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Medical Savings Accounts

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

A doctor holding the hand of their patient

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 an Idaho Medical Savings Account at CapEd Credit Union today!

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.

Benefits and Features of Idaho MSA Savings

  • 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 Checking

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

Benefits and Features of Idaho MSA Checking

  • 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 Certificate

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

Benefits and Features of Idaho MSA Certificate

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

Rates

View rates for all three Idaho MSA account types below:

Idaho MSA Savings


Minimum Balance Dividend Rate APY2
$0.00 0.10% 0.10%

Idaho MSA Checking


Minimum Balance Dividend Rate APY2
$0.00 0.05% 0.05%

Idaho MSA Certificates

Rates are current as of .


Term Minimum Deposit Dividend Rate APY3
6 Months $500 % %
$10,000 % %
$50,000 % %
12 Months $500 % %
$10,000 % %
$50,000 % %
18 Months $500 % %
$10,000 % %
$50,000 % %
24 Months $500 % %
$10,000 % %
$50,000 % %
36 Months $500 % %
$10,000 % %
$50,000 % %
48 Months $500 % %
$10,000 % %
$50,000 % %
60 Months $500 % %
$10,000 % %
$50,000 % %

Term Minimum Deposit Dividend Rate APY3
24 Months $500 % %
$10,000 % %
$50,000 % %
36 Months $500 % %
$10,000 % %
$50,000 % %


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.

FAQ

What we know as Certificate of Deposits at banks are called Share Certificates at credit unions. Use the 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, like Tree City Advisors .

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 .

You can find information about the tax benefits of a Medical Savings Account by reaching out to a local tax advisor, like Tree City Advisors .

Let's Talk using the live chat in the bottom right corner of your screen. 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 with the Apply Online button above.

You can find information regarding qualifying expenses and rules for using your MSA funds on the Idaho Medical Savings Account page at Idaho.gov .


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. Rates may change after the account is opened. Fees or other conditions could reduce the earnings on the account.

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

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