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Home > Personal > Save > Health Savings Accounts

Health Savings Account

Why is a Health Savings Account important?

By establishing a Health Savings Account, you are putting control of your healthcare spending back into your own hands.

A Health Savings Account (HSA) is a tax-exempt account established in conjunction with a High Deductible Health Plan (HDHP) exclusively for the purpose of paying qualified medical expenses of the account owner and dependents.

  • 2.00%/A.P.Y.* (Annual Percentage Yield)
  • $50 minimum initial contribution.
  • $50 minimum account balance required to earn a dividend.
  • Dividends compounded daily, credited monthly.
  • Initial setup fee is $15 which is waived with an Ashland CU checking account.
  • No withdrawal fees.
  • No monthly account maintenance fees.
  • No account transfer fees.

To open an HSA, complete the following:

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  • You must be covered by an HDHP and you can not be covered by any other medical plan that is not an HDHP.
  • Balances in an HSA account carry forward from year to year.
  • Contributions to an HSA account are deductible for federal tax purposes, and subject to the limits under tax codes.
  • Annual contributions are capped by the federal government.
  • Participants age 55 and over may be able to contribute and annual “catch up” contribution.


  • $50 minimum initial contribution
  • Periodic contributions through:
  • Payroll deduction/direct deposit
  • ACH from another account of applicant
  • Personal checks
  • Transfer from ACU savings, checking or money market account


  • Check withdrawal ($25 minimum)
  • Debit card via HSA funds transfer to an Ashland CU checking account
  • Free HSA convenience checks (8 annually) 
  • Additional convenience checks available for $1.00 (4 checks per page)
  • Ashland CU checking account overdraft fees apply
  • Monthly account transfer and withdrawal limitations apply.


Health Savings Accounts
Effective Date: Thursday, June 20th, 2024
Account TypeDividend Rate*A.P.Y.Dividends CompoundedDividends PaidMinimum Amt to Receive Dividend
Health Savings Account 1.980% 2.00% Daily Monthly $50
Rate may change after the opening of any of the above accounts. Fees may reduce earnings on the account.
*A.P.Y. = Annual Percentage Yield,. The dividends are variable rates, compounded daily and paid monthly.

To hear more about what our HSA program can do for you, call us at 1-800-245-8112. For additional information on Health Savings Accounts, please consult your tax professional, log-on to the IRS’s website at, or the US Department of the Treasury’s website at

* A.P.Y. (Annual Percentage Yield) rate is variable and is subject to change.