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Save for Medical Expenses

Health Savings Accounts

A savings account for high deductible health insurance policy holders

A Health Savings Account (HSA) is a great way for individuals with high deductible health insurance policies to fund and pay for medical expenses on a tax-favored basis. If you are enrolled in a high-deductible HSA-eligible medical insurance plan, Community West Bank can help make your health care more affordable. HSAs offer tax-free interest on funds, tax-deductible employee deposits, and tax-free employer contributions. Qualified medical expenses can be paid tax-free using checks or debit cards. With a low opening deposit of just $50, you can easily access and manage your HSA online. Unused funds remain in the account, continuing to earn tax-favored interest, with additional “catch up” contributions allowed for those 55 and older. Electronic monthly statements provide detailed information on contributions, payments, and interest earned.

Features and Benefits

  • Free eStatements (1)
  • Unlimited check writing and debit card usage
  • Monthly statements
  • Free Online Banking
  • Flexible access to account funds
  • Tiered rates for higher balances
  • Interest earning account

Account Requirements and Fees

  • Minimum opening deposit: $100 ($20 one-time implementation fee)
  • Monthly service charge: $3
  • Service charge waived with $1,000 daily balance
  • No interest on days balance falls below $500
  • Interest accrued daily, paid monthly at current market rate
  • No interest if account is closed prior to interest payment period

  Health Savings Account FAQs 

(1) eStatements require a valid email address and enrollment.

(2) You should consult your tax advisor regarding the tax benefits of contributing to a Health Savings Account.

Please note: This information is accurate as of April 1, 2024. Community West Bank reserves the right to make changes at any time as a result of a change of policy, law, and regulation or otherwise.

Health Savings Account FAQs

Contributions to HSA FAQs

Death of HSA Account Holder FAQs

Distributions from HSA FAQs

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Learn More About Health Savings Accounts

Flexible and easy to use, an HSA is a tax-advantaged account that enables you to take charge of your health, your savings and your future

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