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
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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