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Health Savings Accounts


Co-pays, medications, specialist visits – healthcare costs add up quickly.  With Northern Bank’s convenient Health Savings Accounts (H.S.A.), you can reduce your tax bill and have the convenience of a debit card to make all of your healthcare purchases.




Send a Message or Give us a call 800 273 6908

What is a Health Savings Account?


A Health Savings Account (H.S.A.) is an interest checking account designed for individuals who participate in a high deductible health care plan and want to save, pre-tax, for future medical and retiree health expenses.  You can use your H.S.A. to pay for current qualified medical expenses that are not covered by insurance.


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With A Northern Bank H.S.A. You Get:


  • ​Competitive interest rate
  • No monthly service charge
  • No minimum balance required to maintain account
  • Mobile wallet ready H.S.A. debit card
  • Online banking with e-statements and bill pay
  • Mobile banking with mobile deposit
  • Annual statement of contributions and payments





$25 minimum to open the account. $25 account closing fee. Please refer to the fee schedule for more information.

Account opening subject to approval.

Benefits of a Health Savings Account


There are tax benefits to contributing to an H.S.A.

  • Contributions: Your contributions are not subject to Federal or state income tax.* Most states do not impose a state income tax. 
  • Interest: The interest you earn on your H.S.A account is tax exempt.
  • Withdrawals: Your withdrawals to pay for qualified medical expenses are tax free deductions.  You also do not have the same “use it or lose it” rule as a Flexible Spending Account (FSA) so you can let your account grow and save for future medical expenses.


*Please consult a financial or tax advisor regarding your state specific rules.


For more information please visit our Financial Answer Center


Financial Answer Center

How to Use Your H.S.A.



  • Deposit funds at one of our branch locations. 
  • Deposit funds electronically via direct deposit from your employer.
  • Transfer funds through online banking or using mobile deposit.
  • All deposits into your H.S.A. are considered a current year contribution.
  • Prior year contributions can be made in person at any of our branches or through the mail. 




  • Use your H.S.A. Northern Bank Debit Mastercard® where accepted for qualified medical expenses. 
  • Write a check. 
  • Schedule a bill payment through online or mobile banking.


Please note that it is your responsibility to ensure that you are using your H.S.A. funds to cover or pay for qualified medical expenses.


For more information please visit our Financial Answer Center


Financial Answer Center



Transactions and Statements

  • View and download your Health Savings Account activity through online banking.
  • Elect to receive your monthly account statement electronically which will make your statement available to view sooner than if you were to receive the statement in the mail.

Employer Benefits of Offering H.S.A.


  • Payroll Tax Savings*: As an employer, you do not have to pay payroll taxes on H.S.A. contributions made by your employees through their payroll deductions.
  • Federal Tax Savings*: As an employer, if you make contributions to your employee H.S.A. accounts, you may be eligible to take a federal income deduction on these contributions*


  • Employee Retention: Offering a competitive benefits package that includes a Health Savings Account, that you contribute to, can help attract and retain high valued employees.


*Please consult with your company’s financial or tax advisor.


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Call Us 800 273 6908

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