Health Savings Account

Even with good, high-deductible health care coverage, out-of-pocket expenses are growing at a seemingly exponential rate; so much so that the federal government has approved a new kind of tax-free savings account for qualified medical purchases. It’s called a Health Savings Account (HSA), and Patelco has one available for all members with high-deductible health coverage.

With an HSA from Patelco, you can put federally tax-deductible money into the account up to the maximum annual contribution amount, earn great dividends, then withdraw the money tax-free as long as it’s being used for qualified medical expenses, such as doctor visits or prescriptions.

There is a fee of $1 per month for this account but as an incentive to start your HSA, Patelco will waive this fee for the first year. We also waive this fee for all Commitment Household members.

Tiered Savings Account

This is where it all begins. As a Patelco Member, your first step toward a very rewarding financial partnership is to open a Tiered Savings Account, also known as your "Regular Share Account," which represents your Membership in Patelco. This low- to no-cost account accrues interest on a sliding scale depending on your balance (so the more you save, the more you earn) and it includes unlimited access to your funds.