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Health Savings Account Administrators

 

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Where do You Establish an HSA?

There are many financial institutions that provide Health Savings Account (HSA) administration services.  These organizations are small, medium and large -- representing many familiar financial and banking names.

However, don't expect meaningful HSA assistance from staff at local branches of most giant nationwide banks.  These largest banks typically don't provide HSA services at the branch level, as their HSA operations tend to be specialized departments run from a single location.

Not all banks and financial institutions offer HSA services.

HSA Marketing Partnerships

To enhance their marketing of HSA health insurance products, most insurance companies have teamed up with brand-name banks providing HSA administration.

However, these arrangements usually offer little additional value to the consumer, who is free to choose from ANY Health Savings Account administrator.

Independent HSA Administrators

In most circumstances, we recommend establishing your Health Savings Account with one of the many independent financial institutions providing HSA services.  We cite a couple of reasons:
  • Of all the HSA administrators from which you can choose, the financial institution teamed up with your health insurance company probably doesn't provide your optimal combination of investment options, administrative services and fees.
  • Some day you may find it financially beneficial to switch to a different health insurance company.  You don't want to have to change to a new HSA administrator too.

Comparing Fees and Services

HSA administrators offer varying investment options (fixed interest rates, mutual funds, brokerage services, etc.) and administrative services (debit cards, checks, online account access, internet transactions, etc.).  Your investment and services options typically increase with the size of your HSA balance.

Most HSA administrators charge fees for their services.  There are set-up fees, maintenance fees and some institutions charge transaction fees.  These charges can significantly differ from administrator to administrator.  It pays to compare.

Some Suggested HSA Administrators

We've identified some established Health Savings Account (HSA) administrators.  The following alphabetical listing emphasizes nationally-known HSA administrators and Midwest banks:

Recommending an HSA Administrator

We hesitate to recommend HSA administrators because there are so many from which to choose and the choices keep growing.  However, because most of our customers are in the Chicago area, we point out some Chicago area banks that don't charge fees (as of this writing) for HSA services:

Most folks prefer to deal with local vendors, though, in the internet age the physical proximity of your HSA administrator isn't of critical importance -- unless you want a face-to-face banker relationship and/or you prefer to personally deliver deposits.

If you're looking for more extensive investment options, check out HSA Bank and HSA Resources.  Both offer popular products with competitive administrative fees and full discount brokerage services.  In addition, both these organizations can accommodate employer group HSAs.

Insurance Agent Assistance

You really don't need an insurance agent to set up an HSA.  It's not much different from setting up a checking account.

Insurance agents usually recommend an HSA that pays a referral fee to the agent.  Most of the HSA administrators listed above don't pay such fees.


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