Health Savings Account; Beautiful afro american woman eating vegetable salad at home

Saving for your health is investing in your future.


Want to save for future medical expenses and get special tax advantages? Open a Health Savings Account.

A Health Savings Account (HSA) is a special account that allows you to set aside money to help pay for future medical expenses, and deduct those contributions on your tax return.

To qualify for an HSA, you must be covered by a High Deductible Health Insurance Plan (HDHP) and satisfy other eligibility requirements.

HSA funds are never taxed when used for qualified medical expenses, and all unused funds can be rolled over from year to year. You can learn more about HSAs from the federal government.

This ALEC Health Savings Account features a competitive rate, low or no fees and special conveniences. In addition, ALEC also offers a Health Savings Certificate Account that, compared with the Health Savings Account, provides a higher rate and a fixed term or a Health Savings Investment Account where you can invest your HSA in mutual funds.


Advantages of our Health Savings Account:

Tax-deductible contributions

Tax-deferred dividends*

No setup or monthly fees

Free direct deposit

Penalty-free withdrawals for
qualified medical expenses**

Free HSA debit card

HSA funds can remain with you
if you change jobs

No minimum deposit

E-Statements


Apply today


Our most current rates:

Account Type Term Nominal Rate APY*
HSA Savings n/a 0.100% 0.10%
HSA Certificates 12 months 0.449% 0.45%

24 months 0.598% 0.55%

36 months 0.648% 0.65%

48 months 0.797% 0.80%

60 months 0.896% 0.90%

* The Annual Percentage Yield is the rate that is earned if the funds are left to compound for one year. All dividends are paid monthly based on the daily average balance. Rates subject to change monthly. $500 minimum balance to open account. A penalty may be imposed on an early withdrawal of a Certificate outside the maturity window.


You can easily access your HSA anytime via Online Banking, Mobile Banking and Telephone Banking. Plus, HSA Savings and HSA Certificates at ALEC are insured up to $250,000 by American Share Insurance, the nation's largest private deposit insurer.

Want more tools for managing your HSA? Check out our calculators:

ALEC makes it easy to apply for an HSA.† Simply call 847.249.9407 or toll-free at 800.762.9988, ext. 407. You can also visit any ALEC Service Center.

Already have an ALEC HSA? Manage it online.


Manage My Account


* Dividends will be credited to the member's account every month.

** Consult your tax adviser for details. References to taxes, tax deductibility and tax advantage is not intended as tax advice.

† An open membership is required to process your HSA application. If you're not a member, you must first apply for ALEC membership to open a Health Savings Account. Membership requirements include a completed application, copy of identification and a $5 ALEC Savings Account.