Health Savings Account

Telcoe Federal Credit Union’s local Health Savings Account (commonly known as an HSA) is designed to help individuals with a high-deductible health plan* pay for current and future qualified medical expenses on a tax-free basis, while earning great dividends.

Health Saving Account Highlights:

• $100 to open or payroll deduction set up for account.
  
• No service fees.
• No minimum balance required, but $15 annual fee if the balance in the account is less than $500 on December 31st.
• Telcoe membership required (share savings account with minimum deposit of $5) giving you full menu of additional financial services and accounts.
• Access your account by check, ACH, or teller transaction.
• First order of printed checks free (quantity 50).
• No transaction limitations (account holder is responsible for compliance with IRS regulations).
• Earn monthly dividends by maintaining an average daily balance of $500.
• The account does pay dividends. Visit www.telcoe.com for rates.
  Unused HSA funds may be rolled over and accumulated from year-to-year. This allows you to build up a nest egg for large future medical expenses.
• The account is portable, which means you can take it with you, regardless of job changes.
• Monthly account statement.
• Prompt annual reporting of account balance and any withdrawals.
• Close out administration fee of $25.00 will apply.
  
  

Note: Dividends are calculated by the average daily balance method, which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the calendar month. Dividends will begin to accrue on the first business day after the banking day you place items in your account. Dividends and other account features listed above could change by a vote of the board of directors of Telcoe FCU and 30 day notification to account owners of record. If you close your HSA account before dividends are paid, you will not receive the accrued dividends.

Call Telcoe Federal Credit Union at 800-482-9009 or 501-375-5321 to start your HSA account today!