Health Savings Accounts
A Health Savings Account (HSA) can ease the pain of increasing health care costs and provide tax advantages for those enrolled in High Deductible Health Plans (HDHPs). Contributions to an HSA and the account's earnings can be used tax-free to pay premiums, co-pays, deductibles and other expenses that are not normally covered by your health insurance. It can also be used to establish savings for future expense.

There are also significant tax savings advantages to HSAs:
  • Your contributions are tax-deductible or pre-tax if made by payroll deduction.
  • Earnings and withdrawals for qualified medical expenses are tax-free
  • Funds carry over each year, without limit, for long-term growth potential.

    Some examples of HSA qualified expenses include: Acupuncture, chiropractors, optometrists, orthodontia and dental fees.

    Some examples of HSA non-qualified expenses include: Athletic club membership, cosmetic surgery and procedures or premiums for life insurance, income protection, disability, loss of limbs, sight or similar benefits.

    Open To
    Any member who has a High Deductible Health Plan.

    Key Features
    • $25.00 minimum deposit to open
    • Dividends are compounded daily and are calculated on the daily balance when the balances reach or exceed $250.
    • Unlimited check writing is offered with an HSA
    • HSA Funds can be rolled over from year to year. Checks can be written from the HSA for qualifying medical expenses.
    • A member can keep an HSA even if he/she:
    • An HSA offers tax savings:
    • A signed HSA Contribution/Investment Form is completed for accurate IRS reporting of contributions.
    • Distributions will be made upon receipt of an HSA Withdrawal Statement for IRS reporting.
    • The Treasury's website has additional information on HSAs.

    Subject to annual contribution limits. Contributions to the account must stop once you are enrolled in Medicare. However, you can keep the money in your account and use it to pay for medical expenses tax-free.
    Costs and Charges

    No monthly fees

    Please refer to our account agreement for full account disclosure.

    Dividend Rate
    Please refer to our rate sheet for full disclosure of account terms and conditions. 


    To read the rate sheet PDF, you will need Adobe® Reader® installed on your computer. Download Adobe Reader for free.

    You can open a Health Savings Account by visiting one of our branches or calling a Member Service Representative at 434-793-1278 or 866-879-6328(outside the area).


    539 Arnett Boulevard
    Danville, VA 24540

    314 Lowes Drive
    Danville, VA 24540

    1901 Goodyear Boulevard
    Danville, VA 24541

    142 South Main Street
    Danville, VA 24541

    701 Broad Street
    Danville, VA 24541

    230 South Ridge Street
    Danville, VA 24541

    228 Cleveland Street
    Danville, VA 24540

    13701 US Highway 29, Suite I
    Chatham, VA 24531

    4018 Halifax Road
    South Boston, VA 24592

    1 High School Circle
    South Boston, VA 24592

    796 Commonwealth Boulevard
    Martinsville, VA 24112

    1092 NC Highway 86 N
    Yanceyville, NC 27379

    URW Routing Number: 251480482

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