Health Savings Account (HSA)

Features

• Minimum opening deposit required is $100
• No minimum balance fees
• Initial checks provided by State Farm Bank
• Contributions to an HSA may be made by any person (an employer, a family member, or any person) on behalf of an eligible individual.
• The HSA has an annual fee of $25 which will be debited from the account upon opening and annually thereafter.
• Unused balances may be carried from year to year during the participant's lifetime
• FDIC insured up to $100,000

Distributions

• Distributions for non-qualified medical expenses, prior to age 65 are generally subject to federal income tax and a 10% tax penalty. Distributions for non-qualified medical expenses, after age 65 are taxed as ordinary income.

Interest

• Compounded daily and credited to the account monthly
• Tiered interest rate, based on account balance

Statements

• Mailed monthly
• Can be combined with other accounts
• Available in Spanish

Convenient Access

• Mail
• Phone

HSA Rates

Rates for Health Savings Accounts

Rates for other account types

How to apply

Convenient ways to apply for an HSA:

• Contact a participating State Farm agent.
• Call State Farm Bank toll-free at 1-877-SF4-BANK / 1-877-734-2265

Product Availability

HSAs are available in all states and the District of Columbia.

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