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
*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.
Effective Date 1/1/2023
|Type||Dividend Rate||APY||Min Opening Deposit||Min Balance to Earn Stated APY|
|H.S.A. Checking||0.20%||0.20%||$0.00||$0 - $2,499|
|0.25%||0.25%||$2,500 - $9,999|
|0.35%||0.35%||$10,000 - $24,999|
|0.40%||0.40%||$25,000 - $49,999|
|0.45%||0.45%||$50,000 - $99,999|
APY = Annual Percentage Yield. Rates are subject to change without notice. Dividends compound monthly.
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Check out the variety of savings accounts Magnifi Financial has to offer. Plus get started easily by applying totally online.Learn More
Kids can start saving while earning prizes with each birthday and deposit! Learn more about kids savings accounts.Learn More
Put your money into a higher yielding certificate account. Your money is safe and secure with a variety of terms.Learn More
Plan for retirement with IRA accounts and other retirement planning accounts. Open an account or work with an advisor.Learn More
Health Savings Accounts Frequently Asked Questions
- 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.
- www.irs.gov - Search “Health Savings Accounts”
- Consult with a professional tax preparer and/or your insurance provider
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