HSA Account Recommendation?

[Erica/NWEdible]

Hey guys, looking for a recommendation for an HSA provider to go with our high deductible self-insurance. My husband has started to look into it and thinks The Bancorp Bank or US Bank look promising. We want something with no fees (reasonable minimums are fine) and excellent on-line transfer and payment capabilities. Anyone have an HSA bank to recommend? Or maybe horror stories about who to avoid?

[michaelrecycles]

After I left my former employer, Chase converted my employer-sponsored HSA into a fee-ridden mess. I rolled my contributions into Alliant Credit Union. They have impressed me so far - they pay a decent rate, don't tack on BS fees, and have 24/7 phone support. It is fairly easy to join as a member of the many Qualifying Organizations.

Other organizations may have HSAs with different advantages, particularly in the realm of investment options. I picked this simple option due to my low balance and their good reputation and competitive rate (1.25% APY right now on balances $100 or more).

[dragoncar]

I don't recommend HSA Bank, with which I am stuck for now.  No horror stories, it's just been a pain to set up a brokerage window, and their fees/minimum balances seem too high.

[TheDude]

I use Alliant right now. They have good service and there webiste is enough to use. I am considering switch over to Adirondack Trust Company. They have fees but they pay 3%.

Here is a good source for all kinds of HSA questions but they have good list of Banks

http://www.fatwallet.com/forums/finance/542257/

[Erica/NWEdible]

Thank you guys for these suggestions. We were narrowing down based on features from within the recommendations of the eInsurance "preferred" list, whatever-the-hell that means. Having some other leads to work is great. Thanks for your help!

[chucklesmcgee]

I don't recommend HSA Bank, with which I am stuck for now.  No horror stories, it's just been a pain to set up a brokerage window, and their fees/minimum balances seem too high.

They seem pretty cost effective overall for investing in a Vanguard index fund. I can't find many other HSAs that allow for investing in low cost mutual funds.

[madage]

I also use Alliant Credit Union for our HSA, and the majority of our banking. I'm very pleased with their service. Alliant recently started offering HSA investments, too. The fee is $5.95 per month for the investment portion, with what appears to be a decent list of funds and no additional trading fees.

[dragoncar]

I don't recommend HSA Bank, with which I am stuck for now.  No horror stories, it's just been a pain to set up a brokerage window, and their fees/minimum balances seem too high.

They seem pretty cost effective overall for investing in a Vanguard index fund. I can't find many other HSAs that allow for investing in low cost mutual funds.

Well, you have to keep $5k outside the brokerage, earning almost nothing right?  So that's like a $4 monthly fee.

[MooreBonds]

I don't recommend HSA Bank, with which I am stuck for now.  No horror stories, it's just been a pain to set up a brokerage window, and their fees/minimum balances seem too high.

They seem pretty cost effective overall for investing in a Vanguard index fund. I can't find many other HSAs that allow for investing in low cost mutual funds.

Well, you have to keep $5k outside the brokerage, earning almost nothing right?  So that's like a $4 monthly fee.

I have an HSA with HSA Bank, and also an investment account @ Ameritrade linked to my HSA Bank account. It's around $2.25/mo fee if your bank account balance is <$3,000, and another $3/month for the privilege of having an Ameritrade account.

However, my goal is to turn my HSA into a second retirement account, with a backup source of funds in the event of a true medical need. After a few years of maxing my contributions, the dividends and interest earned in my investment account more than make it worthwhile to pay the (pain in the ass) $5.50/monthly fees - fees that I would normally scream and run the other way from...but since HSA Bank is just about the only administrator I know of that allows a true investment account with almost limitless options, it's worth it.

[dragoncar]

HSA Bank is just about the only administrator I know of that allows a true investment account with almost limitless options, it's worth it.

If so, then I guess I should stop my whining!

[yomimono]

This is a little bit of thread necromancy, but I just wanted to thank everyone who contributed to this thread.  I'm kicking my shitty HDHP-bundled HSA ($2.95/month fee with .15% APY?! FUCK THAT) to the curb, and the starting points here helped me do it with a couple of hours of research rather than a whole day or two.