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Health Savings Account


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 here

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.

Advantages of our Health Savings Account:

  • Tax-deductible contributions 
  • Tax-deferred dividends*
  • Penalty-free withdrawals for qualified medical expenses **
  • HSA funds can remain with you if you change jobs
  • No setup fees
  • Low monthly fee*** 
  • Free direct deposit
  • Free HSA debit card
  • No minimum deposit
  • E-Statements

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

ALEC makes it easy to apply for an HSA.† Simply call 847.249.9484 or toll-free at 800.762.9988, ext. 484. You can also visit any ALEC Service Center. 

Already have an ALEC HSA? Manage it online by clicking here.


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

** Consult your tax adviser for details.

*** Waived if member has an ALEC checking account with $500 in direct deposit per month or an ALEC Visa or ALEC Loan with activity within the last statement cycle.

† 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.

Click here to view the most current rates.
Account Type Minimum to Earn APY Nominal Rate APY*
HSA Savings
0.249 % 0.25 %
HSA Certificates 12 months 0.598 % 0.60 %

24 months 0.847 % 0.85 %

36 months 1.090 % 1.10 %

48 months 1.588 % 1.60 %

60 months 2.080 % 2.10 %

*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 of the maturity window. Rewards Checking Certificate Bonus rates only valid for members with a Rewards Checking Account. New Certificates only. Renewals are excluded.