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Abbott Laboratories Employees Credit Union

Online Banking

Health Savings Certificate Account

baby crawling on floor, Health Savings Certificate Account

Health Savings Accounts from ALEC help to manage your healthcare costs.


Earn a higher rate — while enjoying immediate tax benefits.

A Health Savings Certificate 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.

The ALEC Health Savings Certificate Account offers a fixed rate for a fixed term. In addition, ALEC also offers a Health Savings Account that features a competitive rate and special conveniences.

Advantages of our Health Savings Certificate Account:

  • Tax-deductible contributions
  • Low $500 minimum requirement to open
  • Competitive, fixed APY† (or variable rate certificate option)
  • Tax-deferred dividends are paid monthly*
  • Dividends can be automatically reinvested for maximum compounding
  • Terms from 12 to 60 months
  • Penalty-free withdrawals for qualified medical expenses**
  • No service charges, except for early withdrawals
  • 10 calendar day grace period after certificate matures to withdraw the funds without penalty
  • HSA funds can remain with you if you change jobs

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.

Manage My Account

† APY = Annual Percentage Yield. The APY 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.

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

** Consult your tax adviser for details.

†† 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.

View the 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 of the maturity window. Monthly HSA fee 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.