Are there any good no-fee HSA providers?

August 21, 2015 2:56 PM

I'm in Washington State with a Premera Blue Cross HSA HDHP. I'm maybe, finally, in a position to start funding an actual health savings account, not just pay my household's premiums (~$400/mo for two people) and treat my insurance as a lame catastrophic plan. I'm having trouble finding a good account provider, though, and would like some recommendations.

Several other points worth mentioning:

- Yes, I looked at the few other, similar Q's. Not really satisfied with the answers I saw.

- Alliant seems good, but I am not eligible to join.

- I want no- or (very) low-fee options. I hate giving these banks free money for the work computers are doing automatically.

- I don't plan to have thousands of dollars in an HSA any time soon, so minimum balance or transfer requirements to avoid fees are going to be a real pain for me. Also, I want to actually use the money I put in an HSA, so there's that.

- I know some people invest a portion of their HSA. I do not at all care about this, so there's no need to find an account that's connected to Vanguard or Fidelity, etc.

- If possible, I don't want to have to open a checking account with another bank just to get an HSA. I've got enough accounts I have to deal with and would like to avoid piling on another that will just sit there with $1-$5. It's pointless.

posted by anonymous to Work & Money (4 answers total)

I suggest using HSA rates to find one that's the best e for the amounts you expect to save. I did a similar search and the HSA at Lake Michigan Credit Union came out as the winner for no maintenance fees and a relatively good interest rate.
posted by medusa at 4:35 PM on August 21, 2015

I've had good luck with Patelco Credit Union (California, but you don't have to live there, I don't). It think I pay $1 or $2 per month. Transfers happen the fastest when I use mobile deposit and take a photo of a check I write to myself (from my checking acct).
posted by 4midori at 7:24 PM on August 21, 2015

Yes, local credit unions might be your best bet. I have an HSA at CFE Credit Union (central Florida area). Except for the low one-time credit union membership fee, there are basically no fees that you would normally encounter on a day-to-day, use-your-account-responsibly basis. The fee schedule on their website is clear on what type of activity would trigger a fee. Website interface and functionality are good. Customer service is very friendly, although sometimes the wait time on the phone can be a bit long.
posted by cynical pinnacle at 8:41 AM on August 22, 2015

If you are still interested in Alliant, they do have an option to qualify for membership by making a $10 donation to Foster Care to Success. Their fee-free plan should end up saving you the $10 fairly quick...
posted by ssheth at 11:14 PM on September 17, 2015