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Advantages of opening an HSA at CFB

Are you looking for a smarter way to manage your health expenses and enjoy incredible tax benefits?
Citizens First Bank brings you Health Savings Accounts (HSAs) with significant tax advantages:

    1. Competitive Interest Rate
    2. Tax-Free Contributions: Your contributions to your HSA are pre-tax, reducing your taxable income.
    3. Tax-Free Growth: As your HSA balance grows, it’s not subjected to any taxes, so your savings can flourish.
    4. Tax-Free Distributions: When you use your HSA for qualified medical expenses, your distributions remain tax-free.
    5. Tax Advantage: Every dollar you put into an HSA enjoys a tax advantage since you’re exempt from Social Security and Medicare taxes.
    6. Supplement Your Retirement: When you turn 65, you can take distributions for non-qualified medical expenses, paying only ordinary income tax.
    7. 24/7 Access to Tax Forms: Using CFB Digital Banking you can access your tax forms when you need them.


A Health Savings Account (HSA) is a type of account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in an HSA to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your out-of-pocket health care costs.



Health Savings Account (HSA) Rates

Minimum Balance to OpenMinimum Balance to Obtain APYTierInterest RateAPY
$0.00 $500.00 $0.01- $499.99 0.00% 0.00%



$500.00 and above 3.00% 3.04%

Fees could reduce earnings.
Interest Rates and APY may change after the account is opened.



The 2024 maximum contribution for an individual is $4,150.00 and for a family is $8,300.00. If you are over the age of 55, you can contribute an extra $1,000.00 to your HSA.

  • Minimum to Open: $0
  • Annual Service Fee :$0
  • Pays Interest: See Personal Bankers or compare Rates

Other Account Details and Benefits

Digital Banking, e-Statements, and a debit card at no charge. Checks available for purchase.


See your Personal Banker for full account disclosures.



More Flexibility, No Mandatory Distributions

Learn more about your options to plan for your health expenses on your terms.
Open a new HSA or transfer your existing HSA from another institution.

Ask us your questions

Open a CFB HSA

Open a CFB HSA
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Open a CFB HSA

Open a CFB HSA

Connect with us to open your Health Savings Account

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Transfer HSA to CFB

Transfer HSA to CFB
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Transfer HSA to CFB

Transfer HSA to CFB

Connect with us to transfer your Health Savings Account

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Open a Checking Account

Open a Checking Account
Cash Rewards Checking account at Citizens First Bank gives cash rewards back for 50 swipes using your card

Open a Checking Account

Open a Checking Account

50 card swipes on everyday shopping, get you $10 in cash rewards, at the end of every statement cycle.

Cash Rewards Details


Qualifying for an HSA Contribution

To be an eligible individual and qualify for an HSA contribution, you must meet the following requirements:

  • You are covered under an HSA eligible health plan, on the first day of the month.
  • You have no other health coverage except what is permitted.
  • You aren’t enrolled in Medicare.
  • You can’t be claimed as a dependent on someone else’s tax return.

Connect with your Banker

Portrait of Anne West at the Arboretum
Anne West
Portrait of Anne West at the Arboretum
Anne West

Retail Banking Officer

Office: 563.296.3325

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