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Save for Medical Expenses

Health Savings Account

Save Now for Future Medical Expenses

A Health Savings Account (HSA) is a great way for individuals with high deductible health insurance policies to fund and pay for medical expenses on a tax-favored basis. If you are enrolled in a high-deductible HSA-eligible medical insurance plan, Community West Bank can help make your health care more affordable. HSAs offer tax-free interest on funds, tax-deductible employee deposits, and tax-free employer contributions. Qualified medical expenses can be paid tax-free using checks or debit cards. With a low opening deposit, you can easily access and manage your HSA online. Unused funds remain in the account, continuing to earn tax-favored interest, with additional “catch up” contributions allowed for those 55 and older. Monthly statements provide detailed information on contributions, payments, and interest earned.

Health Savings Account

Features Health Savings Account

Description

  • A savings account that individuals with high deductible health insurance policies can fund and use to pay for medical expenses 2

Minimum Opening Deposit 

  • $100 
  • $20 one time implementation fee

Monthly Service Charge

  • $3

Minimum Balance to Waive Service Charges

  • $1,000 Daily Balance

Interest Earning

  • No interest earned on days the balance falls below $500
  • Interest is accrued daily and paid monthly at current market rate3
  • If the account is closed prior to the interest payment period, interest will not be received

Transaction Limits

  • Refer to “Understanding Your Deposit Account" Terms and Conditions for details
  • Please see a Banking Center Specialist with questions
  • Contributions 2

Benefits

  • Unlimited check writing and debit card usage
  • Monthly statements
  • Flexible access to account funds
  • Tiered rates for higher balances
  • Free Online Banking and eStatements1

Health Savings Account

Features

Description

Minimum Opening Deposit 

Monthly Service Charge

Minimum Balance to Waive Service Charges

Interest Earning

Transaction Limits

Benefits

Health Savings Account
  • A savings account that individuals with high deductible health insurance policies can fund and use to pay for medical expenses 2
  • $100 
  • $20 one time implementation fee
  • $3
  • $1,000 Daily Balance
  • No interest earned on days the balance falls below $500
  • Interest is accrued daily and paid monthly at current market rate3
  • If the account is closed prior to the interest payment period, interest will not be received
  • Refer to “Understanding Your Deposit Account" Terms and Conditions for details
  • Please see a Banking Center Specialist with questions
  • Contributions 2
  • Unlimited check writing and debit card usage
  • Monthly statements
  • Flexible access to account funds
  • Tiered rates for higher balances
  • Free Online Banking and eStatements1

(1) eStatements require a valid email address and enrollment. 
(2) You should consult your tax advisor regarding the tax benefits of contributing to a Health Savings Account. To ensure your contribution is credited to the appropriate taxable year, we recommend contributions be made in cash or its equivalent at a Banking Center near you.   
(3) Refer to rate sheet for current information.

Please Note: This information is accurate as of April 1, 2024. Refer to "Understanding Your Deposit Account” for terms and conditions and account disclosures. Community West Bank reserves the right to make changes at any time as a result of a change of policy, law, and regulation or otherwise.

Health Savings Account FAQ's

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Learn More About Health Savings Accounts

Flexible and easy to use, an HSA is a tax-advantaged account that enables you to take charge of your health, your savings and your future

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