Health Savings Account (HSA)
An HSA1 helps you save and invest funds for qualified medical expenses2 by providing a number of advantages: you and your employer can make pre-tax contributions,3 and after-tax deposits or transfers are tax-deductible.4 Then, as your balance earns interest, it’s tax-free.4 If you have any funds remaining at the end of the calendar year, don’t worry—they roll over year after year. You’ll also have the option of investing the money in a mutual fund once your account reaches a balance of $3,500.5,6,7
- Receive custom checks and up to 2 Visa ® check cards8 for easy access to your funds
- Enjoy the security of FDIC insurance9
- Open your account at any local branch with no minimum deposit required
- Access your account through My Synovus digital banking.
Important Disclosure Information
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- All accounts are subject to approval. Back
- Refer to IRS publication 502 for a complete list. Back
- The Self-Only Coverage Maximum Contribution Amount is $3,550 in 2020 and Family Coverage Maximum Contribution Amount is $7,100 in 2020. HSA holders can make a one-time, tax-free distribution from their Roth and/or Traditional IRA to their HSA. Certain restrictions may apply. Back
- Consult your tax professional regarding matters of tax deductibility and deferral. Back
- Investment products and services provided by Synovus are offered through Synovus Securities, Inc, Synovus Trust Company, N.A., GLOBALT Investments and Creative Financial Group. Synovus Securities, Inc. is a registered broker/dealer, member FINRA/SIPC and an SEC Registered Investment Advisor. Investment products and services are not FDIC insured, are not deposits of or other obligations of Synovus Bank, are not guaranteed by Synovus Bank and involve investment risk, including possible loss of principal amount invested. Synovus Securities, Inc. is a subsidiary of Synovus Financial Corp and an affiliate of Synovus Bank. Back
- An investment option is available for account holders who have balances of $3,500 or more in their existing HSA. If you choose to add the investment option to your HSA, you can choose from nine Fidelity Investments® mutual funds available through Synovus Securities, Inc., our brokerage provider. The minimum initial investment for each fund is $2,500 and subsequent investments must be $100 or more. Back
- Please carefully consider the funds’ investment objective, risks, charges and expenses prior to investing. For more information, please thoroughly read the prospectus prior to investing. Back
- Subject to credit approval. Back
- The standard insurance amount is $250,000 per depositor. Visit www.fdic.gov for more information. Back
Interested in an HSA?
Visit your local branch to get started, and be sure you’re covered by a high-deductible health plan first.