Find Out How Consistent Saving Can Help You Accumulate Wealth.
   
  Tax-Advantaged Savings Account for Medical Costs
   
 
 
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