Health Savings Account
Establishing a Byron Bank Health Savings Account (HSA)* will give you every opportunity for future savings on healthcare expenses. With premium savings and tax advantages, it’s easy to achieve your financial health goals!
Three-Fold Tax Savings
A Byron Bank HSA will allow you to make contributions with pre-tax dollars, take tax-free distributions for any qualified medical expense, and grow the balance in your account with tax-free savings.
HSA funds can be used to pay for any qualified medical expense, as well as other expenses that your current health plan may not cover: dental, orthodontia, vision, long term health insurance deductibles, and hearing aids. All of these can be paid for with tax-free dollars by simply writing a check from your HSA account or using your Byron Bank Visa® HSA Debit Card.
No "Use It or Lose It"
The contributions that remain in your Byron Bank HSA will roll over from year to year, providing you with tax-free savings for future medical expenses or supplement retirement income. Please consult with a tax advisor.
You have ownership of your Byron Bank HSA. It makes no difference which job you have, whether or not your employer makes contributions, or if you’re moving to a new job. This HSA stays with you so you can make the transactions you need, when you need them, as long as you have your qualified High Deductible Health Plan (HDHP).
The contributions for an individual in 2020 is $3,550 and for a family is $7,100. Although this is your individual account, tax-deductible contributions can also be made by your employer or by a third party on your behalf as an added benefit to you.
For more information regarding Byron Bank HSA Accounts, please visit the Savings & CD's page.
For rate information, please visit the Deposit Rate page.