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Health Savings Account (HSA)

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Features

  • Allows you to save for qualified medical expenses if you have a qualified high deductible health plan (HDHP)
  • FDIC insured
  • Tax advantages: 
    • Contributions are tax deductible
    • Tax free earnings
    • Tax free withdrawals for qualified medical expenses
  • Flexibility to use funds for current expenses or save for future needs.
  • Unused balances may be carried from year to year
  • Contributions may be made by you, your employer or both
  • Minimum opening deposit is $100
  • 24-hour account access via phone and Internet
  • Several easy methods to make deposits
  • No minimum balance fee
  • Annual fee of $25
  • Initial package of blue Specialty checks free
  • Refer to the Truth in Savings Account Disclosures for more details.

Distributions

You can use your HSA to pay for qualified medical expenses, including insurance deductibles, co-pays and co-insurance, dental and vision care, and even over-the- counter medications.  There are some situations where you can use the money to pay for insurance premiums, such as: COBRA premiums, health insurance premiums while receiving unemployment benefits, Medicare premiums and qualified long-term care insurance.


Interest

  • Variable, Tiered Interest Rate
  • Compounded daily and credited to the account monthly
  • Begins to accrue on the business day your deposit is received at State Farm Bank's® Operation Center.

HSA Rates

Rates for Health Savings Accounts

 

Convenient Access

  • Phone
    • 24/7 Call State Farm Bank toll-free at 1-877-SF4-BANK/1-877-734-2265
  • Internet
    • Free online banking
    • Online transfers to and from your existing State Farm Bank accounts AND external bank accounts
    • View posted check images online
  • Mail
    • Postage paid envelopes
    • Overnight deposits are free for deposits of $100 or more. Learn More

Statements

  • Mailed monthly or switch to online statements
  • Online statements are free, secure, and convenient
  • Can be combined with other State Farm Bank Deposit Accounts
  • Available in Spanish

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


Fees
may reduce earnings

Disclosures


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