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Health Savings Account

Enhance your earning power with a savings account. Take advantage of automatic deposits and you can increase your savings account balance effortlessly.

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HSA Features

Enjoy these great features with a Katahdin Health Savings Account:

  • 24/7 access to account information
  • Checks available to withdraw funds
  • Free HSA branded Debit Card
  • Free Online Banking 

HSA Eligibility

You're eligible for an HSA if you meet these requirements:

  • Covered under a High Deductible Health Plan (HDHP).
  • Not claimed as a dependent on someone else’s tax return.
  • A U.S. Citizen or Resident Alien who lives/receives mail in the U.S.
  • Account holder is responsible for using the HSA for qualified health and medical expenses. For the latest information on qualified medical and dental expenses, view the current IRS Publication 502.

 A great way to help pay for qualified medical expenses.

 

Health Savings Account

Get Started

Contact your local branch to open an HSA account today.

Minimum to Open

 No minimum opening deposit required

Earn Interest

 Yes

Benefits 
  • Provides triple tax savings: tax deductions when you contribute, tax-free earnings on investments, and tax-free withdrawals for qualified medical expenses.
  • You decide how much money to contribute, up to the annual contribution limit.
  • Use the available funds you have saved to help pay for qualified medical, dental and vision expenses and help protect against high or unexpected medical bills.
  • Available funds can be used for yourself and your dependents at any time, even if your dependents are not covered under your HDHP.
  • Money can be deposited and saved for future health care expenses and/or retirement.
  • Funds in the HSA remain in the account from year to year.
  • Take the HSA with you if you leave your employer, change medical coverage, become unemployed, move to another state, or change marital status.

Free Monthly Statement

 Choose to receive paper statements in the mail or enroll in online banking to sign up for eStatements.

Monthly Service Charge

$5.00

To avoid this monthly service charge, maintain a $500.00 average balance or $5,000.00 in combined average deposit balances** during the statement period. No charge will be accessed in the first month the account is open, regardless of balances.

There is no monthly service charge for qualified customers under age 24 who receive eStatements.

 Employer Contributions

If you’re a business interested in contributing to an employee’s account, ask about our ACH services! 

Business Health Savings Account

Help your employees save for current and future medical expenses.

Offering a Health Savings Account (HSA) to your employees can be a powerful benefit for attracting and retaining talent. HSAs combined with a high deductible health plan can help control or reduce your business healthcare insurance costs.

Tax Advantages and Flexibility:

  • Employer HSA contributions are tax-deductible and can be handled directly through payroll.
  • Employer and employee can choose how much to contribute, up to the annual contribution limit.
  • Employer does not have to pay payroll tax on contributions made by employee.
  • Employee owns their HSA, so unused balances roll over and grow each year.

Read more information on the features and benefits of an HSA.

Interested in partnering with Katahdin to offer your employees a Health Savings Account? Contact your local branch or email [email protected] to get started today. We will be happy to work with your business to enroll in ACH direct deposit and coordinate setting up each employee's HSA account.

Please consult your tax advisor.

Get Started

Open an account today!

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Personal Savings

Enhance your earning power. Take advantage of automatic deposits and increase your savings account balance effortlessly.

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Personal Checking

Get Totally Free Checking or find out which account best suits your lifestyle and banking needs.

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Account Services

Please refer to our Fees for General Services brochure for charges on unusual activities such as overdrafts, stop payment orders, etc. that may be assessed. *Message and data rates may apply from your wireless carrier. Subject to certain restrictions. **Deposit balances will be combined based on accounts where the tax reporting name of the health savings account is listed on personal checking, savings, money market, CD, IRA, and/or Christmas Club accounts as an owner in the first three name lines.

  
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