Health Savings Account

Our Health Savings Account (HSA) is a simple way to make the most of your health care dollars.

An HSA allows people with High Deductible Health Plans to pay for qualified medical expenses – such as prescription medication, doctor’s fees or dental care.  In addition, contributions and earnings on your HSA carry over from year to year, letting you build up tax-advantaged savings for future medical expenses.

To find out if you qualify for an HSA, check with your insurance provider or employer.


Our HSA is an interest-earning account offering a low $25 minimum opening deposit and no monthly maintenance fee.

Other benefits include:

  • No set-up fee
  • Free standard HSA checks
  • Easy access to your account via:
    • Checks
    • Debit card
    • Online 
    • Phone Banking
    • Convenient local branch locations

Rewards Checking

Contributions & Distributions

You can make contributions to your HSA at any time. The federal government sets annual contribution limits and all contributions are considered to be made in the current year. You can even make a prior year contribution until April 15th of the current year.

You can make distributions – or withdrawals – from your account at any time. Customers are responsible for recording transactions* and making sure withdrawals are eligible. Merchants Bank doesn’t charge penalties for distributions; however, IRS penalties may apply.  

If you are disabled, you may qualify for special distribution requirements. Check with your insurance provider to find out if you qualify.

*You cannot use your Health Savings Account for transactions that you will be reimbursed for by your insurance provider.