Savings Accounts and Health Savings Accounts

Saving Account Options
Health Savings Accounts - HSAs

We're here to help you save. Whether saving for health expenses or putting money aside for a rainy day, First Independent Bank has your saving solutions.

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Statement Savings

• Competitive interest rate
• Accrued on daily balance Interest paid quarterly
• Quarterly statements $100.00 minimum opening balance

Kids First Savings
Children 12 and under receive a free piggy bank at account opening.

• Competitive interest rate
• Interest accrued on daily balance
• Interest paid quarterly
• Quarterly statements $25.00 minimum opening balance

Investment Savings

• Competitive tiered interest rate
• Interest accrued on daily balance
• Interest paid monthly
• Monthly statements $5000.00 minimum opening balance

Health Savings Accounts
Save for health-related expenses...and more...with a tax advantaged HSA account.

If you have a high deductible health plan (HDHP), you may be eligible for an HSA and these valuable tax benefits.

HSA contributions are:

• Tax-deductible
• Tax-free distributions (if used properly)
• Tax deferred earnings

HSA balances carry over each year and remain with you regardless of your employment status or health care coverage in the future. Use your HSA for qualified medical expenses, at any age. This generally includes most medical, dental and vision care expenses. Some health insurance premiums may also be considered eligible expenses.

Contribution limits are determined by the IRS and subject to change each year. Check with your health insurance provider and/or tax adviser for eligibility requirements and details.

How much may be contributed to an HSA in calendar year 2023?
For plans effective January 1, 2023

• Individual: $3850
• Family: $7750
• $1000 catch-up for an account holder age 55 or older

There is a $2.50 monthly charge or $30 billable annual fee (this option is used only when the employer is being billed for the fee).

Individual Coverage

• 2023 annual deductible: $1500 Minimum 
• 2023 annual out of pocket expense limit: not more than $7500

Family Coverage

• 2023 annual deductible: $3000 minimum 2023 annual out of pocket expense limit: not more than $15,000
• These plans do not have co-pays for doctor visits or prescription drugs
• These plans can be "network" plans
• Some qualified plans may have a first-dollar benefit or low-deductible benefit for preventive care only.
• In the case of family coverage, a plan is only an HDHP if under the terms of the plan no amounts are payable until the aggregate family deductible is met.

For more information on Health Savings Accounts and how they work, go to:

www.hsaresourcecenter.com or www.irs.gov

CHECKING/SAVINGS INTEREST RATES

CD/IRA INTEREST RATES