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Build savings by investing your HSA funds today

With the tax advantages they offer, Health Savings Accounts (HSA) are excellent investments for people with a High-Deductible Health Plan (HDHP). First American Bank offers a Health Savings PLUS Account that allows you to invest a portion of your HSA in a selected group of mutual funds1

  • Open your account for as little as $0*
  • $2.95 monthly fee with no load or trade fees
  • Earns competitive interest rates on portion not invested in mutual funds
  • Free Mastercard® debit card to pay medical providers
  • Free Online and Mobile Banking with Bill Pay
  • Mobile wallet includes Apple Pay®, Google Pay™ and Samsung Pay® at no additional cost2
  • Unlimited check writing
  • Checking account balance is FDIC-insured 

The IRS has a list of qualified medical expenses you can use an HSA for: Click here for Publication 502

Call us at (866) 449-1150 to speak with an account representative today.

First American Bank is a full-service bank with branches in Illinois, Wisconsin and Florida.
Contribution Limits

Minimum Deductible 2019: $1,350
2020: $1,400
2021: $1,400
2019: $2,700
2020: $2,800
2021: $2,800
Maximum Out-of-Pocket 2019: $6,750
2020: $6,900
2021: $7,000
2019: $13,500
2020: $13,800
2021: $14,000
Contribution Limit 2019: $3,500
2020: $3,550
2021: $3,600
2019: $7,000
2020: $7,100
2021: $7,200
Catch-up Contribution (55 or older) 2019/20/21:

View disclosure

1Investors should carefully read the Fund prospectus, which includes information on the Fund's investment objectives, risk, as well as charges and expenses along with other information before investing or sending money. Funds in the investment portion of your HSA PLUS account are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value.

Neither First American Bank nor its subsidiaries (collectively "First American Bank") are registered investment advisors nor is First American Bank acting in the capacity of a registered investment advisor with respect to the offering of HSA investment options. Participation in the investment options is voluntary. Under no circumstances is First American Bank offering any of the HSA investment options and First American Bank makes no representations with respect to the investment options offered.

First American Bank disclaims any and all liability, contingent or otherwise, for the performance of the investment options. Please see your financial advisor for personal investment advice.

2Android, Google Pay and the Android Logo are trademarks of Google LLC. Apple Pay is a registered trademark of Apple Inc. Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd.

*$2,000 minimum checking account balance required to begin investing.

Frequently Asked Questions

HSA Distribution Forms will be mailed in January. You should expect this form if you opened an HSA and took distributions, including rollover distributions, or had a taxable event in the prior tax year.
HSA Contribution Forms will be mailed in May. You will receive this form if you made any contributions, including rollover contributions, into your HSA for the prior tax year. The form will not be available until May because prior year contributions are allowed until the tax filing deadline.
The First American HSA PLUS account allows you to invest a portion of your HSA in a variety of different mutual funds. These mutual funds may provide higher yields than you would otherwise earn if your funds were left solely in your HSA. The Health SavingsPLUS Account is composed of two parts: A checking portion – This is an interest bearing account that works just like our traditional HSA. You can write checks, make deposits, and use your debit card to pay any qualified medical expenses. The checking portion is an FDIC insured deposit account. The investment portion gives you the ability to invest in a variety of nationally recognized mutual funds. Savings held in the investment portion are not insured by the FDIC, not bank guaranteed and may lose value.
Every investor should be able to design an investment plan to meet their individual needs and goals. We have selected several nationally recognized mutual funds. See current fund offerings by clicking here.
No. However, you need to have a balance in excess of $2,000 in the checking portion of your account prior to making any investments. While your balance may fall below $2,000 as you pay for qualified medical expenses, you will need to bring your balance back above $2,000 before you can make any future investments.

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