Savings, CDs and IRAs

A sound savings plan can help you achieve financial independence. Contact your bank representative to discuss our various options.

HEALTH SAVINGS

More Info & Help

Health Savings Account, the RIGHT choice for your health and your wealth.

Valley National Bank offers a great financial tool to help with the high cost of healthcare. It’s called a Health Savings Account (HSA), and it’s a great way to save money for future health related expenses. A Valley National Bank Health Savings Account provides a convenient, tax advantaged way to make healthcare more affordable for those with an HSA compatible High Deductible Health Plan (HDHP).

To be eligible for a Health Savings Account:

  • You must be covered under an HSA compatible High Deductible Health Plan (HDHP).
  • You must not be covered under any other health plan that is not an HSA compatible high deductible health plan (some exceptions may apply)
  • You cannot be enrolled in Medicare
  • You cannot be claimed as a dependent on someone else's tax return

Questions? Contact us, or visit your local branch or call our 24/7 customer call center at 800-522-4100.

Features

Basics
Year-to-year accrued deposits Yes (Funds rollover from year to year. Funds will accumulate for future medical needs)
Monthly Fee $3.00 assessed on the last day of the month
HSA Debit Card Included*
Early Termination Fee A termination fee of $25.00 will be assessed if you close your account within 90 days of its opening date.
Tax Advantages
Tax-deductible contributions Yes
Tax-deferred earnings Yes
Tax-free distributions Tax-free distributions when used to pay qualified medical expenses (for yourself, your spouse, and dependents) The IRS determines what qualifies as a medical expense (IRS Publication 502)
Contributions
Maximum Maximum contributions are set annually by the IRS
Catch-Up contributions Additional catch-up contributions available for those age 55 to 65

*See the Schedule of Fees for additional consumer account information.