You just enrolled in a Health Savings Account qualified Health Insurance Plan and now you need to choose a bank. How do you know what bank has the best Health Savings Account (HSA) for you and your family?
There are a lot of options on HSA accounts from national banks like HSA Bank and Fidelity Investments to local banks in Oklahoma including Quail Creek Bank and Thoroughbred Bank.
We have recently found First American Bank out of Illinois, that has no fees on a basic HSA or there is the option to upgrade to the HSA Plus for $4.95 per month. We have not found any other no fee HSA accounts, but we have found a lot of options in the $4.95 per month range.
When selecting a bank you will want to look at interest rates, fees and services, just as you would with any bank. Plus, you will want to look at their investment opportunities for long-term growth. Keep in mind, you might be setting aside a couple thousand dollars to pay for medical expenses as they come up, but any of the money you save, and don’t use… you keep!
Once you fully fund your deductible, you can continue to set money aside for your annual deductible. Since HSA monies you save are yours, and they roll over year to year, they can add up pretty quick.
Example: In 2025, you have a $2400 annual deductible and you set aside $200 per month in your HSA. You only go to the doctor two times this year, at $90 per visit (cash discount). You set aside $2400 and you only spent $180, you will start off 2026 with $2220 in your account. If you keep putting $200 per month in your HSA account at the end of 2026, you will have $4620 in your account and only have a $2400 deductible. If you choose a bank account that has investment options, you can move some of the money into investments with better returns than checking or savings accounts.
Once you have built up more money than what you many need to meet your deductible, you can move the additional money into a tax-qualified mutual fund or other investment vehicles. You will want to choose a bank that offers you investment options above that of a basic savings or checking account.
One source we found helpful in comparing HSA bank accounts is depositaccounts.com. They have 66 banks listed in the order from the highest interest rates. This website also gives you the ability to sort the rates based on how much money you think you will have in the account.