Medical Savings Accounts
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 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 | APY1 |
|---|---|---|---|
| 6 Months | $ | % | % |
| 12 Months | $ | % | % |
| 24 Months | $ | % | % |
| 36 Months | $ | % | % |
| 60 Months | $ | % | % |
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.
| 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 | % | % |
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 .