Health Savings Account
Our Health Savings Account (HSA) is a convenient account for employees of businesses that offer an HSA eligible High Deductible Health Plan (HDHP). If you currently offer this to your employees, you are aware of the many benefits of pairing a HDHP with an HSA and the tax savings possible for you and your employees.
Employee Enrollment Process
Opening an HSA is like opening any bank account. We provide prospective owners with a Custodial Organizer that contains documents necessary to establish a State Savings Bank HSA, including an application form that collects the owner information, contribution information and beneficiary designation. Additionally, we collect information required by the USA Patriot Act and provide forms needed for ordering a debit card or checks. Your employees may come to the bank at their convenience to open their accounts.
Alternately, if you have several employees who would like to open HSAs, we can come to your business to answer questions and help them complete all necessary paperwork so they do not need to make a special trip to the bank. To arrange this, contact your account officer.
Our HSA's are available to residents of Iowa living in Polk, Jasper, and surrounding counties. You and your employees can see specific details about the account here and get answers to common HSA questions here.
HSA Account Features
- No minimum deposit required to open and no minimum balances required.
- Interest earned based is based on our SSB Select Checking interest rates. Click here to view rates.
- A debit card is available at no charge, checks can be ordered at the customer's expense.
- e-Statements are provided at no charge, paper statements are available for $5.00/statement.
- HSA account funds can be invested in HSA CDs. Click here to view HSA CD details.
Additional Business Services
HSA's for your employees is just one of the many services we offer our business customers. Online Banking and commercial cash management tools provide access to account balances and transactional history at a glance and the ability to quickly transfer funds, pay bills, make loan payments and originate electronic payments and collections. Using one or more of these tools can help you manage your contributions to employee HSA accounts, and add efficiency to many of the financial tasks growing businesses regularly require.
If you have additional questions and would like your account officer to contact you, please click here and fill out the form on the bottom of the page. Be sure to check the Health Savings Account (HSA) check box and type a question or comment in the comment box and we will get back to you during normal business hours as quickly as we can.