Feel Better With a COPFCU Health Savings Account.
What is an HSA Checking Account?
The COPFCU HSA Checking Account is the perfect pairing with your employer’s High Deductible Health Plan (HDHP). The checking account is a Health Savings Account (HSA) in which you can save money pre-tax to pay for your family’s medical and pharmacy expenses. The name may be confusing, but the account is a Checking Account that features a debit card to make your payments.
COPFCU HSA Checking features:
- No minimum balance requirement
- No monthly service fee
- Free HSA debit card
- Free online/mobile banking and bill pay
- Free eStatements and eTax forms with archiving
- Earns tiered dividends based on balance
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HSA Checking Rates
HSA Checking Rates
| Balance | APY* | Rate |
|---|---|---|
| $50.00 - $499.99 | 0.05% | 0.05% |
| $500.00 - $2,499.99 | 0.05% | 0.05% |
| $2,500.00 - $9,999.99 | 0.10% | 0.10% |
| $10,000.00 + | 0.15% | 0.15% |
Triple Tax Benefits for HSA Deposits
It is to your benefit to deposit funds to your HSA Checking. That’s because an HSA features triple tax benefits:
- Deposits to the account are tax-free
- Dividends/interest earned are tax-free
- Payments for qualified expenses are tax-free
Check with your employer to set up Direct Deposit to your HSA Checking today.
Open an HSA Checking
Want to Know More About HSAs?
Check out our short video “Your HSA: The Ultimate Tax Loophole”
Watch Now
FAQs
Can anyone have an HSA Checking Account?
No, only individuals with a High Deductible Health Plan can open and contribute to an HSA.
How do I know if my medical insurance is a High Deductible Health Plan?
The IRS mandates the features of High Deductible Health Plans. Check with your employer or your medical insurance provider to find out if your plan is considered an IRS qualified High Deductible Health Plan (HDHP).
My medical insurance has a high deductible. Why can’t I have an HSA Checking?
Even though your medical insurance may have a high deductible, that doesn’t mean it meets the IRS guidelines to be a High Deductible Health Plan. Check with your employer or your medical insurance provider to find out if your plan is considered an IRS qualified High Deductible Health Plan (HDHP).
How do I sign up for Direct Deposit to my HSA Checking Account?
First, contact us to receive the Routing Number and Account Number to your HSA Checking. We recommend this to ensure that the numbers are formatted correctly for your deposit. Then, contact your employer’s HR or Benefits Department to sign up for Direct Deposit.