Health Savings Account (HSA)

Use an HSA to prepare for medical expenses ahead of time — so you can focus on your health instead of your finances.

Key Features

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  • Greater personal control over healthcare management and expenses
  • Prepare for qualified medical expenses
  • Earn interest on entire balance1
  • Receive higher rates on larger deposits
  • An HSA may provide triple tax savings:
    • Tax deductions when you contribute to your account
    • Tax-free earnings through investment
    • Tax-free withdrawals for qualified medical, dental, vision expenses, and more2
  • Contributions are tax-free and can be made by you, your employer, or a third party
  • Funds can be withdrawn at any time3
  • Avoid the $2 monthly service fee by:
    • Maintaining a $500 minimum daily balance or
    • Enrolling in eStatements via Old Fort Bank Internet Banking
  • Unused funds remain in account year after year; no "use it or lose it" policy
  • Keep your HSA in your name, regardless of career or life changes
  • Federally insured by FDIC
  • No minimum deposit to open

See our current rates.

Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.

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A closed account fee of $25.00 will be assessed if the account is closed within 90 days from opening.

1Applicable only when balance is above $2,000.

2Consult a tax advisor.

3You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.