What is a Health Savings Account (HSA) ?

An HSA is for individuals and families with High Deductible Health Plans. It is an IRA-like account that allows you to save for present and future health expenses. All account balances are interest-paying and federal tax-deductible.

Interest earned:

  • 0.05% to 0.15% APY2
  • 0.05% monthly interest on balances $0–$2,000
  • 0.10% monthly interest on balances $2,000.01–$3,500
  • 0.25% monthly interest on balances over $3,500.01

Wondering how much you could save with an HSA? Use our calculator below to find out.

Contributions are made into the account by the individual or their employer and are limited to a maximum amount each year. The contributions are invested over time and can be used for qualified medical expenses, such as medical, dental, and vision care, as well as prescription drugs. Qualified withdrawals are tax and penalty free at any time regardless of age or length the account has been open, and if used for qualified health care expenses. Contributions are limited and will be reported to the IRS.

An HSA provides easy options for contributions and withdrawals:

  • Fast and convenient access through HSA debit cards and HSA checks. Also available through a check withdrawal at any Patelco branch
  • Anyone can contribute to your HSA on your behalf, including employers and family
  • No minimum to open and no fee the first year3
  • IRA holders are permitted to make a one-time transfer to their HSAs

Health Savings Accounts

A coin being deposited into a piggybank.

Tax savings

HSA delivers federal tax savings, tax-free earnings and more


Use the funds to pay for current medical expenses or save for future qualified health needs

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Tax-free interest growth

No “use it or lose it” rules with an HSA

Easy Access

Keep your HSA or move it between financial institutions if you change jobs

Prescription Savings Program

Family saves money on all prescription medication purchases

A shield of protection.

Access to MyMedLab.com

Get quality, convenient, and low-cost lab testing

Health Savings Account (HSA) Calculator

Is an HSA with a high deductible plan right for me?

Frequently Asked Questions

Manage your Health Savings Account (HSA) with ease

Manage your Health Savings Account (HSA) simply and securely in Patelco Online. You can:

  • Get account and dividend details
  • Check balances
  • View your HSA debit card transaction history
  • Send us a secure message should you need us
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Make the most of your HSA
Find additional information, including HSA forms you might need.

1 Consult your tax advisor about HSA tax advantages.

2 APY = Annual Percentage Yield

3 $2 monthly fee (Fee is waived for 1st year)