Health Savings Accounts

HSA Checking And Savings

With an HSA from North Island Credit Union, you own and decide who to contribute to, how to spend, and how to invest the money in your HSA.

  HSA Checking And Savings

Who It Is Good For

People who have high-deductible health plans (HDHPs) who want to pay for and save for health expenses on a tax-free basis

Opening Deposit


Maintenance Fee

No fees for the first year and the $1/month fee is waived if your plan balance is $2,500 or more

North Island Perks

  • You will receive dividends each year as a reward for keeping money in your account
  • Easily transfer money into your account using online banking from your computer, using our popular mobile banking app, or text message banking


HSAs are available to individuals who are covered under a high deductible health plan (HDHP), are not enrolled in other general medical insurance coverage or medicare, and may not be claimed as a dependent on another person’s tax return (but may be a spouse filing jointly). You only need a HSA Savings if you are on ChexSystems.

Making Contributions

It Is as easy and convenient as making deposits to your other North Island accounts:

  • Use payroll deduction
  • Visit any North Island branch
  • Use Digital Banking or 24-Hour Telephone Banking to transfer funds from your other North Island accounts
  • Contact us to set up recurring automatic transfers from another North Island account
  • Send in a check by mail

Accessing Funds

To pay for qualified medical expenses, simply use your HSA Visa® debit card, North Island's online bill payment service, or write a check from your HSA Checking. Your payments are tax-free when used to pay for a qualified medical expense, and it is your responsibility to determine if an expense is qualified (consult a qualified tax professional). You can keep track of your balances online via Digital Banking, through 24-Hour Telephone Banking, or by calling the Contact Center at (800) 848-5654.

If you pay an expense from your HSA and later discover it is not a qualified medical expense, notify us immediately. To avoid penalties, you will need to deposit the funds back into your Health Savings Account no later than February 28 of the year following the payment. If you miss this deadline, you must claim the amount as "income" on your tax return, and are subject to an IRS tax penalty if you are under age 65.

Employer Contributions

To allow your employer to contribute to your HSA, simply follow these steps:

  • Give your employer our Routing Number (322281468) and your HSA account number
  • Remember that contributions made by you or your employer are subject to IRS limits
  • Be sure to track your total contributions so you do not exceed the limits defined by law
  • Ask your employer or a qualified tax advisor for further details

IRS Reporting

North Island will mail you IRS Form 1099SA by January 31, following the end of the previous tax year. This form shows the total distributions (payments) made from your HSAs during the tax year.

All contributions into the HSA are reported to the IRS as "current year" contributions unless you instruct us differently. "Prior year" contributions can be made by visiting a branch, calling the Contact Center, or by mail. Mail requests must clearly identify the tax year of the deposit. You have until April 15 to make all your HSA contributions for the prior tax year. North Island will mail you IRS Form 5498SA, reflecting total prior tax-year contributions, by May 31.

Rules to Remember

  • If you do not have enough for a payment, the credit union cannot cover you as a courtesy, this is strictly prohibited by the IRS
  • For proper tax reporting, ATM transactions are not permitted

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