COVID-19 Updates

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PWSB Hours Alert

We will be closed Monday, October 12 in honor of Indigenous Peoples' Day, formerly Columbus Day. If using Internet or Mobile Banking, please note that deposits and loan payments we receive will be processed on Tuesday, October 13.

To Your Health!

Health expenses often increase as we age, and according to a recent study by the American Journal of Public Health1, almost two-thirds of bankruptcies in our country are caused by a major medical event.

While any savings account is a great way to prepare for the unexpected, a Health Savings Account, or HSA for short, is a special account that lets you save for eligible current and future medical expenses. The IRS website puts out a publication that outlines what types of medical expenses are eligible. Get it by clicking here.

Do You Qualify for a Health Savings Account?

This type of savings account is available to those who have a qualified high-deductible health plan, or HDHP. You will first need to confirm with your employer that your health insurance plan is eligible. If you don't qualify for this type of account, visit our savings accounts page for other ways to save for medical expenses.

Account Benefits

Once you've confirmed your health care is an eligible HDHP, you may be able to take advantage of these benefits. 

  • Put in money tax-free.*
  • Get a competitive interest rate paid monthly, and earned tax-free.*
  • HSA funds stay with you when you change jobs or retire, you own the account.
  • Money you do not use in your HSA rolls over from year-to-year.
  • Savings for retirement. After age 65, HSA funds can be used for any purpose without penalty.**

*To determine tax eligibility benefits, consult your tax advisor.

**See IRS rules for additional information.

Account Requirements

  • Opening deposit required: $25.00
  • A $35 fee is incurred if closed within 120 days of opening

Easy Access to Your Account

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Apply online for your PWSB Health Savings Account (HSA).

Apply Online

Best Savings Account Rates

We pride ourselves on offering competitive rates.

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