farmbureaubank.com | Health Savings Account
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Farm Bureau Bank Health Savings Account Health Savings Account

A Health Savings Account (HSA) is a tax-favored account in which funds can be deposited to pay for qualified medical expenses. Interest earnings accumulate tax-deferred in an HSA, and if used for qualified medical expenses, withdrawals are tax-free. Our Health Savings Accounts offer an FDIC-insured investment option that can be integrated with any qualified health plan.

 APPLY ONLINE NOW  HSA CALCULATOR

Health Savings Account Overview

Farm Bureau Bank’s comprehensive HSA program gives you full control over your health-care plan. Use your HSA to reduce or even eliminate your high deductible, pay for prescription drugs or doctor co-payments. It can also be used for non-covered medical expenses such as dental and vision. Plus, any HSA funds that are in your account at the end of the calendar year remain in your account for future use.

Overview
  • Access via Visa® debit card and checks
  • Free 24-hour phone and Internet access
  • Tiered interest that rewards increasing balances
  • Free E-Option   
  • Multiple deposit options including Direct Deposit and Bank-by-Mail
  • Low monthly administrative fee
Minimum Initial Deposit $100
Free E-Option
  • Earn higher interest when you choose to go paperless with E-Option
  • 24-hour Internet access to Online Statements, Online Bill Pay and Online Transfer Funds
Minimum Daily Balance none


Advantages for Individuals:

Individuals can easily manage their health care expenses with an HSA.

  • Portability – If you leave your current employer, you can take your HSA with you.
  • Tax savings - Your contributions to the HSA are made with tax deductible or pre-tax dollars, so you will pay less in income taxes.
  • Control – You can use the funds in your HSA to pay for any qualified medical expense, as defined by the IRS.
  • Savings and Investments – Unlike premiums, unused HSA dollars remain in the HSA until you use them later.

Advantages for Employers:

Employers can control their health benefits program, while still providing the right kind of protection employees expect and deserve.

  • Reduced Premiums – You can reduce your insurance premiums substantially by switching to an HSA-qualified high-deductible health plan.
  • Tax savings – Your contributions to your employees HSA are made with pre-tax dollars

Health Savings Account Types

HSA Checking is perfect for individuals or families who need to have unrestricted access to their account each month while still earning interest. HSA Checking features:

HSA Checking features:

  • No transaction limitations
  • Your first order of 50 checks free
  • Free Visa debit card

HSA Money Market is perfect for individuals or families who are looking to receive a higher rate of interest on their investment and do not need to make multiple withdrawals each month.

HSA Money Market features:

  • Higher interest rates
  • Free checks
  • Free Visa debit card
  • Limited to 6 withdrawals per statement cycle.

HSA CD allows accountholders to invest a portion of their HSA balance in a fixed rate Certificate of Deposit. This will allow accountholders access to a portion of their account through HSA Checking or HSA Money Market account while earning higher interest on the CD portion of their balance. CD withdrawal restrictions apply.

HSA Checking Account Rates

Balance Interest Rate Annual Percentage Yield*
less than $2,500
   with E-Option   
0.00%
0.05%
0.00%
0.05%
$2,500 - $9,999
   with E-Option   
0.05%
0.05%
0.05%
0.05%
$10,000 and up
   with E-Option   
0.05%
0.05%
0.05%
0.05%
Minimum Initial Deposit $100


HSA Money Market Account Rates

Balance Interest Rate Annual Percentage Yield*
less than $2,500
   with E-Option   
0.05%
0.05%
0.05%
0.05%
$2,500 - $9,999
   with E-Option   
0.10%
0.15%
0.10%
0.15%
$10,000 and up
   with E-Option   
0.20%
0.25%
0.20%
0.25%
See State Farm Bureau for availability.

Health Savings Account - Additional Info

Frequently Asked Questions
For more detailed information about HSA account for employees and employers, click here.

E-Option
All FB MEMBER accounts offer the convenience of viewing your monthly statements online without the hassle of sorting through paper statements. You will not receive monthly statements via mail unless the Bank is required by applicable law to provide such statements. Transaction history will be made available through the Internet at www.farmbureaubank.com.

