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Health Savings Accounts

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.

Our HSA Rates

Ledyard Bank’s competitive HSA interest rates mean the money you save will also grow.

0.10% APY*

on accounts with a balance of $25k or less

0.25% APY*

on accounts with a balance over $25k

Qualified Medical Expenses**

Your HSA funds can be used for dozens of medical expenses, including:

  • Routine physical exams
  • Dental care
  • Lab fees
  • Vision care
  • Prescription drugs
  • Mental health services
  • Hearing aids
  • Hospital services
  • Nursing services
  • Operations (excluding cosmetic surgery)

Click here for the Internal Revenue Service’s complete list of HSA qualified medical expenses.

HSA Tax Advantages

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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.

Ready to open your tax-free Health Savings Account?

Visit your local Ledyard Bank branch today.

*The annual percentage yields are accurate as of Jan. 10,2020. No minimum balance and no fees.

**Qualified medical expenses as described in detail in Section 213(d) of the Internal Revenue Service Tax Code (viewable at; 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:

  • You cannot be covered by any other non-HAS-compatible health plan, including Medicare Parts A and B
  • You Cannot be covered by TriCare
  • You cannot have accessed your VA medical benefits in the past 90 days (to contribute to an HSA)
  • You cannot be claimed as a dependent on another person’s tax return
  • You must be covered by the qualified HDHP on the first day of the month
  • You must have a valid email address, Social Security Number, and primary residence in the United States
Consult a tax professional for more information.


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