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Take control of your healthcare savings

If you are enrolled in a High-Deductible Health Plan (HDHP), you can open a Health Savings Account (HSA) and take advantage of tax savings today. 

  • Open your account with as little as $0
  • No monthly fees with eStatements1
  • Earns competitive interest rates
  • 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
  • FDIC insured 

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

1$3.95 monthly fee will be charged if the customer receives paper statements. View disclosure.

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.


Frequently Asked Questions

A Health Savings Account (HSA) is a tax-exempt trust or custodial account you set up with a qualified HSA trustee (First American Bank) to pay or reimburse qualified medical expenses you and your family incur. You must be an eligible individual to qualify for an HSA.
To be an eligible individual and qualify for an HSA, you must meet the following requirements. 1) You are covered under a high-deductible health plan (HDHP) on the first day of that month 2) You covered under an HSA qualified High Deductible Health Plan (HDHP) and have no other health coverage except what is permitted under “Other health coverage” 3) You are not enrolled in Medicare 4) You cannot be claimed as a dependent on someone else’s tax return.
A high-deductible health plan (HDHP) is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. Being covered by an HDHP is also a requirement for having a health savings account. To view limits, visit our HSA page.

Deductibles and out-of-pocket expenses index annually, adjusting for inflation. All qualified medical expenses are used to reduce the plan's deductible, before the insurer starts paying claims (preventive care excluded). HSAs help reduce the overall cost of the plan's deductible due to their tax advantages and long-term savings/potential growth.
Yes. The HDHP must limit out-of-pocket expenses. To view these limits click here.
These amounts index annually, adjusting for inflation.
It is a checking account.

View all FAQs