Health Saving Accounts
A Health Savings Account (HSA) is a tax-sheltered account set aside for medical expenses. At Genisys Credit Union your HSA funds are placed in an HSA Checking account that earns a high yield—so your balances grow steadily.
Benefits of an HSA
- No fees
- No minimum balance requirements
- HSA Checking earns dividends computed daily, paid and compounded monthly.
- Convenient Debit Card Access
- Funds not used in a given year are rolled over to the next year and grow tax-free with interest earned.
- Tax benefits
- Annual contributions are deductible from federal taxes up to the maximum allowable amount
- Dividends earned are free from federal taxes
- Qualified withdrawals are free from federal taxes
- Some states allow tax deductibility and do not tax dividends earned. Consult a tax advisor for details.
Note: An HSA must be combined with a High Deductible Health Plan (HDHP), which covers larger medical expenses after the deductible is met.
| Retirement / Education / Health Savings Accounts | |||
| Effective Date: Monday, April 29th, 2024 | |||
| Dividend Rate | APY* | Dividend Credited | Minimum Balance |
| Health Savings (HSA) (1) | |||
| 0.50% | 0.50% | Monthly | $0 |
| IRA Money Market (1,2) | |||
| 0.45% | 0.45% | Monthly | $2,500 |
| IRA Savings (1) | |||
| 0.20% | 0.20% | Quarterly | $0 |
(1) Annual Percentage Yield designated as APY and subject to change at any time. | |||
Open An AccountHealth Savings AccountIRAs/Retirement Accounts | |||
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