Health Savings Account

The Bank of Commerce offers a Health Savings Account (HSA) designed for individuals covered under a high deductible health plan. This account allows for both employer and individual contributions, which can be used for immediate medical expenses or saved for future needs. Eligibility requires enrollment in a high deductible health plan without other health coverage, non-eligibility for Medicare benefits, and not being claimed as a dependent on another's tax return. The HSA features include interest accumulation, a low opening balance of $100, no service charges with a minimum daily balance, and tax advantages where contributions may be deductible and withdrawals for medical expenses are tax-free. Additional benefits include a MasterCard® Debit Card, bill pay services, and compounded daily interest.