Personal Health Savings Account

Personal Health Savings Account

Personal Health Savings Account

Manage the Costs of Care

While medical expenses always seem to trend upward, we offer a product that can help keep these costs in check. We offer the finest in tax-advantaged Health Savings Accounts, or HSAs. They provide those with high-deductible health plans the ability to build a cushion to pay for their care.

Members, their families, and business owners can all enhance their financial health with HSAs. The following are among the many advantages of these vehicles:

  • Tax Benefits-
    • Pre-tax contributions and/or tax-deductible contributions.
    • Dividends accrue tax-free.
    • HSA funds for qualified medical expenses are not taxed.
  • Growth- Unused resources roll over every year and continue to build tax-free.
  • Portability- Regardless of coverage type, your HSA dollars are yours, no matter if you change jobs, switch insurance policies, or retire.
  • Premium savings- In most cases, HSA-eligible insurance policies have lower prices.

Why choose Health Savings Accounts at America First?

  • No fees.
  • No minimum-balance requirements.
  • Custom products to fit your unique needs- HSA Share Savings, HSA Money Market Savings, HSA Money Market Checking, and HSA Certificate Account options.
  • Accessibility- You can utilize funds via Visa debit cards, free Online Banking, checks, and cash withdrawals.
  • 24/7 account management- With free Online Banking, you can take control of your HSA, using features such as free Online Bill Pay, cashed check viewing, Online Statements, accessing IRS tax forms, and generating current and previous year account summaries.
  • Service- We'll deliver your account with exceptional member service, something you've come to expect from America First.

Finally -- A Convenient and Cost-effective Solution for Providing Health Benefits

Why HSA-eligible high-deductible plans are a great solution:

  • Control expenses- Generally, monthly premiums are significantly lower for both employers and employees.
  • Your team comes first- High-deductible coverage puts your employees in the driver's seat, letting them manage their care.
  • Healthier, happier employees- Highly focused on prevention, these plans can help create a more productive workforce.
  • Tax-benefited structure- Health insurance may be coupled with HSAs, operating much like cafeteria plans. Funds are deposited pre-tax into your employees' HSAs.
  • Less hassle- Unlike a cafeteria plan, Health Savings Accounts are solely run by employees, creating far fewer administrative tasks.
  • Peace of mind- Your employees will take comfort in knowing HSA resources are theirs and will follow them if they change jobs, retire, or find different coverage. Also, they don't carry use-it-or-lose-it clauses. Funds roll over yearly and continue earning dividends tax-free.

Why America First is the top choice for HSA needs:

  • Affordability- We offer no-fee Health Savings Accounts to everyone. After all, why should you pay to save for your medical visits?
  • No minimum-balance requirements.
  • We are not limited to a single insurance carrier. As long as you have a high-deductible plan, you are eligible to take advantage of an HSA.
  • Premier service- From implementation to everyday transactions, we will assist you every step of the way. And we work with employer groups to ensure a smooth enrollment process.
  • Multiple funding options and account-opening methods.

To open HSAs at America First Credit Union, employees must be members or meet eligibility requirements to join. Our membership accounts and HSAs are available online or at our branches.

Employer Contributions

There are convenient ways your employees' Health Savings Accounts can receive contributions:

By check- include a spreadsheet with each employee's name, his or her HSA number, and the funds breakdown. Mail directly to:

Deposit Services

America First Credit Union

P.O. Box 9199

Ogden, UT 84409

Automatically- for automated clearing house (ACH) transactions, please provide this information to your financial institution:

  • America First routing number: 324377516
  • HSA account number: (for example, 24356781
  • Account type: (checking, savings)

Taking Care of your MVPs

America First understands any business' most valuable resource is its employees. We provide Health Savings Accounts so employers can make sure their team is on solid financial footing:

Employer HSA Contributions and Reporting


  • Monitor if the employee is enrolled in your high-deductible plan and determine if he or she is covered by any other employer-sponsored health insurance that renders employer HSA contributions ineligible.
  • Track employees' ages to determine catch-up contribution eligibility.
  • Satisfy comparability rules for employer contributions.
  • Forward HSA contributions to the applicable financial organization.


  • Report employer and employee HSA contributions made through a cafeteria plan on the applicable W-2.

HSA Glossary

Beneficiary- Individual receiving HSA funds following the account owner's death. There are primary and contingent beneficiaries.

Catch-up Contribution- Those with ages 55 and over are allowed an additional, $1,000 catch-up contribution.

Co-insurance- Amount an individual must pay when a deductible is reached. For example, 80/20 means that once the deductible is met, the insurance company pays 80% of claims, while the employee is responsible for 20%.

Contingent beneficiary- An individual receiving HSA funds if the account owner and the primary beneficiary die.

Deductible- Amount paid before any co-insurance takes effect.

Excess contribution- One that exceeds the HSA owner's maximum for the year. If not removed in a timely manner, the account owner owes a 6% excise tax.

HDHP- (high-deductible health plan) - To contribute to an HSA, the owner must be covered by a qualified HDHP. Certain deductible and out-of-pocket expense limits apply.

Mistaken distributions- HSA funds accidentally used for a non-qualified medical expense. The IRS allows mistaken distribution correction to avoid taxes or penalties.

Non-qualified distribution- HSA distribution used for a non-qualified medical expense. These are subject to taxation and 20% penalties. Refer to IRS Publications 502 and 969 for a list.

Primary beneficiary- He or she receives HSA funds when the account owner dies.

Prior-year-contribution- These are designated for the prior tax year up until the tax-filing deadline, usually April 15. To take advantage of such a contribution, HSA eligibility is required during that prior tax year.

