Health Savings Accounts
Naugatuck Valley Saving and Loan is pleased to announce that we are now offering Health Savings Accounts (HSAs).
What is a Health Savings Account?
Health Savings Accounts (HSAs) were created by congress in 2003 and are a special tax advantaged savings/checking account. HSAs provide a tax free way to help build savings for future medical expenses. In order to be eligible for an HSA, individuals must be covered by a high deductible health plan (HDHP). An HDHP features higher annual deductibles than other traditional health plans. Before opening an HSA we recommend speaking with your tax advisor or health care provider to make sure you qualify.
Details of HSA checking account
Our HSA checking account can be opened at any one of our branches. Funds from the HSA checking are easily accessed by writing out checks, using your HSA Visa Debit Card or using online bill pay service. Since record keeping is very important on HSA’s you will receive a free monthly statement including all of your transactions and images of your cancelled checks.
- Minimum balance to open account $0
- No set-up fee
- No monthly fee
- Unlimited check writing
- Free HSA Visa debit card,
- Free checks
- Free monthly statement,
- Free 24 hour online banking, bill pay and voice response
- Competitive interest rates
Additional information
Please call our retirement and specialty accounts manager
Diane Hanley
at 203-720-5000 ext. 341 for additional details. You can also find frequently asked questions on the U.S. Treasury Department website by clicking on the link below www.treas.gov/offices/public-affairs/hsa/faq.shtml.
Rates
Click here to see the latest Health Savings Account Rates.
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