American Bank Inc. of Allentown, Pa., has unveiled its first health savings account.
Mark Jaindl, the $520 million-asset bank holding company’s president and chief executive, said in a press release issued Wednesday that American’s is also the first health savings account offered in the Lehigh Valley region of Pennsylvania.
“By being the first financial institution to offer this type of account in our area, we hope to assist those interested in learning more about HSAs and educate them about the advantages of having an HSA to pay for future medical expenses,” Mr. Jaindl said.
The product offers a 3% annual percentage yield on balances of $1,000 or more and has no maintenance service charges or plan charges. Customers can access their funds using the HSA Convenience Checking account, which provides free checks.