Qualified distribution- HSA funds used for a qualified medical expense. Refer to IRS Publications 502 and 969 for a list.

Qualified HSA funding distribution- Funds from a Traditional or Roth IRA distributed into an HSA. This is a reportable movement, but it is not taxable as long as it's processed correctly.

Rollover- Funds movement from one HSA custodian, to the account owner, and then to another custodian. This is reportable but not taxable, as long as certain requirements are met. There is a 60-day time limit and only one rollover is allowed per 12-month period.

Transfer- Funds going directly from one HSA custodian to another. Since the account owner does not have constructive receipt of funds, this is not reportable and not taxable. There is no limit to the number of transfers.

Frequently Asked Questions

The easiest way to make sure your plan is HSA-qualified is talk to your insurance provider or talk to your employer.
The IRS has set annual limits on the amount you can contribute into your HSA. This limit is determined by whether you have an individual or family policy. Health Savings Accounts are subject to a cost-of-living adjustment and these limits will generally increase each year. The IRS also allows a "catch-up" contribution of $1,000 each year for individuals 55 and over.
If nothing is done about this excess contribution then there will be an excise tax of 6 percent assessed by the IRS. You are able to avoid this penalty as long as you distribute the excess before the tax filing deadline including any extensions. Any of our many America First branches can help you fill out the appropriate paperwork to get this taken care of so you avoid this tax.
The IRS has provided a detailed list of the expenditures that they deem as eligible and ineligible. This list is Publication 502 and can be located at
No. Generally, insurance premiums are not considered qualified medical expenses. There are some exceptions though:
  • COBRA premiums
  • Qualified long-term care insurance
  • Medicare Premiums
Your America First Health Savings Account comes with a variety of methods to withdraw your funds.
  • Write a check that pulls directly from your HSA
  • Swipe your HSA Visa debit card
  • Utilize our online bill pay service and pay the bill from the comfort of your own home
  • We also have over 100 local branches that you are able to physically withdraw the funds from.
To fix this problem, just bring that same amount into any local branch and tell us it was a Mistaken Distribution. We can then put the funds back into your HSA and correct the problem.
Health Savings Account owners will learn to become good bookkeepers as you will need to save all receipts and proof of withdrawals. In case you are ever audited by the IRS, you will need this information to prove that your withdrawals were for qualified medical expenses.

*TIP* E-Statements are available each month at If you had a medical expense for a particular month, simply print out that month's e-statement, staple the receipt to that month's statement and then file it away.
At this point, you will no longer be able to contribute into your HSA. You have a few options that you must choose from:
  • You can take the money out of the HSA for non-qualified expenses and pay the penalty and taxes on those funds
  • You can still use the HSA funds to pay for any eligible medical expenses tax free.
  • When you reach the age of 65, the IRS allows you take any amount out of the HSA for any reason without any penalty. The amount distributed will be taxed as regular income but there will be no penalty.
If you currently have an HSA at another financial institution, you can transfer or rollover your HSA to America First Credit Union. First, complete the America First Credit Union HSA application. Remember, you must first be a member of America First to open an HSA with us. Your HSA must be opened at America First before you can transfer or rollover funds.
Submit an HSA Transfer Request at America First Credit Union and we will initiate the transaction with the current custodian. This type of transfer is a custodian to custodian transfer and the IRS has not put a limit on the number of these transfers
Withdraw the funds from your current financial institution and deposit them into your new America First Health Savings Account. Remember you are only given 60 days to move the funds from one institution to the other. Rollovers are only allowed once every twelve months.
The HSA is your account therefore you get to decide what you would like to do with it. You are no longer able to make contributions into your HSA since you are not covered by an HDHP but you do still have options.
  • Still use the funds in the HSA to pay for qualified medical expenses such as co-pays, vision expenses, dental expenses, etc.
  • Keep the money in the HSA and accrue interest tax-free until you reach the age of 65 and then withdraw the balance with no penalty
Each month America First sends out paper statements to you so you can track your account balance and activity. Statements are also available online each month if you prefer to review your information electronically. We will also mail you out a copy of the 1099-SA and 5498-SA tax documents which report the withdrawals and contributions into your HSA.
Product APY Dividend Rate Min. Opening Balance Min. Earning Balance
APY = Annual Percentage Yield. Fees could reduce earnings. Dividends are credited and compounded monthly. Health Savings Accounts are secondary accounts. You must have a primary credit union account with America First. Membership and eligibility rules apply. Contributions to and distributions from HSA accounts are reportable to the IRS. Additional terms and conditions apply, see Truth in Savings Disclosure. Rates and terms are accurate as of Thursday, October 1, 2015 and are subject to change.
HSA - Share Savings 0.10% 0.10% $0.00 $0.00
HSA - Money Market Savings
0.10% 0.10% $0.00 $0.00
HSA - Money Market Savings
0.30% 0.30% $0.00 $0.00
HSA - Money Market Savings
0.50% 0.50% $0.00 $0.00
HSA - Money Market Savings
0.70% 0.70% $0.00 $0.00
HSA - Money Market Savings
$50,000 +
0.70% 0.70% $0.00 $0.00
HSA - Money Market Checking
0.05% 0.05% $0.00 $500.00
HSA - Money Market Checking
$2,000 +
0.30% 0.30% $0.00 $500.00

Created for You

The U.S. Congress enacted Health Savings Accounts so you could reserve funds for necessary medical expenses.

What Members Are Saying About Our Personal Health Savings Account

   Apply for a Loan

   Find a Location

   Download the App