At Iroquois Federal, we offer several great savings options that are free. Because it's hard to save your dollars when you're being nickeled and dimed.
- $50 minimum to open
- Quarterly fee only if the account falls below $50
- Competitive interest, paid quarterly, on all balances of $25 and above
- Quarterly paper or electronic statements
Health Savings Accounts
A health savings account (HSA) is a tax-advantaged savings account established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents. It has tiered interest rates. The higher your balance, the higher rate you earn. There are no monthly fees. This account comes with a free debit card or the option to order checks. There are annual limits on how much can be contributed. We advise you to consult your tax advisor. You’re eligible to make a regular HSA contribution if, with respect to any month, you:
- Are covered under a high-deductible health plan (HDHP) on the first day of such month,
- Are not also covered by any other health plan that is not an HDHP (with certain exceptions for plans providing preventative care and limited types of permitted insurance with permitted coverage),
- Are not enrolled in Medicare,
- Cannot be claimed as a dependent on another individual’s tax return.
We can help you establish an HSA with as little as $25. Have questions? Just ask. We'll be glad to help.