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Health Savings Accounts (HSAs)

Be Prepared for Future Medical Expenses with an HSA from Putnam Bank, a division of Centreville Bank

Even with insurance, paying for health care is a major expense that has increased over time. However, having a health savings account (HSA) from Putnam Bank, a division of Centreville Bank in conjunction with a high-deductible health plan can help cover the costs of any medical expenses for you or your family.

An HSA is a tax-advantage checking account created by the government to help manage any increasing health care costs. HSAs can be used to pay for qualifying medical expenses if you haven't yet reached your deductible or out of-pocket maximum with your health insurance plan.

Pre-Tax contributions can be made, by both you and your employer, anytime, up to the maximum contribution limits:

Self-only HSA contribution limit$3,500$3,550
Family HSA contribution limit$7,000$7,100


Plus HSA owners ages 55+ are eligible for $1,000 catch-up contribution). The HSA account balance carries over from year to year without penalties or fees.

Start an HSA online with Putnam Bank, a division of Centreville Bank. If you have further questions about an HSA with Putnam Bank, a division of Centreville Bank, our staff would love to help. Simply call or come by any of our offices!

Putnam Bank offers HSAs with:

  • No Service Fee
  • Competitive interest rates
  • No minimum balance requirements
  • Direct Deposit / Employer ACH Contributions
  • Free printed checks
  • Free debit card available to the HSA owner, authorized signers and covered dependents over the age of 18.


Internal Revenue Service (IRS) Warning - The Internal Revenue Service (IRS) states that a negative balance in your HSA plan is prohibited by federal law. This means that you cannot have any transaction, fee or charge that causes your HSA plan to have a negative balance. It is extremely important that you do not overdraw your HSA plan. If you do, it is a prohibited transaction and Putnam Bank must close your account. According to the Internal Revenue Code, if an HSA plan results in a negative balance, the HSA will cease to be an HSA on the first day of the year in which the prohibited transaction occurred. You agree to immediately deposit sufficient funds to eliminate the negative balance. Putnam Bank is authorized to transfer funds from any other Putnam Bank account in which you have an interest, to create a non-negative balance in the HSA checking account. We encourage you to set up an account balance alert on your HSA account to help effectively manage your account and avoid a negative balance.

Health Savings contribution limits apply and are subject to change. Consult Tax Advisor. Qualified High Deductible Health Plan required. Other fees, terms and conditions may apply.