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HSAs

A Health Savings Account (HSA) allows you to provide your employees with a tax-advantaged* way to pay for healthcare. It offers flexibility, easy ways to access funds and lets employees use pre-tax* dollars. Plus, a HSA is your employee's account so they can use it next month, next year or 20 years from now as long as the account has funds.

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HSA Savings Account

  • $50.00 minimum deposit to open
  • Earn 0.10% interest and APY on your balance
  • Funds rolls over year to year
  • Free Telephone Banking
  • FDIC insured up to $250,000
  • Click here for account fees

Visit a Pioneer Bank branch to open an HSA Checking or HSA Savings Account.

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HSA Checking Account

  • $50.00 minimum deposit to open
  • Funds rolls over year to year
  • Free Telephone Banking
  • FDIC insured up to $250,000
  • Click here for account fees

Visit a Pioneer Bank branch to open an HSA Checking or HSA Savings Account.

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Eligible individuals covered under high-deductible health plans may open an HSA and use the money tax-free (including earnings) to pay for qualified medical expenses.

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Eligibility

  • You must be covered by a high deductible health plan (HDHP) on the first day of a month to qualify for eligibility for that month.
  • You must have a minimum deductible of $1,300.00 for individuals or $2,600.00 for families.
  • Your annual out-of-pocket expenses (including deductibles and co-pays) cannot exceed $6,550 for individuals or $13,100.00 for families.
  • Maximum contribution cannot exceed annual alloted amount. 
  • A person age 55 or older may make an additional $1,000.00 in "catch-up" contributions.
  • You cannot be covered by any other health plan that is not an HDHP.
  • You cannot be enrolled in Medicare.
  • You cannot be claimed as a dependent on someone else's tax return.
  • There are no eligibility restrictions regarding income level and there is no requirement of earned income to make contributions.

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*Consult your tax advisor.

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Checking & Savings Features

The average daily balance method is used to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for this period.

Interest on non-cash deposits begins to accrue on the business day of deposit—for example, checks.

The interest rate and annual percentage yield may change at Pioneer Bank’s discretion as often as daily. Rates may change after account is opened.

Fees, penalties, service charges and withdrawal of earned interest may reduce earnings.

Accounts closed between statement cycles will not receive accrued interest.

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