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Medical Savings Account

Pictures of medical professionals and a doctor holding a piggy bank.

CapEd Credit Union offers our members the option to open their own Medical Savings Accounts.

What is a Medical Savings Account?

An Idaho Medical Savings Account (MSA) is an account where a member can pay for eligible medical expenses and possibly receive a State of Idaho income tax deduction1 on deposits made to the account.

Open a Medical Savings Account

Idaho Medical Savings Account options available at CapEd

An Idaho MSA account may be invested in a savings, checking, or share certificate:

Idaho MSA Savings

An easy way to save for medical expenses and reduce the amount of Idaho individual income tax you owe.

  • No minimum deposit required
  • No monthly service charges
  • No transaction fees
  • Paper or e-statements
  • Dividends are compounded and credited quarterly
  • Federally insured by NCUA

Idaho MSA Certificate

Earn a fixed dividend on money you want to stash away for months or years with an Idaho MSA Certificate.

  • No monthly service charges
  • Paper or e-statements
  • Dividends are compounded and credited quarterly
  • Federally insured by NCUA

Idaho MSA Checking

With an Idaho MSA Checking account, you receive a Debit Card or checks to pay for expenses directly from the account.

  • No minimum deposit required
  • No monthly service charges
  • No per check fees or transaction fees
  • Numerous check designs
  • Direct deposit
  • Automatic withdrawal
  • Debit card to use for the account
  • Paper or e-statements
  • Dividends are compounded and credited monthly
  • Federally insured by NCUA

Idaho MSA Options

CapEd offers multiple MSA options to best suit your personal financial needs.

Idaho MSA Rates

Idaho MSA rates.
Account TypeDividend RateAPY2
Idaho MSA Savings0.10%0.10%
Idaho MSA Checking0.05%0.05%

Idaho MSA Savings

Minimum Balance to Open MSA savings.
$0.00

Monthly Service Fee for MSA savings.
$0.00

Highest Dividend Available for MSA savings.
0.10% APY2

Idaho MSA Checking

Minimum Balance to Open MSA checking.
$0.00

Monthly Service Fee for MSA checking.
$0.00

Highest Dividend Available for MSA checking.
0.05% APY2

Idaho MSA Certificates

Earn a higher dividend rate over time than a standard Idaho MSA savings or checking account. Rates current as of February 15, 2024.

Promotional Certificates

Minimum Deposit for promotional certificates.
$500.00

Highest Dividend Available for promotional certificates.
4.80% APY3

Shortest Term Available for promotional certificates.
6 Months

Longest Term Available for promotional certificates.
5 Years

Promotional certificate rates.
TermMinimum DepositDividend RateAPY2
6 Months$500.004.72%4.80%
12 Months$500.004.62%4.70%
18 Months$500.004.18%4.25%
24 Months$500.003.94%4.00%
36 Months$500.003.70%3.75%
48 Months$500.003.455%3.50%
60 Months$500.003.21%3.25%

Important Information: All promotional certificates must be opened with funds that are not currently held in a CapEd Credit Union account or that have been deposited to a CapEd Credit Union account less than 30 days.

Standard Certificates

Minimum Deposit for standard certificates.
$500.00

Highest Dividend Available for standard certificates.
0.95% APY3

Shortest Term Available for standard certificates.
6 Months

Longest Term Available for standard certificates.
5 Years

Standard certificate rates.
TermMinimum DepositDividend RateAPY2
6 Months$500.000.15%0.15%
$10,000.000.25%0.25%
$50,000.000.30%0.30%
12 Months$500.000.25%0.25%
$10,000.000.35%0.35%
$50,000.000.40%0.40%
18 Months$500.000.30%0.30%
$10,000.000.40%0.40%
$50,000.000.45%0.45%
24 Months$500.000.40%0.40%
$10,000.000.50%0.50%
$50,000.000.55%0.55%
36 Months$500.000.50%0.50%
$10,000.000.60%0.60%
$50,000.000.65%0.65%
48 Months$500.000.60%0.60%
$10,000.000.70%0.70%
$50,000.000.75%0.75%
60 Months$500.000.80%0.80%
$10,000.000.90%0.90%
$50,000.000.95%0.95%

Request an Idaho Medical Savings Account

To request an Idaho MSA account, apply online for a Savings, Certificate Account, or Checking account with the button below. Or, if you prefer, you can contact us or visit a CapEd location during normal business hours.

Apply Online

FAQs

You can use our Share Certificate Calculator and Share Certificate Ladder Calculator to see how much interest you might earn when you open a CapEd Share Certificate account.

The benefit of having an Idaho MSA is that deposits to this type of account provide a possible State of Idaho tax deduction while saving and/or paying for medical expenses. Please consult a local tax advisor for guidance.

The major difference between an MSA and HSA is that an MSA involves a possible state tax deduction while an HSA involves a federal tax deduction. HSAs have requirements that need to be met before an HSA can be opened like being enrolled in a high deductible health plan, not being covered by a non-high deductible health plan, not being a dependent on someone else's tax return, and not being enrolled in Medicare or Tricare. CapEd also offers HSAs to those within our membership who meet qualifications for an HSA.

Our credit union representatives will be more than happy to help you set up an Idaho MSA through Live Chat, or you can open an account online using our online applicaton.


Questions?

Disclosures

1 Consult your tax adviser regarding potential tax benefits. For detailed information on how to use an MSA account, please visit Idaho.gov.

2 APY is Annual Percentage Yield. Rates are accurate as of the last dividend declaration date and may change after the account is opened. Fees or other conditions could reduce the earnings on the account.

3 APY is Annual Percentage Yield. Rates are accurate as of the effective date indicated. Fees or other conditions could reduce the earnings on the account. A penalty may be imposed for withdrawals before maturity. Promotional rates offered for a limited time.