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Health Savings Account (HSA)

Health Savings Accounts (HSAs) are designed to enable you to set money aside for your health care expenses while earning interest on your balance. By placing money in an interest-bearing HSA, you can save for future medical expenses while allowing your money to grow tax-deferred*. Think of it like a medical savings plan.

What Is a Health Savings Account (HSA)?

Health Savings Accounts are alternatives to traditional health insurance expense control. They combine a high deductible health plan with a savings account that works like a checking account. Together, the insurance and your savings help pay for your health expenses.

Interest Based on Three Tiers of Daily Balances:
Tier 1: From $0-$2,499.99
Tier 2: From $2,500-$4,999.99
Tier 3: From $5,000 and up

Benefits of a 1st Mariner HSA

At 1st Mariner, our Health Savings Accounts come with the following benefits:

  • Interest paid on all balances (tiered balances shown above)
  • NO monthly fee
  • NO minimum to open
  • NO setup fee
  • NO minimum balance requirement
  • NO per check charge
  • NO paper statement fee
  • Visa® Debit Card
  • FREE Online Banking with Bill Pay

Interest rates may change without notice. Fees may reduce earnings on this account.

How an HSA Account Works

Health Savings Accounts, which accompany high-deductible health plans, work just like a checking account—the money that you save can be withdrawn at any time for current and future health expenses. Funds can be accessed by check, debit card or over-the-counter at a branch. Your balance stays in the account and grows tax-deferred.

You are in control of your health care dollars. 
You, not an insurance company, decide how you spend your money with an HSA.

You can save for future medical expenses.
You can use your HSA funds today or save them for future medical expenses, especially for when you are a senior. 

Your money never expires.
Even if your coverage is through your employer and you change jobs or become unemployed, the money in your HSA stays with you and is yours to use. It never expires and can always be used for qualified medical expenses regardless of your underlying health insurance in the future. 

Your money grows tax-deferred.
With a Health Savings Account, or HSA, your money grows tax-deferred and can be withdrawn tax-free for qualified health care expenses.

Who can get an HSA?

Any individual who is not covered by Medicare and buys a qualified high deductible health insurance policy can qualify for a Health Savings Account. Any high deductible insurance policy qualifies (deductible for 2017 must be at least $1,300 for singles, $2,600 for families), as long as it meets IRS requirements. You can have other disability, dental, vision, specific disease / illness, accident, and long-term care insurance policies and still qualify for qualified health care expenses.

How much can I contribute to an HSA annually?

In 2017, individuals can contribute up to $3,400.00 and families can contribute up to $6,750.00. If you are 55 or older, you can add an additional $1,000.00 to your HSA.

Open an HSA Account

Stop by a branch near you. If you have any questions please contact a bank representative directly at 410-558-4200, 1-888-561-BANK (2265) or email your question to

See our Account Disclosures or Schedule of Charges for additional details.

*Consult your tax advisor.

© 2008-2017 1st Mariner Bank