Health Savings Certificate Account; Caring young Asian mother putting a coat on her daughter at home

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, even if you change jobs. 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

Tax-deferred dividends are paid monthly*

Low $500 minimum requirement to open

Competitive, fixed APY (or variable rate certificate option)

Terms from 12 to 60 months

Dividends can be automatically reinvested for maximum compounding

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


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 view your certificate balance anytime via Online Banking, Mobile Banking and Telephone Banking. Plus, all 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 open a Health Savings Certificate.†† Simply call 847.249.9407 or toll-free at 800.762.9988, ext. 407. You can also visit any ALEC Service Center.


† 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. 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.