Open A Health Savings Account
Earn 1.75%-2.25% APY* and access funds anytime with your HSA debit card
Why Choose Royal’s HSA Checking?
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, making saving for health care simpler and more rewarding!
Competitive, tiered rates
Whether you’re just opening an HSA or building toward long-term health savings, our tiered rates mean the more you save, the more you earn.
Easy access to your money
Use your HSA debit card to access funds and pay for qualified medical expenses when you need to.
Tax advantages that add up
HSAs offer tax-free contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.
No monthly fees
Your money stays working for you, not paying account fees.
HSA Checking Rate
Balance
Dividend Rate
APY
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 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
- Free real-time alerts via our mobile app, text message, or email keep you up to date about your account
- Free online banking and mobile app makes checking balances and transactions fast and easy
- Free electronic or paper account statements and tax documents
- Free direct deposit
- Free stop payments
- Free CompuTeller access