Health Savings Account Rates Deal of the Day: First Federal Community Bank at 1.21% APY
One of the biggest expenses many Americans have to pay each year is associated with health care. While some consumers have access to health insurance offered by an employer that foots a portion of the bill, premiums and other expenses have to be paid out of pocket.
Luckily, many financial institutions like First Federal Community Bank offer health savings accounts that allow consumers to set money aside for medical expenses on a tax-free basis. Even better, customers of this bank get to take advantage of competitive savings account rates like its current 1.21% APY.
Savings Account Rates Terms and Conditions
The health savings account (HSA) offered by First Federal Community Bank is designed to increase earnings, while decreasing medical expenses and income taxes. Funds deposited in this account grow at the bank’s high savings account rates, tax-free.
In order to take advantage of this great rate, customers must deposit and maintain a minimum of $5,000. Withdrawals for non-qualified medical expenses are subject to income tax and a 20 percent penalty. Funds not used in the account will roll over to the next year.
About First Federal Community Bank
First Federal Community Bank has been serving its community for over a century. Getting its start in 1898 as Dover Building and Loan Company of Canal Dover, the financial institution has a long history of providing its customers with the best financial products and services on the market.
The bank gives its customers access to five convenient locations in Dover, New Philadelphia, Sugar Creek and Berling, Ohio. Individuals who deposit funds with First Federal Community Bank can rest assured that their money is secure thanks to federal insurance provided by the FDIC for up to $250,000.
Other Terms and Conditions may apply. Additionally, interest rates are based on the institution’s online published rates and may have changed since this offer was posted. Please contact the financial institution for the most recent rate updates and to review the terms of the offer.