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Forward Bank

Health Savings Account (HSA)

Health Savings Accounts – or HSAs – are like a personal savings account designed specifically for health care expenses. Participants own and control the money in the account, and contributions may be made up to your maximum contribution limit.

When a qualified medical payment is due, you can pay for it with the funds in your HSA account using a HSA Debit Card or write a check from your account


  • No Minimum to Open
  • No Monthly Fee
  • Unlimited Monthly Transactions
  • Free Debit Card
  • Interest Posted Monthly
  • Digital Banking (Online + Mobile Banking)
  • Overdraft Protection NOT Available

Plus, your your money goes in tax-free, grows tax-deferred, and withdrawals are tax-free (for eligible expenses)!*

Health Savings Account Rates

Checking Accounts

AccountMinimum to OpenInterest RateAPY**Minimum to Earn APY**
Health Savings Account*$00.050.05$0
Health Savings Account*$00.050.05$2,500

These interest rates are subject to change without advance notice.
APY assumes interest is added to account.
Term Certificates of Deposit and IRA’s may be subject to early withdrawal penalty.
**APY=Annual Percentage Yield.
*Rates could change after account is opened.


  • You must be enrolled in an HSA-qualified High Deductible Health Plan (HDHP)
  • You cannot be enrolled in Medicare
  • You cannot be enrolled in another health insurance that is not HDHP
  • You cannot be claimed as a dependent on another person's tax return


Annual Contribution Limits

Total contributions made by or on behalf of an HSA owner cannot exceed the annual contribution limit for the given year.

HSA Annual Contribution Limits

YearCoverageRegular LimitCatch Up Limit
2023Self Only$3,850$1,000
2024Self Only$4,150$1,000

Prior year contributions may be made until you file your federal income tax return, not including extensions. For most people, this date is April 15th.*

*Consult a tax advisor.

The information on this website is provided only as general information regarding the subject matter covered which may or may not reflect the most current legislative or regulatory requirements. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Consult with your own attorney, CPA, and/or other advisor regarding your specific situation.