The Savings Account for High Deductible Health Plans.
A Health Savings Account (HSA) is a smart and effective way for eligible individuals to enjoy tax benefits while saving for health care deductibles and expenses. HSAs are individually owned and controlled. If you are currently covered by a High Deductible Health Plan, an HSA could help bridge the gap in uncovered health expenses. Let a Midland representative show you how easy it is to save and pay for medical expenses.
|Monthly service charge||$2|
|Minimum balance to avoid monthly charge||$1,500 average|
|Minimum balance to earn interest||$.01|
What you get.
HSA Debit Card
Your Midland HSA Debit MasterCard gives you convenient access to your HSA account. Use it to pay for qualifying medical and prescription expenses. If you prefer, you may also order HSA checks.
Free Online Banking and Bill Payment
Through our online banking service, you can move money from other Midland accounts into your HSA and stay close to your account and watch your balance grow. What's more, you can also set up online bill payment and make payments for qualifying medical expenses.
Receive a competitive return on your money. Begin earning interest with the first penny you deposit.
Automated Deposits and Withdrawals
Contributions can be automated through Online Banking transfers. Automatic deductions to employer sponsored HSA plans can also be set-up.
Receive tax deductible contributions - no income cap, tax-free interest earnings, tax-free payment of qualified medical expenses, and no income cap for taking the deduction (unlike IRAs).
Free Mobile Banking with Alerts
Just like online banking, you can see your account information right from your mobile device in a secure manner.
Free Bank by Phone
Similar to our online banking access, you can check your balance and more from your touch-tone phone.
Your HSA account balance is insured by the FDIC, up to the maximum coverage allowed. So rest assured that your savings are safe.
Free Online Statements
You may elect to receive your statement electronically at no cost.
For added convenience, you can elect to have deposits electronically deposited into your HSA account. Just check your account through Midland Online Banking service to verify your deposit and save yourself a trip to the bank.
Some restrictions may apply. Account can be opened with a recurring direct deposit. Account is a depository instrument only. Insurance is not provided by the Bank. The interest rate and annual percentage yield (APY) may change. Interest paid is based upon the balance maintained in the account. Rates are based on tiers that are set by the Bank. The Bank may change the rate on the account at any time. Account closure fee of $30. Consult your tax advisor for tax savings. Accrual of noncash deposits – Interest begins to accrue no later than the business day the Bank receives credit for the deposit of noncash items (for example, checks).