Health Savings Account (HSA) — TD Bank, N.A.

A Health Savings Account (HSA) from TD Bank, N.A. is a tax-advantaged account designed to help individuals and families save and pay for qualified medical expenses while enrolled in a high-deductible health plan (HDHP). Built to provide long-term flexibility, tax benefits, and tools for managing health-related costs, the TD Bank HSA combines everyday accessibility with opportunities to grow funds for future healthcare needs.

Key Benefits

• Triple tax advantage: Contributions may be tax-deductible, growth through interest or investments is tax-deferred, and qualified medical withdrawals are tax-free.
• Flexible spending: Use funds for a broad range of qualified medical expenses including deductibles, prescriptions, dental and vision care, and many other healthcare-related costs.
• Portability: The account belongs to you — it stays with you if you change employers or health plans.
• Long-term savings: Unused HSA funds roll over year to year and can be used in future years, making the account useful for saving toward retirement healthcare costs.
• Account access: Convenient online and mobile banking, debit card access for qualified purchases, and account statements to track contributions and expenses.

Who Is Eligible

To open and contribute to an HSA, you must be enrolled in a qualified high-deductible health plan (HDHP). Other general eligibility requirements include not being claimed as a dependent on someone else's tax return and not being enrolled in Medicare. Contribution limits are set annually by the U.S. Internal Revenue Service (IRS) and may change from year to year. Individuals age 55 or older may be eligible to make additional catch-up contributions.

How It Works

Contributions to the TD Bank HSA can be made by you, your employer, or other third parties on your behalf, subject to annual IRS limits. Funds deposited into the HSA can be used immediately to pay for qualified medical expenses or held in the account to build a reserve for future needs. Many HSAs offer tiered features — such as a basic deposit account for spending and an investment option for long-term growth — enabling you to tailor how your HSA funds are managed.

Account Features and Tools

• Online and mobile banking: Manage contributions, payments, transfers, and view statements through TD Bank’s digital platforms.
• Debit card and checks: Use the HSA debit card or checks to pay for qualified medical expenses directly from your account.
• Investment options: Depending on account balance and plan options, you may be able to invest eligible HSA dollars in mutual funds or other investment vehicles to pursue long-term growth.
• Recordkeeping support: Tools and statements to help you track qualified expenses and retain necessary documentation for tax reporting.
• Direct payroll contributions: If offered by your employer, contributions can be made via payroll deductions, simplifying regular funding of the account.

Fees and Interest

HSAs may include fees such as monthly maintenance charges, transaction fees, or fees associated with investment accounts. Interest rates for deposit balances and performance of any investments are variable and depend on market conditions and the specific account options you choose. Fee schedules and interest or investment disclosures are provided at account opening and available through TD Bank’s account materials. Always review current terms and disclosures to understand costs and yields associated with your HSA.

Security and Account Protections

TD Bank places a priority on account security and privacy. Deposits held in an HSA deposit account may be eligible for federal deposit insurance up to applicable limits when held in insured deposit products. Investment options, if available, are not FDIC-insured, and investment principal and returns are subject to market risk. Access controls, encryption, and account alerts help protect your account while providing convenient access to HSA funds.

Using HSA Funds

Qualified medical expenses include a wide range of healthcare services and products. When HSA funds are used for qualified expenses, withdrawals are tax-free. If funds are used for non-qualified expenses before age 65, additional taxes and penalties may apply; after age 65, non-qualified withdrawals are subject to ordinary income tax but not penalties. It is the account holder’s responsibility to ensure that distributions are used for qualified expenses and to maintain records to substantiate those expenses.

Why Choose a TD Bank HSA

A TD Bank HSA can be a practical component of a comprehensive financial plan by offering tax advantages, flexibility to handle present healthcare spending, and the potential to save and invest for future healthcare costs. For individuals covered by an HDHP who want a structured, bank-backed solution with convenient access and tools to manage their healthcare savings, a TD Bank HSA provides a blend of everyday accessibility and long-term planning capability.

Getting Started and Considerations

To open an HSA, confirm your eligibility under IRS rules and review the account terms, fees, and investment options. Evaluate how an HSA fits into your broader health insurance and financial strategy, including coordination with employer-sponsored benefits and retirement planning. Keep careful records of contributions and qualified expenses to maximize the tax advantages and ensure compliant use of HSA funds.

An HSA at TD Bank, N.A. can help you take control of current and future healthcare costs with a tax-advantaged, flexible, and portable account tailored to those enrolled in high-deductible health plans. Explore the features that align with your needs, and consider how an HSA may support both short-term healthcare spending and long-term financial resilience.

Address Bank: Cherry Hill, New Jersey, United States
Bank: TD Bank, N.A.
Headquarters: Cherry Hill, New Jersey
Products: Retirement & Health
Type: Health Savings Account (HSA)