Open a Health Savings Account
Make tax-free deposits and withdrawals for qualified medical expenses.
- Open to individuals and families covered by a high-deductible health insurance plan
- Earn tax-free dividends while saving for future medical expenses
- Easy access to your HSA account funds with a Magnifi Financial HSA debit card
- Receive tax deductions on qualified contributions
- At the end of the year, unused funds stay in your account for the next year
- No monthly service fees!
HSA RATES
Effective Date: 2/1/2025
| Balance | Dividend Rate | APY | Min. Opening Deposit | |||
|---|---|---|---|---|---|---|
| $0 - $2,499 | 0.05% | 0.05% | $0 | |||
| $2,500 - $9,999 | 0.10% | 0.10% | $0 | |||
| $10,000 - $24,999 | 0.20% | 0.20% | $0 | |||
| $25,000 - $49,999 | 0.25% | 0.25% | $0 | |||
| $50,000 - $99,999 | 0.30% | 0.30% | $0 | |||
| $100,000+ | 0.35% | 0.35% | $0 | |||
| Balance $0 - $2,499 | Dividend Rate | 0.05% | APY | 0.05% | Min. Opening Deposit | $0 |
| Balance $2,500 - $9,999 | Dividend Rate | 0.10% | APY | 0.10% | Min. Opening Deposit | $0 |
| Balance $10,000 - $24,999 | Dividend Rate | 0.20% | APY | 0.20% | Min. Opening Deposit | $0 |
| Balance $25,000 - $49,999 | Dividend Rate | 0.25% | APY | 0.25% | Min. Opening Deposit | $0 |
| Balance $50,000 - $99,999 | Dividend Rate | 0.30% | APY | 0.30% | Min. Opening Deposit | $0 |
| Balance $100,000+ | Dividend Rate | 0.35% | APY | 0.35% | Min. Opening Deposit | $0 |
APY = Annual Percentage Yield. Rates are subject to change without notice. Dividends compound monthly.
Get Started
Choose the next step that's right for you. We offer options to fit your every day.
Apply Online
It's quick and easy to apply online.
Visit in Person
Apply locally at a branch near you.
Call Us
Speak directly with a Magnifi team member.
Meet With Us
A Magnifi team member can help you open a new account.
Personal Savings
Check out the variety of savings accounts Magnifi Financial has to offer. Plus get started easily by applying totally online.
Youth Savings
Kids can start saving while earning prizes with each birthday and deposit! Learn more about kids savings accounts.
Certificates
Put your money into a higher yielding certificate account. Your money is safe and secure with a variety of terms.
IRA
Plan for retirement with IRA accounts and other retirement planning accounts. Open an account or work with an advisor.
Frequently Asked Questions
How do I access the funds in my Magnifi Financial HSA checking account?
How do I access the funds in my Magnifi Financial HSA checking account?
You can access the funds via check, debit card, digital services login (including bill pay), or in person at any branch.
Is there a monthly maintenance fee for an HSA account?
Is there a monthly maintenance fee for an HSA account?
No, there are no maintenance fees for your HSA account.
How soon after my employer makes a contribution to my account will I have access to these funds?
How soon after my employer makes a contribution to my account will I have access to these funds?
Once posted to your account, the funds are immediately available for withdrawal.
Will my HSA checking account earn dividends/interest?
Will my HSA checking account earn dividends/interest?
Yes. Contact Magnifi Financial for current rates.
What happens if I write a check for more than my HSA balance?
What happens if I write a check for more than my HSA balance?
An HSA account can NOT be overdrawn. The check would be returned to the merchant as “insufficient funds” and there will be fees charged.
Who ensures that the funds in my HSA account are used for qualified medical expenses?
Who ensures that the funds in my HSA account are used for qualified medical expenses?
The HSA owner, with the assistance of his/her insurance provider and tax/legal professional. You can view IRS Publication 502 for more information about qualified medical expenses: www.irs.gov
Will I be receiving any tax related documents for my HSA account from Magnifi Financial and/or my employer?
Will I be receiving any tax related documents for my HSA account from Magnifi Financial and/or my employer?
You should receive IRS Form 1099-SA from Magnifi Financial (Distributions from an HSA) by January 31 of each year if you had any distributions for the previous calendar year.
- You should receive IRS Form 5498-SA from Magnifi Financial (HSA Information) by May 31 of the year following the year of the contribution.
- Your employer reports contributions made to an HSA on behalf of an employee on the employee’s Form W-2.
Do I have to report anything to the IRS?
Do I have to report anything to the IRS?
Yes, seek the advice of a professional tax preparer for all tax related questions.
Who is responsible to ensure that I don’t exceed my HSA annual contribution limit?
Who is responsible to ensure that I don’t exceed my HSA annual contribution limit?
You are responsible for not exceeding the annual contribution limits.
What are the HSA contribution limits?
What are the HSA contribution limits?
Refer to www.hsacenter.com for current contribution limits.
Where else can I find information on Health Savings Accounts?
Where else can I find information on Health Savings Accounts?
- www.irs.gov - Search “Health Savings Accounts”
- www.hsacenter.com
- Consult with a professional tax preparer and/or your insurance provider
I went to the doctor’s office, what happens next?
I went to the doctor’s office, what happens next?
In the doctor’s office will submit the claim to your insurance provider. If you have not met your deductible, you will then be billed. You would then pay that bill by accessing the funds in your HSA checking account. It is recommended that you keep records for IRS purposes by retaining the medical expense receipt/bill and payment information. Always consult the advice of a professional tax preparer for tax related questions.