Health Savings Account

For more information stop by one of our convenient banking centers or contact the HSA/IRA Department:

Louisville / Southern Indiana
(502) 625-1989

Indianapolis
(317) 238-2893

Cincinnati
(513) 824-6193

Email us at:
HSADepartment@syb.com

Our Call Center can be reached at:
(502) 582-2571 or (800) 625-9066

What is an HSA?
If you’re not sure an HSA is right for you, please see this informative tutorial on HSAs:
Health Savings Accounts

A Health Savings Account (HSA) in conjunction with a high-deductible health plan (HDHP) is a smart way to lower your health care costs. It’s a tax-advantaged account that can be used to pay qualified medical expenses for yourself and your family. Your HSA is also an excellent way to save for retirement as any unused money in your account continues to grow tax-free, year after year and can be withdrawn without tax penalty after age 65.

Some of the benefits of a Health Savings Account:

  • Freedom of choice over your health care decisions
  • Long-term savings
  • Tax savings
  • Interest earnings
  • Stays with you – fully portable
  • No “use it or lose it” provisions

An HSA works just like a regular checking account. You can either write a check or use your debit card to pay for qualified medical expenses. Statements can be mailed or viewed online, and you’ll receive a year-end report for tax purposes. Your account features:

  • No Setup Fees
  • No minimum opening balance required with direct deposit setup
  • Low Monthly Service fee $2.50 for balances under $3,000
  • No Fee Debit Card
  • Free Internet Banking and online bill payment access
  • Monthly statements
  • Competitive interest paid quarterly
  • Year-End Reporting
  • Employer on-site enrollment meetings to streamline application process

Our Health Savings Account 2011/2012 Fact Sheet provides additional information.

If you are an employer and would like additional information, please contact our HSA Department.

Please note: all completed, signed applications must be mailed or brought to a SYB branch office to complete account opening. 

*Consult IRS notice 2004-50, or or your insurance provider for full details on the Health Savings Account. It is the responsibility of the account holder to determine HSA eligibility of insurance plan prior to establishing HSA account. Qualification of contributions and distributions are the liability of the account holder.

**Individuals over 65 and not enrolled in Medicare may be eligible to contribute.

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