State Farm Bank – Health Savings Account

Standard Savings

• Minimum opening deposit is $100
• Variable, Tiered Interest Rates
• FDIC insured
• 24-hour account access via phone and Internet
• Several easy methods to make deposits
• Fund a new Savings Account by electronic transfer (ACH) when applying through a State Farm Agent’s office or by calling State Farm Bank® toll-free at 1-877-734-2265
• Can be used as Overdraft protection account for State Farm Bank Checking or Interest Checking Accounts
• Interest compounded daily and credited monthly

Health Savings Account

You can use your HSA to pay for qualified medical expenses, including insurance deductibles, co-pays and co-insurance, dental and vision care, and even over-the- counter medications.  There are some situations where you can use the money to pay for insurance premiums, such as: COBRA premiums, health insurance premiums while receiving unemployment benefits, Medicare premiums and qualified long-term care insurance.

• Allows you to save for qualified medical expenses if you have a qualified high deductible health plan (HDHP)
• FDIC insured
• Tax advantages: 
  • Contributions are tax deductible
  • Tax free earnings
  • Tax free withdrawals for qualified medical expenses
• Flexibility to use funds for current expenses or save for future needs.
• Unused balances may be carried from year to year
• Contributions may be made by you, your employer or both
• Minimum opening deposit is $100
• Several easy methods to make deposits
• No minimum balance fee
• Annual fee of $25
• Initial package of blue Specialty checks free