Rates

Ensure a smooth recovery. Competitive interest and tax benefits* reduce the sting of medical bills.

Key Features

  • Track, manage, and budget with a single app
  • Mobile Deposit
  • Tag transactions & export data
  • Debit Card

Do you currently have an account with Northeast Bank?

  • Greater personal control over healthcare management and expenses
  • Prepare for qualified medical expenses
  • Earn interest above standard savings on entire balance
  • Receive higher rates on larger deposits
  • An HSA provides 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 more*
  • Contributions are tax-free and can be made by you, your employer, or a third party
  • Funds can be withdrawn at any time**
  • 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
  • $2 paper statement fee per statement cycle for customers who do not enroll their account in eStatements
  • Must be covered under a qualified, high deductible health plan
  • Cannot be claimed as a dependent on another person's tax return
  • Cannot be enrolled in Medicare
  • Contribution Limits are set by the IRS
  • 2020 contribution limits are:
    • $3,500 for a single person
    • $7,500 for a family
    • A person age 55 or older may make an additional $1,000 in "catch-up" contributions

*Consult a tax advisor.

**You 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 However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.