McB Notes

HSA Banks

 

 Every insurance company providing HSA health insurance plans will recommend some bank where you may set up your savings accounts.
  1. It is NOT part of the insurance plan
  2. You do NOT have to use that institution
  3. You SHOULD shop around

All banks will gladly accept your deposits. After all, that's what they live for.
However, not all banks are equal in the HSA services they provide.

Here's what to look for:

  • Low service fees
  • Competitive interest rates
  • HSA Checking account
  • HSA Debit Card
  • Periodic reports on sources and uses of funds
  • Optional investment funds for surplus balances

It's a competitive world and banks are drooling over the prospect of millions of dollars flowing into HSAs. Best bet is to check the Internet for HSA Banks. You would be surprised with the differences in services from one to the other.

NOTE: For Individual plans (non-group), the current best HSA rates and services are available through Assurant Health, but only for their clients. Assurant markets in New Hampshire under the names John Alden, Fortis, and Time. By the way, Assurant is the largest individual health insurer in the world and has billions of dollars in assets.