- Make tax-deductible contributions, up to the annual contribution limit
- Pay for qualified medical expenses with tax-free withdrawals
- Enjoy the convenience of BB&T Benefits Access debit card
- Carry over funds in your Health Savings Account (HSA) from year to year
- Keep your HSA account even if you change jobs
- Option for one-time direct transfer from your Individual Retirement Account (IRA) to your HSA Disclosure 1
- Mutual Fund Investment Sweep available for balances over $3,000 with a minimum transfer of $500 Disclosure 2
- Tiered interest rates
- Easy management with monthly account statements, quarterly for Mutual Fund Investment Sweep option
- Receipt capture and filing for HSA transactions in U by BB&T®
- No minimum balance requirement
- No set-up fee
- No transaction fees
- Monthly maintenance fee of $3 or less, depending on your state of residence Disclosure 3
Learn more about our HSA Pricing Guide (PDF).
Read our HSA Custodial Agreement (PDF).
See all pricing and fees.
To be eligible for a Health Savings Account, you must be covered by a High-Deductible Health Plan (HDHP). Disclosure 4 For 2020, generally, an HDHP is a health plan with these features:
- A deductible of at least $1,400 for single coverage and at least $2,800 for family coverage
- A maximum annual out-of-pocket expense limit for allowed costs not exceeding $6,900 for single coverage and $13,800 for family coverage
Also, you must not be:
- Covered by any other health plan other than another HDHP (with limited exceptions)
- Eligible to be claimed as a dependent on another person's tax return
- Enrolled in Medicare
The annual maximum HSA contribution limit changes January 1 of each calendar year based on the Consumer Price Index.
2020 annual contribution limits
- Single coverage: $3,550
- Family coverage: $7,100
2019 annual contribution limits
- Single coverage: $3,500
- Family coverage: $7,000
- If you're 55 or older at any time during the tax year, you may be eligible to make a catch-up contribution of $1,000 per year
- Contributions to other HSAs in your name and to the Archer Medical Savings Accounts (MSAs) in your name count toward your contribution limit
Qualified medical expenses
HSA funds can be used to pay for qualified medical expenses that aren't reimbursed by insurance or otherwise reimbursed, including:
- Medical services (fees and expenses charged by physicians, surgeons, specialists and other health care providers)
- Dental treatment (including fillings, extractions, braces and x-rays)
- Eye examinations, glasses, contact lenses, surgery
- Prescription medicines
- Psychiatric care
Funds may be used for qualified medical expenses for your spouse or dependents, even if they aren't covered by the High-Deductible Health Plan.
After your HSA account reaches a cash balance of $500 in excess of $3,000 (the HSA investment threshold amount), you'll have the opportunity to invest in a set menu of mutual funds by setting up an HSA Mutual Fund Investment Sweep subaccount.
Have additional questions?
Find answers to frequently asked questions about HSAs.
Am I Saving Enough for Retirement? (Calculator)
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U by BB&T: Goals (Video)
See how you can easily create, monitor and track savings goals with the Plan & Analyze feature in U by BB&T.
U by BB&T: My Receipts (Mobile App) (Video)
See how the My Receipts feature allows you to collect, view and manage your receipts all in one place in U by BB&T.
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See our Bank Services Agreement (PDF)see our Bank Services Agreement for more information.
Learn more about your account, including fees and ways you can avoid them.
See the HSA Custodial Agreement (PDF).
Investment solutions are provided by Truist Bank. Mutual funds and other investments are: not insured by the Federal Deposit Insurance Corporation (FDIC) or any other agency of the United States Government, Truist Bank, or any affiliate; not deposits or other obligations of Truist Bank or any affiliate; subject to investment risks, including possible loss of the principal amount invested and any investment gains.
An investor should consider the fund's investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the fund's prospectus. To obtain more information, please call 888-777-3783 or view a detailed list of all available mutual funds(opens in a new tab), including links to a prospectus for each fund. Please read the prospectus carefully before investing.
See the HSA Pricing Guide (PDF) for current applicable fees.
Other criteria may apply. Consult your health insurance provider or tax advisor.
Sales charges are waived for funds held in a BB&T custodial account. As such, the purchase of mutual fund shares through the BB&T Health Savings Account (HSA) feature is exempt from sales charges (no load). An online prospectus for each available mutual fund provides additional information. View a detailed list of all available mutual funds(opens in a new tab), including links to a prospectus for each fund.
The information provided should not be considered as tax or legal advice. Please consult with your tax advisor and/or attorney regarding your individual circumstances.
Investment and Insurance Products:
• Are not FDIC or any other government agency insured • Are not bank guaranteed • May lose value
Truist, BB&T®, Sterling Capital®, SunTrust®, SunTrust PortfolioView, Truist Securities®, SunTrust Premier Program®, AMC Pinnacle®, AMC Premier®, Access 3®, Signature Advantage Brokerage, Custom Choice Loan®, SunTrust SummitView®, and GFO Advisory Services® are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners.
Services provided by the following affiliates of Truist Financial Corporation: Banking products and services, including loans and deposit accounts, are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, and SunTrust Delaware Trust Company. Securities, brokerage accounts and/or insurance (including annuities) are offered by Truist Investment Services, Inc. (d/b/a SunTrust Investment Services, Inc.) and P.J. Robb Variable Corp., which are SEC registered broker-dealers, members FINRA, SIPC, and a licensed insurance agency where applicable. Investment advisory services are offered by Truist Advisory Services, Inc. (d/b/a SunTrust Advisory Services, Inc.), GFO Advisory Services, LLC, Sterling Capital Management, LLC, and Precept Advisory Group, LLC, each SEC registered investment advisers. Sterling Capital Funds are advised by Sterling Capital Management, LLC. Mortgage products and services are offered through SunTrust Mortgage, a tradename for SunTrust Bank now Truist Bank. Life insurance products are offered through Truist Life Insurance Services, a division of Crump Life Insurance Services, Inc., AR license #100103477, a wholly owned subsidiary of Truist Insurance Holdings, Inc.
"Truist Advisors" may be officers and/or associated persons of the following affiliates of Truist Financial Corporation: SunTrust Bank now Truist Bank, our commercial bank, which provides banking, trust and asset management services; Truist Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; Truist Advisory Services, Inc., an SEC registered investment adviser which provides Investment Advisory services.
Comments regarding tax implications are informational only. Truist and its representatives do not provide tax or legal advice. You should consult your individual tax or legal professional before taking any action that may have tax or legal consequences.
Truist Wealth, International Wealth, Center for Family Legacy, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups are marketing names used by affiliates of Truist Financial Corporation.
Truist Securities is the trade name for the corporate and investment banking services of Truist Financial Corporation and its subsidiaries, including Truist Securities, Inc., member FINRA and SIPC.
Truist Bank, Member FDIC and an Equal Housing Lender.
New York City residents: Translation or other language access services may be available. When calling our office regarding collection activity, if you speak a language other than English and need verbal translation services, be sure to inform the representative. A description and translation of commonly-used debt collection terms is available in multiple languages at www.nyc.gov/dca.
Branch Banking and Trust Company is now Truist Bank. Learn more.
BB&T and SunTrust have merged to become Truist. Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees and pricing. Our friendly teammates at your local SunTrust branches will be happy to walk you through their respective products. You can also learn more by contacting them at 800-SUNTRUST or SunTrust.com.