Health Savings Account
Fund a healthy future & save on taxes while you’re at it.
What’s an HSA?
A Health Savings Account, or HSA, is a special type of savings account designed specifically for medical expenses—and it comes with some unique tax-saving features that you won’t find anywhere else!
How does an HSA work?
HSAs allow you to deposit pre-tax income, meaning that the amount of income you’ll have to pay taxes on is lower. From there, your money earns interest and grows tax-free. You also don’t have to pay taxes on the money you take out of your HSA if it’s going towards a qualified medical expense or you’re over the age of 65.
Who can open an HSA?
If you have a high-deductible health plan (HDHP), aren’t enrolled in Medicare, don’t have an FSA or other disqualifying health coverage, and aren’t a dependent on someone else’s taxes, then you’re eligible to enroll!
Health Savings Account Benefits
Stay healthy & save more
Health is wealth, and our HSA is built with both in mind.
Triple-tax advantage
With pre-tax contributions that lower your taxable income, tax-free growth, and no taxes on distributions for qualified expenses, an HSA is an easy way to make every dollar count.
Funds never expire
Unlike some other healthcare accounts, the money in your HSA rolls over from year-to-year and never expires, even if you change jobs or retire.
Passive growth
The money in your HSA earns interest, just like any other savings account. And because we’re here to speed up your growth, our HSAs feature a tired interest structure that earns more as you save more.
Wide range of coverage
HSAs can cover all kinds of medical expenses, from co-pays and deductibles to dental care, glasses, and more. You can even expense most OTC medications!
Health Savings Account Details
The good stuff
HSA Retirement Perks
Stay retirement-ready
At age 65, the 20% early withdrawal penalty for non-qualified expenses is dropped—and you can spend the HSA money you’ve been growing on anything at all. If it’s not a medical expense, it’ll just be taxed like regular income. That means the tax-advantage you’re getting today is also going towards your wild dreams down the road!
Health Saving Account Rates
Date Updated Nov 21, 2025
Minimum to Earn Dividends | Dividend Rate | APY* |
|---|---|---|
$2,000 | 1.10% | 1.10% |
$15,000 | 1.29% | 1.30% |
$25,000 | 1.59% | 1.60% |
$50,000 | 1.69% | 1.70% |
$100,000 | 1.98% | 2.00% |
$250,000 | 2.47% | 2.50% |
$500,000 | 3.20% | 3.25% |
$1,000,000 | 3.45% | 3.50% |
$5,000,000 | 4.12% | 4.20% |
*APY = Annual Percentage Yield. APY may change before or after the account is opened. Fees may reduce earnings. Community Financial Fee Schedule.
Open a Health Savings Account
Open an HSA
Start funding your healthy future today by opening a Health Savings Account in-branch or over the phone!
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Frequently Asked Questions
Health Savings Account FAQ
You have questions, we have answers. Learn more about CFCU’s health savings accounts here.
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