Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Health Savings Accounts

Save money for your wellness and get tax advantages, too.

Take control of your healthcare.

Put your health first with First Bank’s Health Savings Account (HSA). Individuals covered by high-deductible health plans can use account earnings for qualified medical expenses at any time without tax liability.

Perfect for you if:
  • You have a high-deductible health plan.
  • You pay a lot in healthcare costs.
  • You want tax-advantaged savings.1

Account Features

  • Receive a tax-free distribution from your HSA at any time to help pay for qualified medical expenses2
  • Digital banking and bill pay to manage your account
  • Access funds on the go with a First Bank HSA-specific debit card and checks
  • Tax deduction for contributions even if deductions are not itemized
  • Contributions made by employer may be excluded from gross income
  • Contributions accumulate until used
  • Earnings are tax free
  • HSA may be transferred or rolled over to another HSA
  • Complete IRS reporting available
  • FDIC insured funds

Account Details

  • $50 deposit is required to open the account.
  • A minimum balance fee of $3 is charged each statement cycle if the balance falls below $300 any day of the cycle. This fee is waived for the first 90 days.
  • One-time set-up fee of $25 (includes the first order of checks and the debit card).
  • Contributions may be made by the individual, their employer, or anyone. Contribution limits are set by the Department of the Treasury each year.3
  • Designate a beneficiary when you set up your HSA. If your spouse is the designated beneficiary, then the HSA will be treated as your spouse’s after your death.4
  • “Joint” HSA accounts are not permitted.
  1. Talk to a tax professional to confirm applicable benefits.
  2. Qualified medical expenses, as explained in IRS Pub. 502, include amounts paid for doctors’ fees, prescription medicines, and necessary hospital services not paid for by insurance. Qualified medical expenses may be incurred by you, your spouse, or your dependents.
  3. Contributions for the “prior” tax year are allowed through the tax filing date of the current year (usually April 15).
  4. Your spouse will not use the same account number. If you designated anyone other than your spouse as the beneficiary, then after your death the account will no longer be a HSA, and the beneficiary will be taxed based on the account’s fair market value in the year of your death. If your estate is the beneficiary, then the value of the account will be included on your final income tax return.

Trending Topics

Your Community Bank – Pinehurst, NC

Part of being your community bank in Pinehurst means offering a variety of services that meet the needs of individual community members. Whether it is assisting an individual with opening a checking account, or helping...

Checking Account Offers in South Carolina

If you live in South Carolina and you’re looking for some of the best checking account offers, your local First Bank can help. We offer a variety of checking account options—from basic accounts to accounts with tons...

What Are 30-Year FHA Mortgage Rates?

If you are considering applying for an FHA loan to purchase a home, you may be wondering, “What are 30-year FHA mortgage rates?” If you want to find out what the current average 30-year FHA mortgage rates are, the most...

Small Business Loans for Women in North Carolina

If you live in North Carolina and you’re looking for small business loans for women, your local First Bank can help. We offer a variety of small business loans that can help female entrepreneurs start or expand their North...

Savings Account Interest Rates in North Carolina

Whether you’re saving for retirement or starting a college fund, having the right savings account can help you reach your financial goals. With some of the most competitive savings account interest rates in North Carolina,...

Loan for a Brewery – Asheville NC

Need a Loan for your Brewery in Asheville? Breweries have become a booming business across the state in recent years, particularly in Asheville. Between 2006 and 2013, the number of breweries in North Carolina skyrocketed...

Finding the Best Personal Loans in Asheville, NC

Personal loans can help you pay for home improvements, weddings, medical bills, and many other large expenses. Consolidating debt is another reason to seek a loan. If you’re in need of money—for any reason—you can apply...

Current Mortgage Rates 30-Year Fixed

Is now the right time to buy the house you have your heart set on? One important thing to consider is the current mortgage rate trends and whether a 30-year fixed-rate mortgage is a good fit for you. At First Bank, our...

Find the Best Savings Account Rates at First Bank in North Carolina

Finding the best savings account rates in North Carolina can be beneficial for many reasons. Whether you want to save money in the case of an emergency or start a fund for your child’s education, having the right savings...

Small Business Startup Loans – South Carolina

Building a successful business takes passion, hard work, and dedication, but you shouldn’t have to do it all on your own. With First Bank’s small business startup loans, you can get the funds you need to build and grow a...