A health savings account (HSA) helps you set aside pretax dollars in an interest-bearing account for qualified health care expenses. Anyone not covered by Medicare who buys a qualified high-deductible health insurance policy is eligible.

As your neighbors in Baltimore, we want to ensure future health care costs don’t torpedo your finances.


With Howard Bank, you can open a convenient HSA with:

  • No monthly fees
  • No setup fees
  • No minimum balances

We offer 6 tiers of interest based on whether your daily balance is less than $1,000, over $100,000 or somewhere in between.

​Tier 1: From $.01-$999.99
Tier 2: From $1,000-$9,999.99
Tier 3: From $10,000 - $24,999.99
Tier 4: From $25,000 - $49,999.99
Tier 5: From $50,000 - $99,999.99
Tier 6: From $100,000.00 and up     

Annual contribution limits for 2019 are $3,500 for individuals, $7,000 for families and an additional $1,000 for people 55 and older.

Health savings accounts confer the following benefits:

  • Protection: An HSA helps you save for qualified expenses that your insurance plan doesn’t pay. You can also use funds to pay for insurance premiums when you’re unemployed or to pay for Consolidated Omnibus Budget Reconciliation Act (COBRA) coverage between jobs.
  • Convenience: An HSA works like a checking account, allowing you to withdraw funds by check, debit card or in person at one of our branches.
  • Control: With an HSA, you decide how to spend your health care dollars. You can use your funds for qualified medical expenses [PDF], including medical, dental and vision care and prescription drugs. Your Howard Bank HSA funds never expire.
  • Use it. Never lose it: Your Howard Bank HSA funds never expire. Any unused balance will carry over from one year to the next.
Stop by one of our branch locations or call us at 410-750-0020 to learn more about opening a  health savings account.

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See fee schedule [PDF} for details. 

Fees may reduce earnings. We recommend that you consult your tax advisor to discuss your personal circumstances.