7/26/2023
HSAs or Health Savings Accounts are available to those who have a high deductible health plan. They are financial instruments that help you pay for medical expenses and are an excellent option when you have an emergency.
There are more than 750 banks in the United States that offer you the advantages of an HSA. In this article we show you the best options available so you can easily choose.
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Accounts analyzed at Busconómico
In addition to the top-rated accounts we show you below, with Busconomic you can consult the analysis of medical savings accounts from the largest banks in the United States:
KeyBank's Health Savings Account (HSA) allows you to save money for when you need medical care.
Savings account with checking and cards used to save money for medical expenses, with tax-deductible contributions.
Interest-bearing account to save and have liquidity when you have to face medical expenses for you or your family, saving taxes on your contributions.
Banks Offering the Best Health Savings Accounts
It is no secret that any list of the best Health Savings Account providers is subjective in nature. That's why we invite you to then compare on Busconomic to find out which of these banking products might meet your needs.
Here are the top-rated banks in this category:
HSA Bank
The HSA account of this financial institution stands out for having low commissions and a wide variety of investment opportunities. No minimum balance is required and it offers a debit card, checking, 24/7 service, self-service and rebalancing your portfolio.
Features:
- Mobile app.
- Available for individuals and employers.
- Fees for closing your account and choosing paper bank statements.
Liberty Federal Credit Union
This regional bank does not require a minimum balance and provides a debit card. Their HSA account has an interest rate of 2.01% APY and a minimum balance of $500.
Features:
- Online banking and checking account.
- Accessible to employers and individuals.
- Account transfer fee ($25).
Avidia Bank
This health savings account provider is among the best for its fees, investment options and no minimum balance requirements. Although the investment limit is $1,000, you can invest in 29 mutual funds that include index funds, target-date funds and others in different asset classes.
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Avidia Health HSA account features:
- Offers app and checking.
- Both individuals and employers can open it.
- Has a $2.50 monthly investment fee that you can avoid.
Lake Michigan Credit Union
Another regional bank whose Health Savings Account has a good reputation for low fees and investment alternatives. No minimum balance requirement and you can invest up to $1,000 in well-known mutual funds with a variety of asset classes.
Features:
- Offers checks and app.
- Individuals and employers can apply.
- Has several fees: $30 closing fee and $35 annual investment fee.
Optum Bank
This Health Savings Account is one of the best for investment management thanks to the Betterment robo-advisor, which allows auto-investment, automatic portfolio rebalancing, dividend reinvestment and more. When investing, Optum Bank offers two alternatives: digital investment management (Betterment) or mutual funds.
Features:
- It has mobile application.
- Can be opened by individuals and employers.
- Avoidable monthly maintenance ($3.75) and investment fees.
Bank of America
Among traditional bank HSAs, this option has what it takes to be among the best rated. This is because it offers 24/7 customer service, various financial services, low commissions and the security of having a consolidated brand in the country.
In terms of investments, BoFA has several mutual funds from famous financial institutions, such as Blackrock, Pimco and Vanguard. In addition, this institution manages an APY of 0.07% on the balance you have accumulated, depositing you the accumulated interest every month.
Features:
- Has functional mobile app.
- Available for employers and individuals.
- Charges a one-time fee of $2.50 per month.
First American Bank
This bank's HSA account is among the best valued for its 24/7 attention, debit card and low commissions. To increase your profitability, you have 28 Vanguard mutual funds and 8,500 assets through Charles Schwab. The minimum investment limit with this entity is $1,000.
Features:
- App in operation.
- Accessible to employers and individuals.
- Charges investment fees (0.3% annually), paper statements ($3.95) and closing ($25).
UMB Bank
This Health Savings Account is part of UMB Healthcare Services. It is distinguished by its HSA calculator and selected mutual funds with domestic and international assets. It does not request a minimum balance and the investment limit is $1,000.
Features:
- Can be managed via app and mobile banking.
- Both individuals and employers can open it.
- Its fees correspond to monthly maintenance ($2.95), monthly investment ($3) and account closing ($25).
Associated Bank
Part of Associated Bank-Corp, this Health Savings Account has several things going for it: 24/7 online banking, debit card, agency support, alerts, help tools and webinars. You get access to mutual funds from American Funds, Dodge & Cox, T. Rowe Price and Vanguard.
Features:
- It has an app.
- Individuals and employers can apply.
- No maintenance fee for the first 12 months (after $3).
When you meet the eligibility criteria for an HSA, annual contributions are limited by regulation. But your tax-free investment continues to grow if you choose not to use the accumulated money.
While these amounts are affordable for the average American, this 2023 individuals with individual coverage can contribute up to $3,850 and families can pay up to $7,750.
English: Las mejores Cuentas de Ahorro de Salud (HSA)