Savings Accounts

Solutions to Save Better Throughout Your Life

There are certain skills that serve you well throughout your life; saving money is among the most important as it allows you to be ready for whatever comes your way. We help prepare you by offering a variety of savings accounts, including health savings accounts.

Traditional Savings Accounts

Each of these accounts provide a great place to save your money while keeping it accessible.

  • Penny Savers Club- Start your kids off right with our Penny Savers Club! The fun activities and practical savings lessons included with this account will help build great savings habits with your kids age 12 and younger.
  • Regular Savings- Perfect for both new and experienced savers! Our low minimum balance requirement ($50) is the only hurdle to clear to start saving.
  • Super Saver- Make your money work for you! Super Saver introduces tiered interest starting at balances of $2,500 or higher to reward you for your saving.
  • Blue Advantage Savings*- Earn more on your savings balances by combining Blue Advantage Savings with your HCSB checking account. To earn the 0.80% Annual Percentage Yield, you must:
    • Have an HCSB checking account open for a minimum of 60 days
    • Have at least one direct deposit
    • Be enrolled in E-Statements
    • Deposit a minimum of $2,500 to open your Blue Advantage Savings Account

**One Blue Advantage Savings account per checking account.

Holiday Savings Accounts

Holidays and vacations are expensive, plain and simple. That’s why we offer ways to save specifically for times of the year that can take a toll on your checking account:

  • Christmas Club Savings- Save for the busiest time of year all year long! Christmas Club accounts can be set up for automatic transfers from your checking account to help you earn a 0.25% higher interest rate. Best of all, this account matures in October to provide the additional funds you’ll need throughout the holiday season.
  • Vacation Club Savings- Set aside funds for a summer vacation! You get the same 0.25% interest rate boost when you set up automatic transfers to your Vacation Club account from your checking account. You will also see a boost back into your checking account in May, just in time for vacation season.

Download our account application, fill it out, print it and bring it by any HCSB office today to start the account opening process.

Deposit Account Application (PDF)

Health Savings Accounts (HSAs)

When it comes to medical expenses, you can never be too prepared. Health Savings Accounts (HSAs) from Hardin County Savings Bank help you save for qualifying medical expenses through tax-deferred contributions while earning interest. Established as a savings account tied to a checking account*, it helps bridge the gap to your deductible and maximum out-of-pocket expenses.

HSA Qualifications

In order to qualify for an HSA, you must:

  1. Be covered under a high-deductible health plan (HDHP)
  2. Not be enrolled in Medicare, AND
  3. Not be claimed as a dependent on someone else’s tax return.

HSA Benefits and Features

There are several reasons a health savings account is a great financial tool:

  • Interest is paid monthly on your account balances, and earnings are completely tax-deferred while they remain in the HSA.
  • Your HSA comes with a free debit card, and your first 50 checks are free from us (they will say “Health Savings Account on them for simple record keeping”)
  • It’s easy to contribute to your HSA. You can make contributions through automatic transfers, payroll deductions, by mail or in person. Other family members, your employer or any other person can make contributions regardless of your employment status.
  • Balances roll over from year to year.

Frequently Asked Questions about HSAs

What qualifies as a high-deductible health plan (HDHP)?

For tax year 2016, the following limits apply:

  • Minimum deductible: individual plan- $1,300; family plan- $2,600
  • Annual maximum out of pocket: individual plan- $6,550; family plan $13,100

How do I pay with an HSA?

By simply using your checks or debit card. Qualifying medical expenses can be paid “out of pocket” and reimbursed from your HSA (consult with your tax or legal professional for guidance).

How do HSA distributions work?

Distributions from your health savings account are tax-free if they are qualified medical expenses. Tax-free distributions can be taken for the owner of an HSA, the spouse of the owner and dependents of the owner.

In the event the distribution is due to death and beneficiary of the HSA is the spouse of the HSA owner, the spouse becomes the owner of the HSA. If a distribution is for a non-qualifying medical expense, it will be taxed, included in gross income for tax purposes and assessed an additional 20 percent penalty. At age 65, distributions for non-qualifying medical expenses will be taxed as ordinary income without the 20 percent penalty.

Consult with your tax or legal professional for guidance.

Do I lose my HSA when I enroll in Medicare?

You can no longer make contributions to your HSA once you enroll in Medicare . You will, however, keep any funds leftover in your HSA to help pay for out-of-pocket health costs, retiree health insurance premiums or Medicare premiums, deductibles and co-payments.

How can I be sure an expense is a “qualified medical expense?”

You must verify it using the IRS’s standards. We recommend you keep all receipts in case the IRS asks you to prove your expenses are qualified.

How do I get started with an HSA?

Start by talking with your health insurance provider to ensure you are eligible. Then, visit us at our Eldora or Union locations to speak with an HSA Specialist. They will help you find the best approach to how much you want to contribute, when you want to contribute and other ways to fund your account.

For more information on the HCSB Health Savings Plan contact Kathy Balvanz:,  641-939-3407 or Tasha Pieper:, 641-486-5531.

*All contributions must be made to the HSA savings account. All contributions made in any form of electronic payment will be credited for the calendar year in which they are made.

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