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The Fundamentals

What is Starship?

Starship offers a Health Savings Account (HSA) that has all the tools you need to save, spend and invest for your healthcare. The funds in your Starship account are held by our partner bank, Liberty Savings Bank, Member FDIC. Starship provides everything else, including the Starship Mastercard®, our powerful iOS and Android apps, a beautifully designed web interface, and customer support that really cares.

What is an HSA?

Health savings accounts (HSAs) are like personal savings accounts, but the money in them is used to pay for eligible health care expenses. They were created in 2004 to help individuals and families offset the growing costs of healthcare. They are the crown jewel of tax-deferred accounts. Contributions to an HSA are not taxed, funds in an HSA grow tax-free, and distributions for qualified medical expenses are not taxed.

How is Starship different from other HSAs?

We strongly believe that making smart healthcare spending and saving choices should be affordable, easy, and even fun. Starship removes all of those pesky, hidden fees that most HSAs charge. We are also determined to help you maximize the growth of your funds through higher interest rates and automatic investing in low cost, high performing, reputable funds.

What are the benefits of HSAs?

One of the greatest benefits of HSAs is they have three tax advantages. HSA contributions are tax-deductible, the growth on invested contributions are tax-free, and the money can be used on qualified medical expenses tax-free. This makes HSAs the most tax-advantaged investment option for medical expenses and retirement. Lastly, the funds in your HSA are always yours. Unlike a flexible spending account (FSA), unused money in your HSA isn’t forfeited at the end of the year; it continues to grow tax-deferred forever.

Who can use Starship?

We believe everyone should have access to the best financial wellness possible. That’s why we built Starship for traditional employees and independent workers in mind. However, there are a few basic requirements. We can only offer accounts tax-payers in the United States over 18 years of age. You must also be enrolled in a high-deductible health insurance plan (HDHP) to make contributions to your HSA. For 2019, the IRS defines an HDHP for an individual as a plan with an out-of-pocket maximum of $6,750 and a minimum deductible of $1,350. For a family plan in 2017, the out-of-pocket maximum is $13,500 and the minimum deductible is $2,700. I know this sounds confusing, but typically a plan is clearly identified as HSA-eligible.

Does Starship charge fees?

You shouldn’t pay to use your own money. That’s why we’ve made our HSA completely free, and we don’t have any of those annoying fees like other HSAs. In fact, we wanted to make this so clear that we only win when you win. We only charge $1 / month, deducted on the first day of the month from your Starship savings account, when you have funds in your investing account.

Starship Savings

What kind of card is the Starship card?

The Starship MasterCard is a benefits debit card issued by our partner bank. You can use it to pay for eligible medical expenses anywhere MasterCard debit cards are accepted. Since it’s a debit card, transactions that exceed your available balance will normally be declined. We don’t charge overdraft fees or interest.

Where can I use my Starship card?

You can use your available HSA balance only for eligible medical purchases, which generally include payments for doctors or dentists, prescription medications, health insurance deductibles and most medical supplies and equipment. If you are having trouble determining whether an expense is eligible, The full comprehensive list can be found here.

Why was my card declined?

If your Starship card is declined at the point of sale, it could be one of the following reasons: ineligible merchant or provider, expense larger than current account balance, expense larger than daily spending limit, card not activated or expired, card frozen. You can still complete the purchase by paying out of pocket and reimbursing yourself from the Starship app as long as the expense is eligible under your plan.

How do I fund my Starship account?

There’s a plethora of options. Money may be deposited to your HSA through payroll deduction, if your employer participates in such a program, or you may make recurring and one-time deposits directly to your account by linking a checking account. If you want to transfer or rollover funds to Starship from an existing HSA simply fill out our transfer form.

What are HSA contribution limits?

Due to the major tax benefits of an HSA, you can contribute only a limited amount to your account each year. In 2019, the limit is $3,500 for an individual and $7,000 for a family. People over age 55 are allowed to contribute $1,000 more. Starship automatically allows the $1,000 catch up contribution for accountholders who’s age is 55 years and older.

How do I transfer an existing account over to Starship?

HSA or MSA funds can be transferred to Starship and will continue their tax-free status. To move funds from a previous provider to Starship simply fill out our transfer form.

How do I reimburse medical expenses?

Forgot your card or couldn’t use it for any reason? If you ever need to pay yourself back for a qualified medical expense, you may request reimbursement from your Starship account. Simply click on the big “+” and reimburse yourself in just a few clicks. Reimbursements are instant and funds take 1-3 business days depending on your bank.

Do I have to save my receipts?

