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Health Savings Accounts (HSA)

Help ease the pain of health care costs.

Rates HSA FAQs

Earn tax free benefits while saving

Open a Health Savings Account

Make tax-free deposits and withdrawals for qualified medical expenses.

  • Open to individuals and families covered by a high-deductible health insurance plan
  • Earn tax-free dividends while saving for future medical expenses
  • Easy access to your HSA account funds with a Magnifi Financial HSA debit card
  • Receive tax deductions on qualified contributions
  • At the end of the year, unused funds stay in your account for the next year
  • Now with no monthly service fees!
 

Calculate Your Savings

Initial Investment (optional):
Deposit Frequency:
Deposit Amount:
Annual Interest Rate:
Number of Years:
Future Value:
Interest Earned:

*Calculator provides general estimations only. Inconsistencies may occur with the use of the calculator and the outcomes are not credit guarantees. For specific payment and interest information, please contact us.

H.S.A. RATES

Effective Date 10/1/2024

Type Dividend Rate APY Min Opening Deposit Min Balance to Earn Stated APY
H.S.A. Checking 0.10% 0.10% $0.00 $0 - $2,499
  0.15% 0.15%   $2,500 - $9,999
  0.25% 0.25%   $10,000 - $24,999
  0.30% 0.30%   $25,000 - $49,999
  0.35% 0.35%   $50,000 - $99,999
  0.40% 0.40%   $100,000+

APY = Annual Percentage Yield. Rates are subject to change without notice. Dividends compound monthly.

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Personal Savings

Personal Savings

Check out the variety of savings accounts Magnifi Financial has to offer. Plus get started easily by applying totally online.

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Youth Savings

Youth Savings

Kids can start saving while earning prizes with each birthday and deposit! Learn more about kids savings accounts.

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Certificates

Certificates

Put your money into a higher yielding certificate account. Your money is safe and secure with a variety of terms.

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IRA

IRA

Plan for retirement with IRA accounts and other retirement planning accounts. Open an account or work with an advisor.

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Health Savings Accounts Frequently Asked Questions

You can access the funds via check, debit card, internet banking (including bill pay), or in person at any branch.
No, there are no maintenance fees for your HSA account.
Once posted to your account, the funds are immediately available for withdrawal.
Yes. Contact Magnifi Financial for current rates.
An HSA account can NOT be overdrawn. The check would be returned to the merchant as “insufficient funds” and there will be fees charged.
The HSA owner, with the assistance of his/her insurance provider and tax/legal professional. You can view IRS Publication 502 for more information about qualified medical expenses: www.irs.gov.
You should receive IRS Form 1099-SA from Magnifi Financial (Distributions from an HSA) by January 31 of each year IF you had any distributions for the previous calendar year.
  • You should receive IRS Form 5498-SA from Magnifi Financial (HSA Information) by May 31 of the year following the year of the contribution.
  • Your employer reports contributions made to an HSA on behalf of an employee on the employee’s Form W-2.
Yes, seek the advice of a professional tax preparer for all tax related questions.
You are responsible for not exceeding the annual contribution limits.
Refer to www.hsacenter.com for current contribution limits.
  • www.irs.gov - Search “Health Savings Accounts”
  • www.hsacenter.com
  • Consult with a professional tax preparer and/or your insurance provider
In the doctor’s office will submit the claim to your insurance provider. If you have not met your deductible, you will then be billed. You would then pay that bill by accessing the funds in your HSA checking account. It is recommended that you keep records for IRS purposes by retaining the medical expense receipt/bill and payment information. Always consult the advice of a professional tax preparer for tax related questions.
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