Health Savings Account
Easy to Open & Get Started
Save for current and future medical expenses in an interest-bearing checking account.
Get started
How can we help you today?
Health Savings Accounts (HSA)
Savings Bank of Walpole offers Health Savings Accounts (HSAs) to help you save for current and future medical expenses in an interest bearing checking account. These accounts allow for payment of qualified expenses by debit card or check (online Bill Pay or standard check).
Account advantages include:
- Interest earnings on your funds
- Free Online Banking access to view your account and issue payments through Bill Pay
- No minimum balance requirement
- Qualifying health expenses paid from the HSA may be tax free (depending on specific state taxes)
- Unused funds remaining at year end can carry over the following year
Call to speak with a Universal Banker for additional information and to determine if you met the qualifications to open and/or make contributions to a Health Savings Account.
Additional information can also be obtained by consulting your tax advisor or consulting IRS Publication 969.
All rates effective Tuesday, February 4, 2025 unless otherwise noted and are subject to change without notice.
| Interest Rate | Annual Percentage Yield (APY) | Minimum Balance to Obtain APY | Minimum Deposit To Open | |
|---|---|---|---|---|
| $0.01 to $ 499.99 | 0.05% | 0.05% | $0.01 | $10.00 |
| $500 to 2,499.99 | 0.05% | 0.05% | $500.00 | $10.00 |
| $2,500 to 9,999.99 | 0.05% | 0.05% | $2,500.00 | $10.00 |
| $10,000 to 24,999.99 | 0.10% | 0.10% | $10,000.00 | $10.00 |
| $25,000 or more | 0.15% | 0.15% | $25,000.00 | $10.00 |
HSA FAQs
If you have a high-deductible health insurance plan, you should also have a Health Savings Account (HSA).
With an HSA, your employer is able to deduct a pretax dollar amount you specify and it’s directly deposited into your HSA account. Annual contribution limits apply.
If you have a high-deductible health insurance plan, you should also have a Health Savings Account (HSA). With an HSA, you may qualify to make contributions that are tax-deductible or your employer can make pre-tax contributions directly from your paycheck and direct deposited into your HSA account. The funds roll over year to year. Transactions or distribution are required to be used or payback qualified medical expenses. Refer to a tax advisor or consult with IRS Publication 969.
The funds roll over and accumulate year-to-year.
Your HSA can be transferred from job to job or institution to institution.
See What Your Friends And Neighbors Are Saying
Don't Take Our Word For It!
“A friend who is new to the area recently asked me if I could recommend a local bank, and I found myself going on and on about how incredible SBW is. I never thought I’d be so enthusiastic about a financial institution, but here we are.”
Mark R., Keene
SBW Customer since 2011
