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Health Savings Account

When it comes to healthcare, it's always better to have more options. This unique checking account grants you a tax advantage to offset medical expenses. Funds contributed to the account are not subject to income tax and may be used to pay for qualified health care at any time — without tax liability.

If you withdraw money for non-medical expenses, the funds are treated like an IRA account. HSA is the smart way to invest today in your wellness tomorrow.

Download our HSA brochure here.

Summary

  • Must be covered by a health plan with a minimum deductible of:

    • $1,350 for individuals
    • $2,700 for families

  • Annual out-of-pocket expenses (including deductible and co-pays) cannot exceed:

    • $6,750 for individuals (tax year 2019)
    • $13,500 for families (tax year 2019)

  • Annual Contribution limits:

    • $3,500.00 for individual coverage
    • $7,000.00 for family coverage (tax year 2019)

  • Cannot be covered by other health insurance

  • Cannot be enrolled in Medicare

  • Cannot be claimed as a dependent on someone else's tax return

Download HSA Brochure

Download HSA Application

Download HSA Rollover Form

Features

  • Free e-statement
  • Free debit card
  • Free Online Banking
  • Billpay service available for $2.95/mo.

Rate Tiers

  • $0-$499.99
  • $500-$1,999.99
  • $2,000-$4,999.99
  • $5,000-$14,999.99
  • $15,000 and over
On Demand Transfer

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 limits 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

Fees

Miscellaneous Fees

  • Monthly bank account fee $1.50
    • waived on balances of $1500 or more for entire month (minimum balance)
  • Fee for paper Statement $ 1.50/mo.
  • 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 $30.00/item
  • Per Check Charge $1.00
  • Application fee $10.00
  • Research fee $20.00/hr
    • 1 hr. minimum
  • Transfer fee $20.00