How to Choose an HSA Administrator

Important Information On Leading HSA Administrators

When setting up an HSA, there are actually two separate parts: your health insurance, and your health savings account.  While most insurance companies partner with a bank or administrator to establish your HSA, we recommend choosing an independent HSA administrator.

Choose an Independent HSA Administrator

Health Savings Account contributions are required by federal law to be held by a qualified trustee or custodian.  The funds can be deposited with any authorized HSA administrator, regardless of which insurance company underwrites the policy.  Each administrator offers different features, and has a different fee schedule, summarized below.

Our recommendation is to set up your HSA with one of the many third party financial institutions offering to administer your Health Savings Account.  There are two main reasons for this:

  1. Insurance rates constantly change, and there is a good chance that at some point you will find it financially beneficial to switch to a different plan with a different insurance company.  Some insurance company-sponsored administrators do not pay interest to account holders who do not also carry the accompanying health insurance, or they may charge additional fees.  You don’t want to have to change your administrator if you decide to change your health insurance.
  2. Independent HSA administrators often provide lower fees and more investment options than those offered by the insurance company.

Compare Fees and Services

There are many HSA administrators to choose from, all with different fee structures and services.  Listed below are several with whom we have a relationship.  After choosing the one that best meets your needs, you can apply online with some companies, or download an application to mail in with your initial deposit.

The most popular among our clients is HSA Bank.  In addition to savings accounts, they offer a full brokerage services with discount broker partners, allowing you to purchase stocks, bonds, and mutual funds through TD Ameritrade and DEVENIR.  We have used them ourselves and have been very pleased with the level of customer service.

Low fees are an important consideration until you have built up some money in your account.  If you are only interested in a savings account option, one of the plans that have low fees is First American Bank and UMB.

You may want to consider HSA Resources if you are looking to set up Health Savings Accounts for an employer group.  They have good service, low rates, and two attorneys on staff to help handle difficult issues that sometimes get complicated with group plans (section 125 issues, "comparability" testing of HSA contributions, Sub S and partnership contributions, etc.).

HSA for America is an independent health insurance broker specializing in HSA-qualified plans for individuals and families.  We are happy to provide our health insurance customers assistance in choosing the best administrator to meet their needs.

HSA Administrators Opening Fee Min Opening Balance Monthly Fee Annual `Fee Investment Options Fund Access
American Health Value None $10 None/$2 $36

 - Checking Accounts 

Checkbook &
Debit Card
Avidia Bank None $10 None None

 - Checking Accounts 

Checkbook &
Debit Card
Bank of Cashton None $50 None $25

 - Brokerage Services

Checkbook &
Debit Card
Fayetteville Bank None $50 None/$2 None

 - Checking Accounts 

Checkbook &
Debit Card
First American Bank None $0.01 None/$4 None

 - Checking Account
 - Mutual Funds
 

Checkbook &
Debit Card
Most Popular HSA Administrator
HSA Bank
None None None/$3 None

 - Brokerage Services

Checkbook &
Debit Card
HSA Resources None $25 None/$2.25 $27

 - Brokerage Services

Checkbook &
Debit Card
Inland Bank None $100 $None None

 - Checking Accounts 

Checkbook &
Debit Card
Optum Bank None $25 $1/$3 None

 - Brokerage Services

Checkbook &
Debit Card
UMB None $25 None/$2.25 $27

 - Brokerage Services

Checkbook &
Debit Card

Disclaimer:  The information listed above is current to best of our knowledge.  Please visit each administrator's web site or contact them directly to confirm you have the most current information available.

HSA for America is an independent health insurance agency specializing in high deductible health plans qualified to work with health savings accounts.  We provide a list of recommended HSA administrators as a service to our visitors and customers.  We are NOT an administrator ourselves.  If you have a question for a specific administrator, please contact them directly.

Attention HSA Administrators:  We are always on the look out for administrators that offer an exceptional value for our customers.  If you would like to be considered for listing on this site, please fill out this HSA Admin application.

For information on how to get instant quotes and choose a plan that is qualified to work with a health savings account, please visit our "How To" Guide page.

HSA for America
749 S. Lemay Ave, Suite A3-116
Fort Collins, CO 80524
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Disclaimer: All information on this website is relayed to the best of the Company's ability, but does not guarantee accuracy. Information may be out of date. The content provided on this site is intended for informational purposes only and does not guarantee price or coverage. This site is not intended as, and does not constitute, accounting, legal, tax, and/or other professional advice. Determination of actual price is subject to Carriers.