Save Money for Qualified Medical Expenses
Unexpected medical expenses are a fact of life. With a Health Savings Account (HSA) from Ergo Bank, you can offset rising healthcare costs and pay for qualified medical expenses. Interested in learning more? Contact our offices to speak with a member of our team.
Requirements of an HSA at Ergo Bank
- To be eligible for an HSA at Ergo Bank, you must meet the following criteria:
- $100.00 minimum opening deposit required
- High-Deductible Health Plan (HDHP): You must be enrolled in a qualifying HDHP.
- No Other Health Coverage: You cannot be covered by any other health plan that is not an HDHP.
- Not Enrolled in Medicare: You must not be enrolled in Medicare.
- Not Claimed as a Dependent: You cannot be claimed as a dependent on someone else's tax return.
How HSAs Can Be Used
HSAs can be used to pay for a wide range of qualified medical expenses, including:
- Doctor visits and hospital services
- Prescription medications
- Dental and vision care
- Over-the-counter medications
- Medical equipment and supplies
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Benefits of an Ergo Bank HSA
HSAs offer several key benefits:
- Tax Advantages*: Contributions are made with pre-tax dollars, reducing your taxable income. A customer may also use after-tax dollars. Earnings grow tax-free, and withdrawals for qualified medical expenses are also tax-free.
- Rollover Funds: Unused funds roll over year to year, so you never lose your savings.
- Portability: Your HSA stays with you even if you change jobs or retire.
- Tiered Interest Rates
*Consult your tax advisor.
Contributing to Your HSA*
There are several ways to contribute to your HSA at Ergo Bank:
- Payroll Deductions: Set up pre-tax contributions up to the IRS limit directly from your paycheck.
- Direct Deposits: Make one-time or recurring contributions from your bank account.
- Transfers: Transfer funds from another HSA.
*Consult your tax advisor.
Health Savings Account - Truth in Savings Disclosure
Updated June 25, 2025
HOW WE DETERMINE THE INTEREST RATE:
The interest rate and annual percentage yield are shown below.
Your interest rate and the annual percentage yield may change.
At our discretion, we may change the interest rate on your account.
We may change the interest rate on your account at any time.
TIERED RATE ACCOUNTS - TIERING METHOD A:
- If your daily balance is $500.00 or less, the interest rate paid on the entire balance in your account will be 0.010% with an annual percentage yield of 0.01%.
- If your daily balance is more than $500.00, but less than $5,000.01, the interest rate paid on the entire balance in your account will be 0.200% with an annual percentage yield of 0.20%.
- If your daily balance is more than $5,000.00, but less than $15,000.01, the interest rate paid on the entire balance in your account will be 0.250% with an annual percentage yield of 0.25%.
- If your daily balance is $15,000.01 or more, the interest rate paid on the entire balance in your account will be 0.300% with an annual percentage yield of 0.30%.
HOW WE COMPOUND AND CREDIT YOUR INTEREST:
Interest will be compounded monthly.
Interest will be credited to your account monthly.
YOUR MINIMUM DEPOSIT, TIME AND BALANCE REQUIREMENTS:
To open this account, you must deposit at least $100.00.
HOW WE COMPUTE THE BALANCE TO DETERMINE YOUR INTEREST:
We use the daily balance method to calculate the interest on your account. The daily balance method applies a daily periodic rate to the principal in the account each day.
ACCRUAL OF INTEREST ON DEPOSITS OTHER THAN CASH:
Interest begins to accrue on the business day you deposit noncash items (for example, checks).
STATEMENT FREQUENCY:
The statement period is monthly.
Additional Information:
Other withdrawal penalties and rules on deposits and withdrawals are imposed on HSAs under the Internal Revenue Code. Those penalties and rules are disclosed in HSA documents provided to you by us.