About Health Savings Accounts

At M & F Bank, we’re in a prime position to offer Health Savings accounts (HSAs) to individuals, Third Party Administrators (TPAs), agents, brokers & employers. With lower fees, a wide selection of service options, and our experience with custodial accounts, M & F Bank offers clear advantages over other HSA providers.  Use the convenient HSA calculators below to determine your potential tax savings when starting a HSA.

HSA Overview

Often referred to as the “Medical IRA”, an HSA gives people an opportunity to set aside pre-tax income to use specifically for health expenses. Unlike medical flex plans, money in an HSA can earn interest, tax deferred, and any money not used by the end of the year rolls over to the next year. 

For Individuals

HSAs are designed for individuals who have high deductible health plans and account owners can use the money for a variety of health-related expenses including eyeglasses or contact lenses, non-prescription medications, therapy, medical equipment, diagnostic testing, etc.

Accessible Through

• M&F Visa® Debit Card
• Bank ATM
• Bill payment via online banking
• Withdrawal forms


By check with a contribution form or deposit ticket
• By bank originated ACH (recurring)
• By customer originated On Demand Transfer ACH
(recurring or as needed)

Get started on a Health Saving Account Today!

Need help making a decision?  Locate a branch near you.
Experience & Security

We’re intimately familiar with custodial accounts like the HSA. That means we can offer a higher level of service in establishing accounts, answering questions, and resolving any problems that may arise. In addition, we offer added peace of mind by being an FDIC insured financial institution. Not everyone who offers an HSA has this distinction.


With lower fees, our goal is to provide more for less. Individuals with a M & F Bank HSA also have access to:
• FREE Personal online banking and bill payment
• FREE telephone banking with 24-hour access via touchtone phone
• Client support by email at eservices@mfbonline.com or phone at (919) 687-7800 during our lobby hours: 9am – 5pm M-F.

Lower Fees

With our in-depth knowledge and high level of customer support, you might think our fees would be higher than our competitors. Our setup and monthly fees are actually lower than other institutions that offer HSAs.

Additional Terms

Interest will be compounded daily and credited monthly. Interest begins to accrue no later than the business day that we receive credit for the deposit of non-cash items (for example, checks). We use the daily balance method to calculate the interest on the account. The daily balance method applies a daily periodic rate to the principal in the account each day.

To find out more about Health Savings Accounts available at M & F Bank
connect with one of our local branches.

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