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Health Savings Accounts

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Reliance State Bank knows that a Health Savings Account (HSA) can play an important role in your physical and financial well-being. An HSA is a tax-exempt account for individuals to save for the purpose of future medical expenses in conjunction with a High-Deductible Healthcare Plan (HDHP).  

The best resource to help you decide if you qualify for a HDHP would be your insurance provider or Human Resources Department. If you determine that it is a good option for you, we are happy to help you set up your HSA to partner with your High-Deductible Healthcare Plan. .  View Contribution Limits and Current Interest Rates and Annual Percentage Yield (APY).

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HSA Information

HSA Benefits:

HSA funds roll over from year to year and always belong to you, your interest also grows tax deferred. Funds can be used for qualified medical expenses and at the age of 65 may be withdrawn penalty-free. 

HSA Owner:

As jobs change or health insurance plans change, it's important to check and make sure that you still qualify for an HSA to avoid any tax penalties. The best source to ask is your health insurance provider or your insurance agent to determine your qualifications.. If you no longer qualify, please notify us right away.

Reimbursement Account:

An HSA is meant to act as a reimbursement account. It is a best practice, unless you are sure your insurance will not cover all or part of a charge, to pay for services through a different account initially and wait for all related charges to be submitted through your insurance. After a service has been submitted through insurance for billing, you can then transfer money out of the HSA to cover any costs not covered by the insurance. This practice prevents refunds from then being deposited back into your HSA and potentially creating an excess contribution situation.


HSA deposits are tax deductible and can be used to pay for medical expenses at any time. Consult your tax advisor for details. 

Reliance State Bank HSA Features

  • No Setup Fee
  • $5 Annual Fee each May 1st
  • No Monthly Maintenance Fee
  • Interest Earned Monthly with a Tiered Rate
  • Free Debit Card
  • Free Online Statements & Online Access
  • Minimum Opening Balance $100

Contribution Limits

HSA Type 2020 2021
Single HDHP $3,550 $3,600
Family HDHP $7,100 $7,200

HSA contributions for 2020 will need to be made by April 15, 2021.  Please make sure you contact the bank for any previous year contributions!

In addition to the contributions limits listed above, an annual HSA 'Catch up Contribution' of $1,000 is available for individuals age 55 and older. If contributions are also being made by your employer, you will need to factor in that amount when making your own contributions.

Once you turn 65 or beginning the month you apply for Medicare, (whichever comes first), you are no longer eligible to make contributions to your HSA. If you are turning 65 this year, you may be able to make a prorated contribution. The best resource for finding out if you are eligible for this contribution, and how much you are eligible for, would be your tax advisor.  After turning 65, you are still able to use your HSA to pay for qualifying medical expenses.

Additional Information:

Additional information is available on the US Treasury website at If you have any questions, please feel free to contact the bank at 515-733-4396 in Story City or 641-923-2801 in Garner.  

Please consult your tax advisor or attorney for information that relates to your specific circumstances.

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