A Frost Health Savings account (HSA) offers certain individuals tax advantages and greater flexibility in covering medical expenses. Our HSA features:
- interest paid monthly
- a free Health Savings account (HSA) Checkcard, which allows you to make health-related purchases
- quick access to check deposits generally on the next business day
You could be eligible to open a Frost Health Savings account if you meet all of the following criteria:
- covered under a high-deductible health plan
(minimum $1,300 single; $2,600 family)
- not covered by any other health plan
- not entitled to benefits under Medicare
- not a dependent on another person's tax return
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- no monthly service charge when you maintain a $3,000 minimum daily balance. Otherwise, there is a $3 monthly service charge without imaged checks or a $5 monthly service charge with imaged checks.
- for a complete comparison of our savings account features, interest rates, monthly service charges and fees, view our health savings account Schedule of Fees.
Contributions to a Frost Health Savings account may be tax deductible** and withdrawals used for qualified medical expenses are tax-free (consult your tax advisor or the IRS for more information). You can contribute up to $3,400 annually if you're single, or $6,750 as a family. In addition, a Frost HSA features:
- three free check withdrawals per statement cycle ($5 each after that)
- unused balances automatically roll-over from year-to-year
- transfers can be made from your checking account online and will be counted towards your current year contribution
To open a Health Savings account, call (866) 376-7889 or stop by your local Frost financial center and bring:
- your government issued photo ID such as a driver's license, state ID or U.S. Military ID
- your Social Security number
- a minimum $50 opening deposit
To request a Frost Health Savings account Checkcard, visit your local Frost financial center or fill out a request form and mail it in.
When you receive your card, activate it by calling (800) 252-5473.