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View Poll Results: If you currently have an HSA account, and are happy with the account provider, please select your pr
HSA Bank 1 33.33%
Saturna Capital 0 0%
Flex HSA 0 0%
Sterling HSA 0 0%
First HSA 0 0%
Bank of Cashton 0 0%
Itasca Bank 0 0%
Cornerstone Community Bank 0 0%
First American Bank 0 0%
Other 2 66.67%
Voters: 3. You may not vote on this poll

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Recommend an HSA Custodian
Old 11-30-2005, 09:58 AM   #1
 
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Recommend an HSA Custodian

I'm about to choose an HSA bank, and want to find one that others are happy with. This list comes from a search on HSA Insider, in which investment options was the top priority, followed by low fees.

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Re: Recommend an HSA Custodian
Old 11-30-2005, 07:07 PM   #2
 
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Re: Recommend an HSA Custodian

Wow, does no one here have an HSA?
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Re: Recommend an HSA Custodian
Old 11-30-2005, 09:09 PM   #3
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Re: Recommend an HSA Custodian

Quote:
Originally Posted by TromboneAl
Wow, does no one here have an HSA?
Don't forget TA - some of us have to slave away work during the day and can't check the board every 30 mins for new posts :P (of course, that doesn't prevent me from checking in every now and then during work....)

Back in Jan 2005, I picked HSABank as the best at the time. However, the others may have modified their policies/rates/options since then...
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Re: Recommend an HSA Custodian
Old 12-01-2005, 07:56 AM   #4
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Re: Recommend an HSA Custodian

I looked at HSA Bank and the fees are ridiculous. $18 to enroll on-line, $3 to renew your debit card after two years, $12.75 for initial set of 50 checks, $2.25 per month fee (if balance under $3000), $25 to close account....the list goes on. There must be better options than this.
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Re: Recommend an HSA Custodian
Old 12-01-2005, 09:11 AM   #5
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Re: Recommend an HSA Custodian

A few options I am considering based on combination of fees, interest rate, and no account closing fee:

First American Bank
The Bancorp Bank
U.S. Bank - waiving monthly maintenance fee for life of account if HSA opened by 2/28/06
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Re: Recommend an HSA Custodian
Old 12-01-2005, 10:18 AM   #6
 
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Re: Recommend an HSA Custodian

Yes, so far my research is uncovering a lot of hidden fees and/or high expense ratios.

For example, if you put $4,000 in a Vanguard mutual fund through HSA Bank, that does not count towards the $3,000 minimum, since it isn't in their own "interest" account.

I'll post my results when my research is done. Keep us posted, Mile High King.
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Re: Recommend an HSA Custodian
Old 12-01-2005, 10:53 AM   #7
 
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Re: Recommend an HSA Custodian

Quote:
A few options I am considering based on combination of fees, interest rate, and no account closing fee:

First American Bank
The Bancorp Bank
U.S. Bank - waiving monthly maintenance fee for life of account if HSA opened by 2/28/06
My initial look at those shows interest rates of around 2%, which rules them out for me.
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Re: Recommend an HSA Custodian
Old 12-01-2005, 11:13 AM   #8
 
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Re: Recommend an HSA Custodian

Concerning those HSA Bank fees, I see no reason to get a debit card. Just get your 50 checks for $12.75, and use one per year to reimburse yourself for medical expenses.

So, with the following hypothetical case: $4,000 into a Vanguard mutual fund on Jan 2, 2006, another $4,000 on Jan 2, 2007:

First Year fees:
Enrollment: $18
Brokerage transaction fee: $20
Monthly Account Fee: $2.25 * 12
Monthly Brokerage Fee: $2.00 * 12
Checks: $12.75

Total First Year: $101.75

Second Year fees:
Brokerage transaction fee: $20
Monthly Account Fee: $2.25 * 12
Monthly Brokerage Fee: $2.00 * 12

Total Second Year: $71
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