Health Savings Account

Interest Rates and Annual Percentage Yields are current as of  April 24, 2017. For current rate information call (847) 952-3700.

Account Features
  • Free First American MasterCard® debit card
  • Free Mobile and Online Banking
  • Free eStatements
  • Free front check images in account history

Account Opening and Usage
Minimum Deposit Needed to Open Account  
Monthly Fee  
Excess Contribution Fee  
  Per occurence
Account Transfer Fee  
  If you transfer your HSA to another financial institution
HSA Transaction Corrections  
  Includes prior year corrections
Interest Paid on Entire Balance if your Balance is:
Tier: $0.01-$999.99 Interest Rate   0.01  % Annual Percentage Yield (APY) 0.01 %
Tier: $1,000-$4,999.99 Interest Rate   0.05  % Annual Percentage Yield (APY) 0.05 %
Tier: $5,000-$49,999.99 Interest Rate   0.10  % Annual Percentage Yield (APY) 0.10 %
Tier: $50,000-$99,999.99 Interest Rate   0.13  % Annual Percentage Yield (APY) 0.13 %
  $100,000-$999,999.99     0.18  % Annual Percentage Yield (APY) 0.18 %
At First American's discretion, the interest rate and APY may change at any time. Interest is earned on the collected balance each calendar day using the daily balance method. This method multiplies the daily periodic rate times the collected balance plus any previously earned and unpaid interest compounding earnings daily. Interest earned is paid monthly. You must maintain a minimum balance of $0.01 in the account each day to obtain the disclosed APY. Interest earned and not paid will be forfeited when the account is closed unless the balance is transferred to another First American account. Interest will be reported to the IRS.
ATM Fees:
First American ATM Withdrawal  
Non-First American ATM Withdrawal  
  At ATMs not owned by First American Bank
ATM Balance Inquiry  
Additional Account Fees:
Paper Statement Fee  
  Within the first 30 days after an account is opened, an account owner must enroll in our Online Banking Service to accept the Online Banking Agreement which verifies your ability to access electronic statements and provides your consent to receive electronic statements. If the Online Banking Agreement is not accepted within the first 30 days of account opening or if an owner elects to receive paper statements at any time, the account will be subject to the paper statement fee. See Schedule of Fees.
Check Image Fee  
  Front only (fronts and backs $2.50) Minimum daily or combined average balance of $2,000 between the HSA and another checking, savings or money market account waives the check image and paper statement fee.
Returned Item Fee  
  Per declined item written to your account
Online Stop Payment Fee  
  Per item to stop payment for 6 months
($35.00 through Customer Service or in a branch)

Account Closing Fee  
  If closed within 6 months
Other Fees  
   Schedule of Fees

Processing Policies
Posting Order
The order in which withdrawals and deposits
are processed
      Transactions may not be processed in the order they occurred. The order in which they are processed by us may affect the total amount of overdraft fees you incur. Any item that exceeds your available balance is an insufficient funds item. We may pay or return any insufficient funds item at our discretion. Regardless of the action we take, you may be charged an overdraft fee or return item fee. If at the close of any business day the available balance in your account is negative, you may be charged a continuous overdraft fee. See Schedule of Fees.
Rules and Regulations Governing First American Bank Governing Deposit Accounts (page 4)
Funds Availability Policy
When funds deposited to your account are available
      Our policy is to make funds from your check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits, wire transfers, and cash will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written.
Rules and Regulations Governing First American Bank Governing Deposit Accounts (page 8)

Dispute Resolution
Dispute Resolution Agreement       You and we agree that any dispute arising under or relating in any way to your account or transactions will be resolved by binding arbitration as discussed in the document, and not through litigation in any court (except for matters in small claims court). This arbitration agreement is entered into pursuant to the Federal Arbitration Act, 9 U.S.C. §§ 1-16 ("FAA").
Rules and Regulations Governing First American Bank Governing Deposit Accounts (page 5)

Schedule of Fees

Rules and Regulations Governing First American Bank Deposit Accounts

Member FDIC

First American Bank
P.O. Box 0794
Elk Grove Village, IL 60009