Checking & Savings Accounts > Savings Accounts

Health Savings Accounts (HSA)

Manage Your Medical Expenses with an HSA

Every little bit helps with the rising cost of health care.

An HSA (Health Savings Account) is a great way to plan ahead and save for out-of-pocket medical costs when you have a High Deductible Health Plan (HDHP)1. This savings account allows tax-free withdrawals2 for qualified medical expenses for everyone covered under your HDHP and you can save even more with our new tiered rates.

Your HSA can be used for:

  • Deductibles
  • Co-pays at doctor offices
  • Prescriptions
  • Vision care
  • Dental care
  • PLUS, other qualified medical expenses. Visit IRS.gov more information.

You’ll receive a Summit Visa® Debit Card which can be used to pay for medical expenses and withdraw funds from ATM machines. PLUS, you can stay on top of your transactions and balances online and through our Mobile Banking app.

Open An Account

Are you an employee at one of our Member Groups?

Members who are employed through a qualified Member Group are exempt from the Account Maintenance Fee. Not sure? Ask your Human Resources Department if they participate in our free HSA program.

Benefits of an HSA from The Summit

No minimum balance to open an account 3

You can open an HSA account with any amount, and there is no minimum balance required to maintain it.

No Administrative Fees

The Summit’s HSAs do not have administrative fees.4

Earn tax-free dividends

Our competitive tiered dividends help your money grow – the more you save, the more you earn. Additional tax benefits include annual contributions and withdrawals that are tax-deductible up to the maximum allowable amount.

Convenient account access

You can manage your account 24/7 from wherever you are with your free Visa Debit Card, and Online and mobile banking.

No “Use it or Lose it” Rule

Unused funds roll over to the next year and grow tax-free with interest earned. Your HSA is portable and stays with you through job, employment, or medical coverage changes.

Invest in your future

Use your HSA to prepare for healthcare and life in retirement.

Open an HSA Account Today!

Apply online, visit your nearest Summit branch or contact our Member Service Center at (585) 453-7000 or (800) 836-7328.

Apply Online

Health Savings Account (HSA) Rates

Rates effective January 1, 2025

Type
Minimum Balance
Dividend Rate
Annual Percentage Yield
Health Savings Account
$100-$2,499.99
0.150%
0.150%
Health Savings Account
$2,500-$9,999.99
0.300%
0.300%
Health Savings Account
$10,000 & up
0.598%
0.600%

For a full listing of rates, see our Rate and Fee Schedule.

Contributing to Your HSA

  • Through online transfer, payroll deduction, direct deposit, mobile deposit, or bank-by-mail
  • Any Summit ATM or branch location
  • Check your account balance and transaction information quickly and easily with your Summit Online Access Account and our Mobile Banking App

Withdraw From or Make Payments from Your HSA

  • Use your Summit Visa HSA Debit Card to pay for qualified expenses
  • Withdraw cash from your account
  • Write checks from your account
  • Online Transfer

HSA Contribution Limits

2025
Single Plan
Family Plan
Contribution Limit
$4,300
$8,550
Catch-Up Contribution (55 or older)
$1,000
$1,000
Spouse
N/A
$1,000

2024
Single Plan
Family Plan
Contribution Limit
$4,150
$8,300
Catch-Up Contribution (55 or older)
$1,000
$1,000
Spouse
N/A
$1,000

Frequently Asked Questions

What kind of medical expenses does an HSA cover?

  • Deductibles
  • Co-pays at doctor offices
  • Prescriptions
  • Vision care
  • Dental care
  • PLUS, other qualified medical expenses. Visit IRS.gov more information.

Do I have to be a Summit member to open an HSA with the credit union?
Yes, you must be a member of The Summit to open an HSA with us. Becoming a member is easy!

What do I need to do to get started?
First, if you’re not already a member of The Summit, you will need to become one. You’ll need to fill out the Health Savings Account Application verifying that you are covered by a HDHP then set up direct deposit into your HSA, if applicable.

Is an HSA similar to a Flexible Spending Account (FSA)?
No. HSAs have unique features designed to encourage consumer-driven healthcare. Also, unlike an FSA, there is no “use it or lose it” rule. Your HSA balance rolls over from year-to-year, allowing you to save for future medical expenses.

Can I transfer funds from an existing HSA into my Summit HSA?
Yes, the member can contact their financial institution and request to have the funds transferred to The Summit.

Can someone else have access to my HSA?
Yes. You can have “authorized signers” on your account. You and the authorized signer will just need to sign an authorization form at The Summit.

Can I open an HSA if I am enrolled in Medicare?
Individuals who are entitled to Medicare are not currently eligible to establish or contribute to an HSA. “Entitled” means actually covered under any part of Medicare – Part A, Part B, a Medicare Advantage plan (Part C) or Part D. Individuals who are eligible for Medicare, but are not enrolled, may establish and contribute to an HSA.

If I leave my present employer, do I lose the money that remains in the HSA account?
No. Your HSA is completely portable and your money rolls over year to year. You can always take the funds with you even if you change jobs, become unemployed or change your employment status, or change your medical coverage.

Can I roll over unused funds from an FSA or a Health Reimbursement Account (HRA)?
Yes, regulations allow a one-time rollover of unused funds from an FSA or HRA. Please talk to your employer or third-party administrator for more details. Consult your Human Resources department if you have questions about whether your medical insurance is an HSA-compatible health plan.

Are there tax benefits to HSAs?
Your contributions to an HSA are tax-deductible (including any after-tax deposits), earnings grow tax free and distributions for qualified medical expenses are also tax free. Contributions to your HSA can be made with pre-tax dollars (i.e. payroll deduction through your employer), which reduces your taxable income. In reality, an HSA provides triple tax savings by reducing Federal, State, and FICA taxes. Consult your tax advisor regarding IRS rules and regulations for Health Savings Accounts.

Can I transfer funds from an IRA to my HSA?
Yes, regulations allow a one-time rollover from an IRA to an HSA, up to the annual HSA contribution maximum. Please consult your tax advisor to discuss the benefits and tax reporting requirements prior to transferring funds.

What happens if I want to withdraw money for non-medical expenses after age 65?

After age 65, funds can be withdrawn for non-medical expenses without penalty. However, you would still be responsible for any applicable income taxes.

Open an HSA Account Today!

Visit your nearest Summit branch or contact our Member Service Center at (585) 453-7000 or (800) 836-7328.

1. See your Human Resources department if you have questions about whether your medical insurance is an HSA compatible health plan.
2. Subject to the IRS rules and regulations for Health Savings Accounts. Consult a tax advisor for more details on tax benefits.
3. Minimum Balance of $100 required to earn dividends.
4. There’s no administrative fee to retain your HSA, but account holders may be subject to a monthly account maintenance fee. See the Rate and Fee Schedule for more information about fees and exemptions.