Yes, receipts need to be saved for the simple reason that if the IRS ever decides to audit your HSA, you can show that you have had eligible expenses equal to or greater than the amount you have withdrawn from your HSA. Starship makes it easy to upload receipts using the mobile app. There you can quickly attach a receipt to any payment or reimbursement transaction for easy recordkeeping of your expenses. Also, you can now reply to a text message and soon forward digital receipts to a custom email address.

What are Starship’s interest rates?

Our bank partners' interest rates are generally comparable to those of other HSAs on the market: $0-$1,999.99 = 0.05%; $2,000-$4,999.99=0.10%; $5,000-$14,999.99=0.15%; $15,000+ = 0.20%. Keep in mind that institutions offering sky-high interest rates usually pay for those rates through fees, balance requirements or spending requirements–all of which run counter to our philosophy.

Starship Investing

How do I add funds to my investment portfolio?

Currently money falls into your investing account once your overflow threshold has been met. The minimum threshold is currently set at $750, and can be changed anytime in settings.

How does overflow investing work?

Simple. Every Starship account is a combination of two – one for savings, one for investing. Every time your savings account exceeds the current Overflow threshold, excess funds fall into the investing account and are automatically invested into your personalized portfolio of index funds and ETFs. Money transfers into your investing account happen at the end of every day, when your savings account balance exceeds the overflow threshold.

What’s a portfolio?

A portfolio is a select combination of investments, often stocks or bonds that you own. Stocks are shares of ownership in a business. Bonds are a debt investment where an investor loans money to a business or government for a defined period of time and interest rate.

What is Starship’s investment strategy?

Starship does not authorize any investment strategies. We directly connect you with our financial partner who decides which investment strategy would be best suited for you.

Security and Privacy

Are my deposits FDIC insured?

Definitely. The balances you keep are protected by the friendly folks over at Federal Deposit Insurance Corporation (FDIC), protecting you against the loss of your insured deposits up to $250,000.

Is my money and data secure?

We’re passionate about security at Starship, and we’re committed to meet and exceed all industry standards. Any information you enter or use in the app is protected and encrypted using industry-leading capabilities.

How do you handle my personal information?

Starship and our partners will never share or sell the information that you provide to us. We have a strong no creeps, and no traps policy in this regard.

What is Starship’s fraud policy?

As a Starship Mastercard cardholder, you’re covered by Mastercard’s Zero Liability policy to any purchases made in store, over the telephone, and online. As a cardholder, you will not be held responsible for unauthorized transactions if: You have used reasonable care in protecting your card from loss or theft; and You promptly reported loss or theft to your financial institution. If you notice something fishy with your Starship account, please contact support immediately at support@starshiphsa.com.

Where can I find more information on your policies?

Check out our privacy policy and our terms of use.

What about…

Do I really need to have a smartphone?

No, but you’ll get a lot more out of your Starship account with our iOS and Android app. It’s required for attaching receipts to transactions, tagging transactions, making reimbursements, and more. Although it is possible to enroll, make changes, view your account balance, and track transactions through the web application, Starship is designed to offer our customers immediate access to their money wherever they are. A smartphone app makes this possible.

How is Starship working with Liberty Savings Bank?

Liberty Savings Bank is Starship’s banking partner, and they hold and secure your Starship HSA funds. Liberty Savings Bank believes in our vision and the course we have set to transform the industry. Working with them gives us the resources, scale, and autonomy we need to accelerate our growth while staying true to our mission.

Does Starship integrate with Mint or Personal Capital?

Not yet, but we are working on it.

Does Starship offer checks?

At Starship, we currently don't offer checks or checkbooks. If paying with your Starship card is not an option for a specific merchant, complete the purchase by paying out of pocket and reimbursing yourself from the Starship app.

Can I get an extra card for a dependent?

Of course. Any dependent added to your account over the age of 18 is eligible for their own card. Starship will issue up to 3 additional cards per account, and you remain liable for any and all usage of any dependent cards. To add a dependent and order and extra card, simply navigate to the Settings > Dependents section of the app and fill out the form. Note that authorized cards are only sent to the primary accountholder’s address. Reach out to us at support@starshiphsa.com if you’d like your card to be sent to a different address.

Does Starship offer bill pay?

Right now, Starship doesn’t offer bill pay. However, we’re working on it and we think you’re gonna love it.

Can I use my card at ATMs?

No. Your Starship MasterCard cannot be used at ATMs. HSA funds can only be used for eligible medical expenses. Any attempt to withdraw funds from an ATM will be declined at the terminal.

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