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Health Savings Accounts

Health Savings Accounts provide a smarter way to save for your medical expenses

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A Health Savings Account lets you put aside money for medical expenses tax free. Your contributions, dividends (or interest earnings), and withdrawals are tax free in most cases. Your money will also earn a great rate!

Choose From Two Types Of Health Savings Accounts



Our HSA Checking comes with a debit card and checks to easily access funds and pay your medical expenses. It offers tiered dividend (interest) rates that increase for higher balances. 


Our HSA Certificate is a 12-month certificate. Your balance earns a high dividend (interest) rate in exchange for not withdrawing funds for 12 months.

Benefits Of Having An HSA

  • Whether you contribute to an HSA account from your paycheck before taxes or from your take-home pay, you won’t pay income tax. This can also reduce your taxable income.
  • Download the form to start setting up direct deposit.
  • Any dividends (interest) your HSA earns is not taxed. With Royal’s great rates, this can add up to substantial savings.
  • When you use HSA account dollars for a qualified medical expense, your withdrawal is tax free.
  • HSA funds roll over from year to year. If you don’t use the funds, they’ll remain in the account, unlike a Flexible Spending Account with a “use it or lose it” rule.
  • HSA money is portable. Even if you leave your job or move, you can take your HSA with you.
  • HSAs may provide a tax-advantaged way to save for medical expenses in retirement.

Who Can Have An HSA?

  • To have a Health Savings Account, you must be enrolled in a high-deductible health plan, also known as an HDHP. The IRS sets limits on the minimum deductibles and out-of-pocket maximums a health plan may have to qualify as an HDHP.
  • You also may not have other health coverage, be enrolled in Medicare, or be claimed as a dependent on someone else’s tax return this year.

Free Features Included With Your Royal HSA

HSA Checking Rate

Dividend Rate

HSA Certificate Rate


HSA Contribution Limits

Each year, the IRS adjusts the limits on HSA contributions to keep up with inflation. See the limit information in the table below. It’s important to note that these limits apply to your contributions plus any contribution or match made by your employer.

2024 HSA Contribution Limits Individual Plan Family Plan
Age 54 or younger $4,150.00 $8,300.00
Age 55 or older* $5,150.00 $9,300.00

* Once you reach age 55, you are able to contribute up to $1,000.00 more than the regular maximum contribution limit. This is referred to as a catch-up contribution.

Consult a tax professional. Royal Credit Union does not provide tax advice.‚Äč

  • Contributions for the 2023 tax year can be made until April 15th, 2024.

How to Get Started

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If you don’t have any open Royal accounts, or if you're not the primary owner of an existing Royal savings account, use the button below to get started!

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