PERSONAL
Health Savings Account (HSA)



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Save more. Do more. Worry less.

Pay for current health expenses and save for future qualified medical and retiree health expenses tax-free with an HSA from Minnwest Bank.

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Tax savings

Tax deductions when you contribute to your account, tax-free earnings through investment and tax-free withdrawals for qualified medical, dental, vision expenses and more.1

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Control

You can use the money in your account to pay for most medical, dental and vision care for yourself, your spouse or your dependent children, even if they are not covered by your High-Deductible Health Plan (HDHP).

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Flexibility

Choose how much you put into your account, whether to save for future expenses or which current medical expenses to pay from your HSA account.

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Portability

You own the money in the account. If you switch jobs, change medical coverage, move to another state, become unemployed or retire, your account stays with you.

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No minimum

No minimum deposit to open, no minimum monthly contributions and no minimum distribution amounts.

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Earn interest

Earn interest on the money in your account. Your HSA becomes a financial asset you can use for retirement or even pass on to loved ones.

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Eligibility
  • 18+ and cannot be claimed as a dependent on someone else’s tax return
  • Covered by an HSA-qualified High Deductible Health Plan (HDHP) and not enrolled in Medicare
  • Have no other first-dollar medical coverage
Service charge

There is a $3 monthly if you do not maintain a minimum of $1000 across personal Minnwest Bank deposit accounts.

1 Consult a tax advisor. You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 20% penalty. Health Savings Accounts (HSAs) are not allowed to have a negative balance. If the account becomes negative, the account may cease to exist as an HSA which could result in other negative tax implications.