Health Savings Account (HSA)
Make sure you're prepared for future medical expenses with a Health Savings Account from Cabarrus Bank & Trust.
This account allows you to save money tax-free to cover the cost of doctor bills, prescriptions, and other medical costs. You can access your account via a check or debit card to cover qualified expenses.
Take control of your healthcare spending today!
- Summary
- Interest bearing
- Build reserves for future medical expenses or retirement
- Easy access to funds for qualified expenses
- Unlimited in-person withdrawals
- Unlimited no fee in-network ATM transactions*
- 2 non-network ATM transactions at no charge*
- Direct Deposit available
- Online Banking
- Online Statements
- Telephone Banking
- FDIC insured
*Other bank surcharges may apply. See "More Information" tab for more details.
- What is an HSA?
An HSA is a savings account that enables you to save money tax-free to cover medical expenses. It is paired with a high-deductible health plan, so you can save a significant amount on premiums and then use the savings to help fund your HSA. You can use your HSA dollars to pay your deductible while unused dollars grow tax-free and may be withdrawn upon retirement and taxed as normal income.
Annual contributions are limited to your health plan deductible, up to a maximum of $2,850 for an individual and $5,650 for family coverage. Individuals aged 55 and older can make additional "catch-up" contributions.
- More Information
- $2.25 monthly fee waived if minimum balance of $3,000 is maintained
