Just what the doctor ordered
A health savings account (HSA) is a convenient, tax-free way to save and pay for uncovered medical expenses.
Anyone with a high-deductible healthcare plan or a plan that excludes certain types of care can use an HSA to ensure they have easily accessible funds to pay for out-of-pocket and unexpected medical expenses. Individual and family accounts are available at Lakeside, and our HSAs are structured like traditional interest-earning checking accounts.
Stop by your local branch to open an account.
Self-directed individual or family HSA
Generally, an HDHP is a health plan that provides significant benefits and satisfies certain requirements with respect to deductibles and out-of-pocket expenses. For the purposes of this HSA, a high-deductible health plan is a plan with a minimum annual deductible and an out-of-pocket expense limit as follows:
|Tax Year 2019||Tax Year 2019||Tax Year 2020||Tax Year 2020|
|HDHP Coverage||Self only||Family||Self only||Family|
|Out-of-Pocket Expense Limit||$6,750.00||$13,500.00||$6,900.00||$13,800.00|
Regular or annual contributions
Contributions to your HSA by any means (e.g., point of sales credits) are considered regular contributions for the current year, unless you provide us with instruction otherwise.
Maximum annual contributions
In general, the maximum annual contribution is the contribution limit based on HDHP coverage as shown in the following chart:
HSA contribution limits for 2020
- Individual HSA:
- $4,550.00 (over 55)
- Family HSA:
- $8,100.00 (over 55)
Initial deposit requirement
There is no minimum deposit required. You can open the account with any amount you wish up to the max allowed.
Effect of closing an account
If you close your account within 6 months of opening, an early close-out fee will be assessed in the amount of $20.00.
- The interest rate and annual percentage yield on your account may change.
- The interest rate is based upon the applicable rate tier. The current rate tiers and their annual percentage yields are displayed below. At our discretion, we may change the interest rate on your account.
The following fees may be charged to each account if you request these services:
- This account will be assessed a $2.50 Balance Requirement Fee each month that the balance in the HSA account falls below $500.00 on any day during the statement cycle.
- This fee can be avoided by maintaining a minimum balance of at least $500.00
- You may use your Lakeside Bank ATM card at any ATM (nationwide), and no cost will be assessed to you.
- There is no fee for the purchase of official checks (cashier checks/money orders).
- Dynamic transfers are offered to you at no charge.
- If you request a replacement debit card, you’ll be charged a $5.00 replacement fee.
- A stop payment on a paper check, Bill Pay or mailed check is $29.90.
- Shipment on an expedited debit card is $75.00.
- Incoming wire fees apply:
- Incoming domestic wire: $15.00
- Incoming international wire: $35.00
- Outgoing wire fees apply:
- Outgoing domestic wire: $35.00
- Outgoing international wire: $60.00
- If we return a check unpaid because of insufficient funds in your account, you’ll be charged a $29.90 NSF fee.
- If we pay a check against insufficient funds, you’ll be charged $29.90.
- If you present us with a foreign check, we will not charge a fee, but the paying bank may deduct a fee from the proceeds.
- If you request a statement printout, we will charge $1.00 per page.
- Fees vary on check orders. These charges can change at any time.
- Legal fees (including tax levies) are $100.00.
- Other fees may apply.
The transaction limit depends on the method of payment.
- Total card purchases and withdrawals are limited to $2,000.00 per day. This includes ATM withdrawals, cash advances, and signature and PIN-based purchases. Withdrawals from an ATM are limited to $525.00 per day. You can lower these limits by calling us at 337-474-3766.
- Automated Clearing House (ACH) external transfer transactions are subject to limits on the dollar amount of electronic transfers between your account and external accounts at other financial institutions. These limits are designed to be flexible in order to protect the security and integrity of the service and accounts as well as you and all other users of the service. Based on confidential fraud and essential risk criteria, they may be modified at our discretion without advance notice.
- Mobile deposits are subject to limits on the dollar amounts and item count. These limits are designed to be flexible in order to protect the security and integrity of the service and accounts as well as you and all other users of the service. Based on confidential fraud and essential risk criteria, they may be modified at our discretion without advance notice.
- Contributions to HSAs accrue and roll over annually.
- Contributions are tax deductible.
- Interest earned is tax free.
- Distributions for qualified medical expenses are tax free.