HDR - Checking

Health Savings Accounts

About Our Health Savings Account

Valley Bank and Trust Co. is pleased to be able to offer our customers a Health Savings Account (HSA) investment that will meet your needs – whether you want your funds liquid in an HSA Checking Advantage or prefer to invest excess funds in an HSA Certificates of Deposit (CD). The beauty of HSAs are that unused funds accumulate through the years for your future use!

Valley Bank and Trust Co. HSA Checking Advantage includes a free debit card; free internet and telephone banking to access your account 24 hours a day, 7 days a week; and the convenience of writing personalized checks for all your medical needs! Additionally, you will receive monthly bank statements, with imaging, for record keeping; a complimentary binder for statements and medical receipts; and the bank reports your contributions and distributions to the IRS each year FREE of charge.

Finally, you are able to earn a high rate of interest on your entire HSA checking balance, with no minimum balance. The interest you earn on your HSA is credited monthly. Depending on your HSA balance and the rate environment, the interest you earn may even offset your service charge amount, making Valley Bank and Trust Co.'s HSA even more valuable!

For this value, you pay an affordable charge, which rewards higher balances kept in your HSA checking account:

Daily Balance
In HSA Checking

Monthly Service

$0 - $999.99 $3.00
$1,000 - $2,999.99 $2.00
$3,000 $1.00

$15.00 new account setup charge.


How to Proceed

Establishing an HSA is easy! The first step is to apply for an HSA-eligible health insurance plan with your agent.

Proximity to the Bank isn't an issue with an HSA, because set-up/enrollment can be conducted conveniently through the mail. We can proceed with the HSA documentation and account setup once your high deductible health insurance becomes effective; we receive your completed HSA Application; and a $15 check.

You can contribute to your HSA on whatever schedule works with your cash flow. Throughout the year you'll use checks or your Check Card to pay qualified medical expenses directly or to reimburse yourself for medical claims paid from your personal account.

Consult your tax advisor regarding the tax benefits of the HSA product. Health insurance policies must meet federal guidelines for use with an HSA product.
The interest rate on an HSA checking account is variable and may change at any time at the bank's discretion.
Fees reduce earnings on the account. There is a $25 fee to transfer HSAs to another custodian. Ask for a current rate sheet and disclosure from any one of our branches.
There is a penalty for early withdrawal from an HSA CD.
Your contribution eligibility is based on IRS rules.
Overdrawing your HSA account may cause the plan to be disqualified by the IRS, and overdrafts are the sole responsibility of the account holder.
Valley Bank accepts no responsibility for certifying distributions from the HSA account in accordance with IRS rulings.

Helpful Information