HSA Checking Account
Don't let medical bills catch you off guard! Grow your savings for deductibles, copayments, prescriptions, and other healthcare expenses while enjoying easy access to your funds.
Are you already a member? Log into Online Banking to open an account!
Save for Qualified Medical Expenses with Tax-Free Contributions
With an HSA Checking Account, you can be prepared for qualified medical expenses that aren’t covered by insurance. Accounts are quick and easy to set up, and there are NO account balance minimums or monthly fees.
Our HSA Checking Accounts are for individuals and families who are covered by high-deductible health plans (HDHPs). You must also not be enrolled in Medicare or be claimed as a dependent on someone’s tax return.
Manage your healthcare expenses the smart way with tax advantages and easy access to your funds.
Start Saving for Future Healthcare Costs
No Monthly Service Fee
A no-fee account allows you to grow your savings faster.
Tax-Free Withdrawals
Withdrawals for qualified medical expenses are not taxed.
Account Portability
Your HSA Checking Account is not tied to a job.
Long-Term Savings
The funds in your HSA Checking Account never expire.
Additional Features of HSA Checking Accounts
Tax-Free Dividends Paid Monthly
Dividend payments accelerate the growth of your account balance.
No Minimum Deposit Requirement
Open an account and start saving without needing a large initial deposit.
Tax-Deductible Contributions
The money you contribute can be deducted from your taxable income.
Member Discounts
Members earn rewards on travel, entertainment, and more.
Online & Mobile Banking
Manage your HSA Checking Account anytime, anywhere.
NCUA Insured
HSA Checking Accounts are insured for up to $250,000.
Open Your HSA Checking Account in 3 Easy Steps!
Check Your Eligibility
Ensure that you or your family are covered by an HDHP.
01
Select Your Checking Product
Click Get Started below and choose HSA Checking Account.
02
Review & Finish Your Application
Make sure your information is correct and submit the application.
03
Why Choose San Francisco FCU?
At San Francisco Federal Credit Union, we are member-owned and prioritize serving the local community. We provide personalized service for hassle-free banking.
With multiple branches in the San Francisco area, we’re always close by. We offer a wide range of financial products and services, and we are always here to support you.
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HSA Checking FAQ
To qualify for an HSA Checking Account, you must have a high-deductible health plan (HDHP) and not be enrolled in Medicare. You also must not be claimed as a dependent on someone’s tax return.
If you make a withdrawal for a non-qualified medical expense before age 65, you will incur a penalty of 20% on the withdrawal. The amount you withdraw will also be subject to income tax. There is no penalty for non-qualified withdrawals after the age of 65, but they will still be subject to income tax.
BThe funds in your HSA checking account do not expire at the end of the year. There is no “use it or lose it” provision, like with Flexible Spending Accounts (FSAs), which makes it ideal for long-term savings.
There are limits to how much you can contribute to an HSA each year. Contribution limits are set by the IRS and may vary based on inflation and other factors. How much you can contribute also depends on whether you have individual or family HDHP coverage. If you are 55 and older, you can make additional "catch-up" contributions.
HSA funds can be used to pay for many qualified expenses that are not covered by insurance. In addition to routine medical costs, HSA funds can also be used to pay for certain OTC medications and supplies, family planning products, dental and vision care, and dependent care.
