Published on: June 30, 2023
By: Webster Bank
Can I use HSA funds to open a BrioDirect CD?
No, an HSA is a tax-advantaged account to save and pay for IRS-qualified medical expenses so if you use HSA funds to pay for an ineligible expense or distribute funds for a purpose other than reimbursing yourself for an eligible expense, you may incur tax consequence(s). Please consult a tax advisor.
All deposit products are provided by Webster Bank, N.A. ("Webster Bank"), an insured FDIC institution. BrioDirect is a sub-brand of Webster Bank. Webster Bank operates under the trade name BrioDirect. This trade name is used by, and refers to, Webster Bank, a single FDIC-insured bank.
Accounts that are opened via www.briodirectbanking.com and marketed by BrioDirect are Webster Bank accounts. Deposits in these accounts are made with Webster Bank. For purposes of determining how much FDIC insurance is applicable to your accounts, you need to consider all accounts maintained with Webster Bank, N.A., such as CD, checking, savings, BrioDirect online accounts and cash held in health benefits accounts with HSA Bank.