Visa® Debit Card
Your HSA comes equipped with a FREE Visa Debit Card and can be used anywhere Visa is accepted. When swiped, funds are automatically removed from your HSA account. It can be also be used to withdraw funds from more than 300,000 ATM machines worldwide. The number of free VISA Debit transactions is limited; review Terms and Conditions. Additional cards may be obtained for a fee.

Checks
Check access to your HSA is limited. Your initial supply of checks is free. Please review the Terms and Conditions.

Interest
Farm Bureau HSAs are interest-earning accounts. Our competitive rates are tiered to reward higher balances.

Internet Banking
You can access your accounts online 24 hours a day if you register for our free Internet Banking. View your account activity and statements online anytime. Click here for registration and more information.

Direct Deposit
HSAs offer free, unlimited Direct Deposit transactions. Have funds deposited electronically to your account without the hassle of mailing in a check. Most employers and government agencies are equipped to directly deposit funds into your account. You can also arrange for funds to be directly deposited into your HSA from other accounts. All you need is the ABA routing number, found on the bottom of every check.

Health Savings Account Terms & Conditions

The interest rates and annual percentage yields for all Farm Bureau Bank deposit accounts are determined at the discretion of the Bank. The interest rates and annual percentage yields may change at any time. The interest rate for your account will be based on the following daily balance tiers:

  • Less than $2,500
  • $2,500-$9,999
  • $10,000 and up

If you select the E-Option for your transaction account, you will earn interest on all balances at a rate above the standard rate for the selected account type. If you select the E-Option, you will not receive monthly statements via mail unless the Bank is required by applicable law to provide such statements. Transaction history will be made available through the Internet.

Crediting Frequency Interest will be credited monthly.
Compounding Frequency Interest will be compounded daily.
Daily Balance Computation Method Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Minimum Balance to Open The minimum balance to open an HSA account is $100.00.
Accrual of Interest on Noncash Deposits Interest will begin to accrue on the business day you deposit noncash items (e.g., checks) into your account.
Monthly Administration Fee HSAs may be assessed a monthly administration fee. For the fee applicable to your account, see Account Fees.
Effects of Closing an Account If you close a transaction account within 90 days from the original account opening date, a fee will be assessed. If you close your account by check before interest is paid, you will not receive the accrued interest.
Transaction Limitations Federal law limits 6 withdrawals per statement cycle. For transactions exceeding federal requirements, see Account Fees.

Health Savings Account - Fees

The following fees may be assessed against your account:

  HSA Checking HSA Savings
Description Intended for low balance;
high transaction users.
Intended for high balance;
low transaction users.
Administrative Fee $3 per month;
Fee waived if daily balance > $1,000
$2 per month;
Fee waived if daily balance > $2,500
Transaction Limitations Unlimited 6 withdrawals per interest cycle
Checks - Starter First order of 50 checks at no charge Standard package - 10 free single checks available upon request
Checks - Reorders Based on type and quantity ordered.
These are charged to customer.
Must be requested by customer.
Standard package - 10 singles: Free
($1 charged for copy of check)
Closure Fee $25 or outstanding balance if closed within 3 years $25 or outstanding balance if closed within 3 years
Debit Card Debit card provided at account setup Debit card provided at account setup

 


*Annual Percentage Yield. Interest Rates and Yields shown are effective as of 04/11/2014. Farm Bureau Bank deposit accounts are FDIC insured up to $250,000 per depositor. Fees could reduce earnings on the account. Interest rates and corresponding APYs may change at the bank’s discretion.

Terms and conditions of HSA Checking will follow those of the Farm Bureau Bank Performance Checking and terms and conditions of HSA Money Market will follow those of the Farm Bureau Bank Money Market Account. Consult your tax advisor for more information.



* Rates disclosed as Annual Percentage Rate (APR) and Annual Percentage Yield (APY). Farm Bureau, FB, and the FB National Logo are registered service marks owned by, and used by Farm Bureau Bank FSB under license from, the American Farm Bureau Federation. Farm Bureau Bank FSB is a service-to-member institution which provides banking services to Farm Bureau members and others in participating states. Services are not available in the following states: AL, IL, KS, MI, MO, NJ, NY, OH, and WY.