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2010-05-20 9:42 AM

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Subject: HSA Recommendations?
We just got an HSA eligible insurance policy. I already checked with our financial adviser, and he doesn't deal with HSAs. It feels really weird to just google some random company to set up an HSA...so does anyone have any recommendations? What interest rates are you getting? The best I've found so far is 1.25%. We would be starting with zero and hopefully making the maximum contribution this year, so we won't have a whole lot of money in there to start with.


2010-05-20 10:09 AM
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Subject: RE: HSA Recommendations?
Have you checked with your bank?  Most banks will have an HSA product in their line-up.
2010-05-20 10:18 AM
in reply to: #2870736

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Subject: RE: HSA Recommendations?
I did check it out. We were thinking of changing to a local bank though, so I just kind of wanted to see what all was out there. Our bank's does look pretty good though, we may end up doing that. They offer the option to invest in mutual funds which was really what I was looking for.
2010-05-20 10:18 AM
in reply to: #2870736

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Subject: RE: HSA Recommendations?
I concur with the above post.  I just used a local bank, even though I own a financial planning company.  Not really worried about it until it gets several years worth of contributions in there.  1% on $6,000 is only $60 per year, the real benefit is the lower insurance premiums and control over spending. 
2010-05-20 12:11 PM
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Subject: RE: HSA Recommendations?

Using OptumHealthBank for last 2 years. It's a variable rate, I believe. No limits on number of checks, also provide debit card.

2010-05-20 1:01 PM
in reply to: #2870736

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Subject: RE: HSA Recommendations?
Our family uses Optumhealthbank as well - no complaints - debit card is fantastic.


2010-05-20 2:12 PM
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Subject: RE: HSA Recommendations?

Our company uses HSA Bank.  They seem to do a good job.

2010-05-20 3:08 PM
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Subject: RE: HSA Recommendations?
Go with Bank...  1% is average return and a good one. 
2010-05-20 6:00 PM
in reply to: #2870736

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Subject: RE: HSA Recommendations?
My company uses American Charter Bank. Why does it matter what the ineterst rate is? This isn't an investment, but a convenience.
2010-05-20 6:41 PM
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Subject: RE: HSA Recommendations?
jacasa - 2010-05-20 6:00 PM

My company uses American Charter Bank. Why does it matter what the ineterst rate is? This isn't an investment, but a convenience.


It kind of is an investment, to the extent that any amount not used for health expenses can be used for retirement after I think age 65. From my understanding it's kind of like a 401(k) except that you can use the money for medical expenses prior to retirement age. If you withdraw it for any other reason it is subject to tax and penalties, but can be withdrawn at retirement age without penalties. So that's why the interest rate matters to me!

Thanks everyone for the input!
2010-05-20 9:54 PM
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Subject: RE: HSA Recommendations?
I use American Chartered Bank as well.


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