Health Savings Account (HSA)

HSA.jpgAn EECU Health Savings Account (HSA) enables you to save and conveniently pay for qualified medical expenses while you earn tax-free interest and pay no monthly service fees.

Opening an HSA provides both immediate and long-term benefits. The money in your HSA is yours even if you change jobs, switch your health plan, or retire. Your unused HSA balance rolls over from year to year. And, best of all, HSAs allow for tax-free deposits, tax-free earnings and tax-free withdrawals (for qualified medical expenses).* Also, after age 65, you can withdraw funds from your HSA penalty-free.*

EECU HSA Benefits

  • Save money tax-free for healthcare expenses – contributions are not subject to federal income taxes and can be made by you, your employer or a third party*
  • No monthly service fee – so you can save more and earn more
  • Earn competitive dividends on your entire balance – compounded daily and paid monthly from deposit to withdrawalHSADebitCard.jpg
  • Conveniently pay for qualified healthcare expenses with a free, no annual fee EECU HSA Debit Mastercard® or via EECU’s free online bill pay. (HSA checks are also available upon request.**)
  • Free online, mobile and branch access – allows you to actively manage your HSA account however you prefer
  • Comprehensive service and support – to assist you in optimizing your healthcare saving and spending
  • Federally insured – to at least $250,000

HSA Eligibility Requirements

To qualify for a Health Savings Account, the IRS requires:

  • You must be covered under a high deductible health plan
  • You have no other health coverage
  • You are not enrolled in Medicare
  • You are not claimed as a dependent on someone else's return

Apply Now

Start saving more and set aside money for your healthcare expenses.

HSA Investment Option Through CFS***

In addition to your Interest-bearing health savings account, you may choose to invest your HSA funds through our broker/dealer, CUSO Financial Services, L.P. (CFS). Our knowledgeable CFS Financial Advisors will meet with you to understand your goals, set-up your investment account and help you uncover which options are best for you, your family, and your situation. Learn More

***Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA / SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. EECU has contracted with CFS to make non-deposit investment products and services available to credit union members.

HSA Checking Rates

Average Daily Balance Required to Earn APY Min. Opening Deposit/Balance1 Interest Rate APY2 Interest Compounded Interest Credited
$0-$2,499.99 $.01 0.15% 0.15% Daily Monthly
$2,500-$4,999.99 $.01 0.25% 0.25% Daily Monthly
$5,000-$9,999.99 $.01 0.50% 0.50% Daily Monthly
$10,000 or more $.01 1.00% 1.00% Daily Monthly

1You will receive a Health Savings Account Agreement and Disclosures at enrollment. Please refer to those documents for complete terms and conditions. A free, no annual fee EECU HSA Debit Mastercard® will be sent to you separately. And, an EECU Health Savings Account Specialist is available to assist you with any questions you may have about your EECU HSA.

2 APY=Annual Percentage Yield. Average daily balance is required to earn the disclosed Annual Percentage Yield. Fees could reduce the earnings on the account. See Truth-In-Savings for Health Savings Account for more details.

Membership in EECU is required - membership information available at

* Contributions, investment earnings, and distributions are tax free for federal tax purposes if used to pay for qualified medical expenses, and may or may not be subject to state taxation. A list of Eligible Medical Expenses can be found in IRS Publication 502, As described in IRS publication 969,, certain over-the-counter medications (when prescribed by a doctor) are considered eligible medical expenses for HSA purposes. If an individual is 65 or older, there is no penalty to withdraw HSA funds. However, income taxes will apply if the distribution is not used for qualified medical expenses. For more information consult a tax adviser or your state department of revenue. All contributions and distributions are your responsibility and must be within IRS regulatory limits.

** Call (817) 882-0800 or stop-by an EECU branch to order standard checks at no charge (excludes shipping and handling) or order custom checks - prices vary.

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Federally insured by NCUA. National Credit Union Administration, a U.S. Government Agency – Member accounts are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.

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