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Smart saving for the care you need—now and later.
A Health Savings Account (HSA) is a tax-advantaged account that enables you to contribute funds for many out-of-pocket medical expenses, from office visits to prescriptions. By saving money on a pre-tax basis, you’ll have more to spend on both planned and unexpected healthcare needs.
Ledyard Bank’s competitive HSA interest rates mean the money you save will also grow.
APY* on accounts with a balance of $25k or less
APY* on accounts with a balance over $25k
Your HSA funds can be used for dozens of medical expenses, including:
Click here for the Internal Revenue Service’s complete list of HSA qualified medical expenses.
Your HSA contributions are not subject to federal or state income tax.
The interest you earn on your HSA contributions are never taxed, so you keep 100% of interest-earned funds for your medical expenses.
The funds you withdraw from your HSA for medical expenses are never taxed.
*The annual percentage yields (APY) are accurate as of January 1, 2025. The rate is variable and may change after the account is opened. Subject to IRS limits.
**Qualified medical expenses as described in detail in Section 213(d) of the Internal Revenue Service Tax Code (viewable at www.irs.gov); and have not been compensated or reimbursed by insurance or otherwise. You must be enrolled in a High Deductible Health Plan. (Check with your Benefits area to make sure your plan qualifies.)
Eligibility requirements for opening an HSA include: If you have a qualified High Deductible Health Plan (HDHP), either through your employer, through your spouse, or one you’ve purchased on your own, chances are you can open an HSA. Additionally:
Consult a tax professional for more information.
Let’s talk about how Ledyard Bank can support your financial journey. Contact us or open an account today—it’s fast, easy, and all about you.
