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Health Savings Certificate

health savings certificate account

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

Earn a higher rate — while enjoying immediate tax benefits.

Open a Health Savings Certificate 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, even if you change jobs. You can learn more about HSAs from the federal government.


This 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.

Earn A Higher Rate

Advantages of our Health Savings Certificate Account:

Tax-deductible contributions

Tax-deferred dividends are paid monthly1

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

Health Savings Account (HSA) Certificate Rates

Account TypeTermNominal RateAPY*
HSA Certificates #
$500 Minimum Balance
 12 months1.736%1.75%
24 months2.227%2.25%
36 months2.472%2.50%
48 months2.960%3.00%
60 months3.445%3.50%
Variable Rate HSA Certificate **
$500 Minimum Balance
24 months 4.793%4.90%
* 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. The nominal rate is the rate used to calculate the monthly dividend.
# A penalty may be imposed on an early withdrawal of a Share Certificate. View our fee schedule.
** The “Index” is the 13-week Treasury Bill rate posted in the Money rates section of the Wall Street Journal on the last business day of the previous month. As of February 28, 2023, the rate is 4.75%. The rate floor is 0% APY.

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.

For more information, download our HSA Disclosure document.

† 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.
1 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.