Modesto Stockton Commercial Health Savings Accounts - Oak Valley & Eastern Sierra Community Bank

Health Savings Accounts

Health Savings Accounts are used for the purpose of health care expenses when linked with a high-deductible health plan. HSAs can help your business manage its health care coverage expenses. Your eligible employees may contribute tax-deferred funds up to IRS annual limits. This account can be used to pay for medical prescriptions, co-payments, deductibles, eyeglasses, contact lenses or any other qualified health care expense. All the funds contributed for the year will roll over to the following year and thereafter, as long as each account remains open.

Oak Valley & Eastern Sierra currently offer three types of HSAs: HSA Checking, HSA Savings and HSA Liquidity. To qualify for HSA coverage, your employees must be covered by what the IRS considers a high deductible health plan (HDHP) and not be covered by another primary health plan. Consult your tax advisor to see if an HSA healthcare plan is right for your business.

HSA Checking

Interest bearing
$2.50 monthly service charge is waived if you also have a non-HSA personal checking account
$15 one-time set-up fee
Low $100 minimum opening balance
$500 minimum balance to earn interest
Unlimited checkwriting
Unlimited ATM/Debit Card use

[+] Additional Health Savings Disclosure

HSA Savings

Interest bearing
$2.50 monthly service charge is waived if you also have a non-HSA personal checking account
$15 one-time set-up fee
Low $100 minimum opening balance
$500 minimum balance to earn interest

[+] Additional Health Savings Disclosure

The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. Interest will be compounded daily and credited to the account monthly. If the account is closed before interest is credited you will not receive the accrued interest. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. We will use an interest accrual basis of 365 for each day in the year. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Fees could reduce the earnings on the account.

†APY=Annual Percentage Yield.

Withdrawals or transfers to another account or third parties by pre-authorized, automatic, or telephone transfers are limited to six (6) per statement cycle, which includes by check, draft, debit card or similar order to third parties. Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited. For each additional withdrawal, an excessive withdrawal fee of $4 will be applied at the end of the statement cycle.

HSA Liquidity

Interest bearing
Earn higher interest rate than available on HSA Checking or Savings
$15 one-time set-up fee
$4.00 monthly service charge is waived if you also have a non-HSA personal checking account
Low $100 minimum opening balance
$500 minimum balance to earn interest

[+] Additional Health Savings Disclosure

The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. Interest will be compounded daily and credited to the account monthly. If the account is closed before interest is credited you will not receive the accrued interest. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. We will use an interest accrual basis of 365 for each day in the year. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Fees could reduce the earnings on the account.

†APY=Annual Percentage Yield.

Withdrawals or transfers to another account or third parties by pre-authorized, automatic, or telephone transfers are limited to six (6) per statement cycle, which includes by check, draft, debit card or similar order to third parties. Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited. For each additional withdrawal, an excessive withdrawal fee of $10 will be applied at the end of the statement cycle.