Are you maximizing your HSA potential?
Consolidate your HSA accounts into one, easy-to-use account with Riverland Bank! Riverland Bank HSA can be opened with just $100, and you’ll earn interest on your balance every month. The best part is your funds will always remain easily accessible and you will be prepared for any future medical needs.
Did you know that your Health Savings Accounts (HSAs) are portable?
You can take your HSA with you if you move on from an employer or change health plans! Even if you currently have an HSA through your employer, it’s easy to consolidate your accounts with us.
What are the benefits of HSA rollover?
- Centralize your health savings – Keep track of your funds in one place to easily see your total balance.
- Minimize fees – Avoid unnecessary fees by consolidating multiple HSAs into a single account.
- Tax-free consolidation – HSA rollovers are typically tax-free, allowing you to move funds without additional tax burdens.
- Rollover funds year after year – Unlike most Flexible Spending Accounts (FSAs), HSA funds carry over from year to year.
- Simplify tax reporting – Consolidating your accounts makes it easier to manage and report your tax information.
What to know about opening a Personal HSA with Riverland Bank
- Minimum opening deposit: $100
- Minimum balance required to avoid monthly fee: $100
- Tiered interest based on your account balance, paid monthly
- ATM/debit cards available for easy access to your funds
Features of Your Riverland Bank HSA
- No Annual Fees.
- Tiered APY: Earn higher APY as your HSA balance grows.
- Easy Account Management: Access to our free and user-friendly online platform for managing your HSA.
- Funds can be withdrawn at any time by check or debit card.
- Monthly fee only if the balance falls below the minimum balance of $100.
| Balance Tiers | Annual Percentage Rate Earned |
|---|---|
| $0 - $9,999.99 | 0.25% |
| $10,000.00 - $29,999.99 | 0.50% |
| $30,000.00 and above | 3.00% |
Steps to opening an HSA using a rollover
1. Contact Riverland Bank to open your HSA account, this can be done in person or using electronic signing capabilities and usually takes about 15-20 minutes.
2. Ask your prior HSA provider to transfer your funds to the account at Riverland. They may do this by directly transferring the funds, or they may ask you to sell off your HSA investments, in which case you could transfer over direct funds, they could send a check, or electronic transfer to you to deposit into your new account.
Note that if you receive a check or ETF from your old provider, you must deposit the funds into the new account within 60 days to ensure it stays tax-free.
3. Continue contributing to your HSA.
Business Owner? Give Your Team the Benefits of Employee Edge
As a business bank account holder, you can offer your employees a range of benefits – including HSA accounts with no fees or minimums – with Riverland Bank’s Employee Edge Accounts.
In addition to HSAs, with Employee Edge you can also take advantage of:
- Interest Checking Account – an account with no monthly service fees or minimum balance requirements, and access to a checking reserve through a line of credit attached to the account
- Special Certificate of Deposit (CD) rates – Open any CD account with a term up to 18 months and get an additional 0.15% over our current rates
- Credit card options through the easy-to-use Elan portal
Start living life on the Edge! Contact Cash Management Officer Alyssa Pilger to learn more about how Riverland Bank’s Employee Edge accounts can benefit you and your team.