Banking Products

Health Savings Account

A tax-advantaged savings account that allows people who are covered under a High Deductible Health Plan to save for annual medical expenses
Funds leftover at the end of the year may be rolled over to the next year
Eligibility determined by insurance provider or employer

Contribute to your account at any time until reaching the annual limitation determined by your insurance company
All electronic transactions will be considered to be made in the current year
If you need to make a contribution attributable to the previous year, you must visit a branch by April 15 of the current year, and use a specially-coded deposit ticket

Make distributions from your account at any time
You are accountable for recording all transactions and for verifying that distributions are eligible
Merchants Bank does not charge a penalty for any distribution; however, IRS penalties may apply
Disabled individuals should inquire with their insurance company regarding special distribution eligibility requirements