HSA Checking
tax-deductible deposits • tax-deferred earnings • tax-free withdrawals

Complement your High Deductible Health Plan (HDHP) with 1st Source Bank's Health Savings Account — HSA Checking. It's the ideal way to invest your healthcare dollars to cover your current needs or to save for your future medical expenses.

The Benefits of HSA Checking

• Contributions for qualified medical expenses are tax deductible
• Tax free withdrawals for qualified medical expenses
• Earn tax-deferred monthly interest
• "Anytime Access" to your funds
• Carry over what you don’t spend from year-to-year.

Making Deposits

• Make deposits into your HSA Checking account at any time in any amount you wish, up to the amount of your HDHP deductible, as long as you do not exceed the maximum annual contribution listed in the table above.
• If you are 55 or older, you may make a $1,000 catch up contribution per year
• Deposits can be made with cash, checks, money transfers, direct deposit or at an ATM.
• Monthly statements detail your activity.

Making Withdrawals

• Special checks can be used to pay for qualified medical expenses.
• A FREE Check Card can be used like your regular debit card to pay for qualified expenses.
• A second FREE card is available upon request for those with an authorized signer.

Your monthly statements will display a record of your activity, as well as feature your front check images, helping you to track your transactions. You may also view your activity, and even make funds transfers from another 1st Source account FREE through InfoSource Online Banking.

Frequently Asked Questions

Opening an HSA Checking Account
Apply for your HSA account online, or stop into any 1st Source Banking Center. For a full list of all our locations, click here.

HSA Checking clients must be enrolled in a High Deductible Health Plan (HDHP). An HDHP is defined for 2010 as follows: for individual coverage, a plan with a deductible of at least $1,200 and a $5,950 maximum out-of-pocket expense limit; or for family coverage, a plan with a deductible of not less than $2,400 and a maximum $11,900 out-of-pocket expense limit. Clients may not be covered by any other non-HDHP insurance, cannot be enrolled in Medicare, and cannot be claimed as a dependent for tax purposes. Account subject to credit approval.