Health Savings Accounts (HSAs)

• Provide great benefits and more choices for employees
• Reduced administrative burden
• Help attract and retain good employees
• Insurance premiums are reduced
• Offers employees greater personal control over healthcare management and expenses
• Earns interest above standard savings on entire balance
• Receive higher rates on larger deposits
• An HSA provides triple tax savings:
  • Tax deductions when you contribute to your account
  • Tax-free earnings through investment
  • Tax-free withdrawals for qualified medical, dental, vision expenses, and more¹
• Contributions are tax-free and can be made by you the employer, employee, or a third party
• Funds can be withdrawn at any time²
• Minimum balance requirement to avoid $3.00 monthly bank account fee is $1500.00
• Unused funds remain in account year after year; no "use it or lose it" policy
• Keep your HSA in your name, regardless of career or life changes
• Federally insured by FDIC
• Free digital banking
  • Bill pay available for $2.95/month
• Free eStatements
• Free debit card
• $50 minimum deposit to open

¹Consult a tax advisor.

²You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.

• Must be covered by a health plan with a minimum deductible of:
  • $1,650 for individuals
  • $3,300 for families
• Annual out-of-pocket expenses (including deductible and co-pays) cannot exceed:
  • $8,300 (tax year 2025)
  • $16,600 (tax year 2025)
• Annual Contribution limits:
  • $4,300.00 for individual coverage (tax year 2025)
  • $8,550.00 for family coverage (tax year 2025)
• Cannot have any other health coverage except permitted coverage
• Cannot be enrolled in Medicare
• Cannot be claimed as a dependent on someone else's tax return

To Learn More

Download HSA Brochure

HSAApplication2025

Download HSA Rollover Form

Sutton Bank's On-Demand Transfer program allows customers to transfer funds between accounts located at other Financial Institutions and those accounts held at Sutton Bank.

How does it work?

First time On-Demand Transfer users will need to complete and submit a Transfer Request Application, which will be reviewed and approved by the bank with a daily limit for your first and future transfers. There is no fee for moving funds into a Sutton Bank account and a $0.50 charge for moving funds from Sutton Bank into another financial institution. 

You will be immediately notified via email when your Transfer Request Application has been accepted. After notification has been received you can begin moving your funds.

Make an On-Demand Transfer

• Monthly bank account fee $3.00
  • Waived on balances of $1500 or more for entire month (minimum balance)
• Fee for paper Statement $ 1.50/month
• Process manual withdrawal request $5.00
• Excess contribution fee $10.00
• Returned Mail fee $ 5.00
  • Assessed when a required mailing is returned due to bad address
• Overdraft/NSF per item drafted against HSA $33.00/item
• Per Check Charge $1.00
• Application fee $10.00
• Research fee $20.00/hour
  • 1 hour minimum
• Transfer fee $20.00