Open a Midas Education or Health Savings Account
An education savings account (ESA) is a plan set up and managed by a parent or guardian for a minor. Amounts deposited in the account can grow tax-deferred until distributed, and the child will not owe tax on any withdrawal for qualified primary, secondary and/or higher education expenses.
A Health Savings Account (HSA) is a new, portable, savings account that allows you to set aside money for health care tax-free. You must have high deductible health insurance to open an HSA. Different from other benefit products, an HSA rolls over from year to year (there is no "use it or lose it"), interest is paid, money can be invested in mutual funds, and it is owned by you, not your employer.
Education Savings Accounts
Health Savings Accounts
IMPORTANT: In compliance with the USA PATRIOT Act, Federal Law requires all financial institutions (including mutual funds) to obtain, verify, and record information that identifies each person who opens an account.
WHAT THIS MEANS FOR YOU: When you open an account, you must provide your name, address, date of birth, and other information that will allow us to identify you. We may also ask for additional identifying documents. The information is required for all owners, co-owners, or anyone authorized to sign or transact on behalf of a legal entity that will own the account. We will return your application if this information is missing. If we are unable to verify this information, your account may be closed and you will be subject to all applicable costs.