HSA – Health Savings Accounts

What is an HSA (Health Savings Account)?

Bottom Line: A savings account for medical expenses (co-pays, etc) that can reduce your taxable income. A good thing to have.

I’ve been looking into HSA Accounts for the last few weeks to add to my high deductible health care plan that I have with Group Health here in Washington State.

I haven’t currently selected a bank to work with yet, so I want to review all the different banks here before making my decision of where to open my Health Savings Account.

Different Banks offer Different Rates

Depending on how much money you intend to put into your account might change where you open the account. Some banks will offer much higher interest rates when you have a significant chunk of money in the account. Other banks it doesn’t matter how much you have in the account.

The Best HSA Accounts

So, what are the top places to setup a Health Savings Account? (HSA Account)

Chase Bank HSA Accounts

Chase’s HSA Account is probably the easiest to sign up and use of all the HSA accounts. It doesn’t have the best Interest rate for higher deposit amounts, but if you’re just starting a small HAS, they are a good option.

Invest in Stocks/Securities: Yes

Monthly Fee: $2.50

HSA Bank

This bank specializes in HSA Accounts.

Invest in Stocks/Securities: Yes

Monthly Fee: $2.50

The Bancorp Bank

Invest in Stocks/Securities: Yes

Monthly Fee: $2.50. Free first 90 days. Waived if you keep $2500 or more in the account or when you setup a direct deposit.

Optum Health Bank

Invest in Stocks/Securities: Yes

Monthly Fee: $3. None with $5,000 balance or higher

Bank of America HSA Accounts

Invest in Stocks/Securities: Yes

Monthly Fee: $4.50