Health Savings Accounts

Man­age your med­ical costs eas­i­ly with a Health Sav­ings Account.

Healthcare costs add up quickly. A Health Savings Account (HSA) is a smart way to save for healthcare related expenses including co-pays, medications AND specialist visits. With an HSA, you can reduce your tax bill and get the convenience of having a debit card to pay your healthcare expenses.

What Is A Health Sav­ings Account?

A Health Savings Account (HSA) is an interest checking account designed for individuals who participate in a high deductible health care plan and want to save, pre-tax, for future medical and retiree health expenses. You can use your HSA to pay for current qualified medical expenses that are not covered by insurance.


With A North­ern Bank HSA*, we offer:

  • Competitive interest rate
  • No monthly service charge
  • No minimum balance required to maintain account
  • Mobile wallet ready H.S.A. debit card
  • Online banking with e-statements and bill pay
  • Mobile banking with mobile deposit
  • Annual statement of contributions and payments

*$25 minimum deposit to open the account. $25 account closing fee.

The tax ben­e­fits of an HSA.

  • Contributions*: are not subject to Federal or state income tax. Most states do not impose a state income tax.
  • Interest: you earn on your HSA account is tax exempt.
  • Withdrawals: to pay for qualified medical expenses are tax free deductions. You also do not have the same “use it or lose it” rule as a Flexible Spending Account (FSA) so you can let your account grow and save for future medical expenses.

*Please consult a financial or tax advisor regarding your state specific rules

Employ­er Ben­e­fits Of Offer­ing HSA

  • Payroll Tax Savings*: As an employer, you do not have to pay payroll taxes on H.S.A contributions made by your employees' payroll deductions.
  • Federal Tax Savings*: As an employer, if you make contributions to your employee HSA accounts, you may be eligible to take a federal income tax deduction on these contributions*
  • Employee Retention*: Offering a competitive benefits package that includes an HSA, that you contribute to, can help attract and retain high valued employees.

*Please consult with your company's financial or tax advisor.


Using your HSA is con­ve­nient and easy!


  • Deposit funds electronically via direct deposit from your employer.
  • Transfer funds through online banking
  • Deposit checks using mobile deposit.
  • Prior year contributions can be made through the mail.

*All deposits into your HSA are considered a current year contribution.


  • Use your HSA Northern Bank Debit Mastercard® where accepted for qualified medical expenses.
  • Write a check.
  • Schedule a bill payment through online or mobile banking.

*Please note that it is your responsibility to ensure that you are using your HSA funds to cover or pay for qualified medical expenses.

Transactions and Statements

  • View and download your HSA activity through online or mobile banking
  • Elect to receive your monthly account statement electronically, allowing quicker viewing than a mailed statement.

Con­tact Us!

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