HSAs and IRAs

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 Retail 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.

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Individual Retirement Accounts (IRA)

 

Savings Bank of Walpole offers three types of individual Retirement Accounts (IRAs):

  • Traditional IRA
  • Roth IRA
  • Simplified Employee Pension Plan (SEP)
Individual Retirement Plans are available in the form of CD’s or Savings and allow for Online Banking access.
 
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Learn about the health-related provisions created as part of the Coronavirus Aid Relief and Economic Security (CARES) Act.
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