Health Savings Account

Created by Congress to combat rising medical costs, a Health Savings Account is an IRA-like account designed exclusively for covering medical expenses incurred by the account beneficiary and his or her dependents, and works in conjunction with a High Deductible Health Plan.

  • HSA investment earnings are tax-deferred
  • Funds remain tax-free provided they are used to pay for qualified medical expenses
  • Unlike Flexible Spending Accounts, unused HSA funds can grow annually, allowing you to save for future medical expenses

Account Features:

  • Free initial order of checks
  • Free VACU debit card
  • Monthly account statements

Your HSA will be set up as two accounts — HSA savings and HSA checking. When you write a check, funds will be automatically transferred from the HSA savings account to the HSA checking account to cover the amount. Annual service fee applies. 



  1. Must be covered exclusively by a High Deductible Health Plan (HDHP)
  2. Cannot be covered by another health plan
  3. Cannot be enrolled in Medicare or be claimed as a dependent on another person's tax return
Pays Dividends  Min. Balance to Open Annual Contribution Limit*

View rates


Individual - $3,500

Family - $7,000

Get Started



 Already have a VACU savings account?

Whether you’re looking to set up direct deposit, discover ways to maximize your savings or learn more about the features of your VACU savings account, our resources can help.

 View our account holder resources

*High Deductible Health Plan deductibles and contribution limits are revised each year to reflect cost-of-living increases. Contributions for a particular tax year can be made as late as April 15 of the following year. In addition to the standard HSA contribution limits, if you have attained age 55 before the close of a taxable year, you may contribute an additional amount known as a “catch-up contribution." The catch-up contribution limit for 2017 is $1,000.