hsa bank near me

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Welcome to TD Bank Personal Banking

Community means family.

I think that's what it's turned into.

I'm going to cry.

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Hey everybody.

Sam from Bonn Place Brewing Company here, and this is my wife.

I'm Gina.

Bethlehem is one of the greatest steel towns in America.

When manufacturing had a downturn Bethlehem had to reinvent itself.

When I first met Sam and Gina, they had this dream that they wanted to accomplish.

When we first signed our lease on this building, people were questioning it, like "you sure you want to open a brewery on the south side of Bethlehem in the current climate?"

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We needed a bit of help to get this place opened...and everybody needs help.

When anybody ever comes to us and says, "We need help. What can we do? We don't know how to get through this red tape."

We say, "This is what we did. This might help you."

We even went to City Hall for someone once.

This is the community we can change.

What we can change is right here and right now.

Sam and Gina are very passionate about working with women entrepreneurs.

It's hard to start a business.

One thing Sam and Gina have been able to achieve is share the lessons they've learned with other business owners and convince them, "hey, it actually is possible."

We want to see businesses succeed with the opportunities that we've had.

So what better way than to mentor them.

We're all in this together, and it's the bigger picture.

Bonn Place is a catalyst for the regrowth of this community.

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We had this idea.

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How much they're committed to the growth of Bethlehem as a whole.

That's the real story.

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They are the last two people who would want this bestowed upon them, but they are the most deserving.

So we all want to gather here today and say thank you, because we value everything that you put into Bethlehem.

There's a little bit more.

So, the contribution we made to a female entrepreneurship program, in your name.

We're absolutely thrilled.

Next year, with this gift, we're going to be able to serve even more women entrepreneurs.

The integrity of this community is real strong.

This is just the beginning.

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Best Health Savings Accounts (HSA) for 2021

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While many people are well aware of runaway health insurance premiums, less discussed are the equally disturbing increases in copayments, deductibles, and coinsurance provisions.

They can amount to thousands of dollars each year, on just a single major medical expense. Meanwhile, the tax-deductibility of medical expenses is complicated and unavailable to most taxpayers.

best hsa account providers

That’s why Health Savings Accounts, or HSAs, are becoming more popular every year. They offer more people an opportunity to get a tax break on their medical expenses, even if they don’t itemize on their tax returns.

Moreover, choosing the right HSA gives you another long-term, tax-advantaged investment vehicle that lets you grow your savings toward financial independence and/or early retirement.

What Is a Health Savings Account?

An HSA is something like a medical IRA.

You contribute funds to the HSA plan, which is tax-deductible. Any withdrawals for a qualified medical expense can be taken tax-free. And whatever you don’t spend can simply be left in the account to either gain interest or to be invested, much the same way as with an IRA.

HSAs have a lot of advantages, even apart from making medical expenses tax-deductible. A few of these benefits include:

  • HSAs are triple tax-free. Contributions are made with pre-tax dollars, these savings can be invested and grow tax-free, and the withdrawals aren’t taxed as long as the money is used for healthcare expenses.
  • Flexibility in withdrawals. You can withdraw from your account for qualified medical expenses even decades after the expense is incurred. In fact, after age 65, you can pull from an HSA for any purpose—penalty-free—simply by paying ordinary income tax. There are also no required minimum distributions, so you can leave your money to grow as long as you’d like.
  • No income limits. High earners are sometimes phased out of other tax-advantaged accounts, but HSAs don’t have any of these types of limitations.
  • You get to choose your own HSA provider. The ability to shop around with any bank or brokerage means you can opt for a provider that caters to your situation or goals.
  • Catch-up contributions. Those age 55 and over can contribute an additional $1,000 a year, called a catch-up contribution.

That said, health savings accounts don’t come without disadvantages:

  • Strict limitations on who can contribute. HSAs are only available to individuals with a high deductible health plan (HDHP). Without this, you’re barred from an otherwise awesome investment vehicle.
  • Substantial penalties for pulling from an HSA for non-healthcare-related expenses. Like other tax-advantaged accounts, you have to use the money for its intended purpose—health care expenses (unless you’re over the age of 65). Otherwise, you’re hit with a steep 20% penalty. Fortunately, the IRS definition of qualified expenses is pretty generous. And to provide relief for COVID-19, the recent CARES Act actually even expanded the list.

So now that you have a basic understanding of health savings accounts, let’s look at the best HSA accounts and which HSA provider might suit your situation best.

What Are the Best Places to Open an HSA?

Health savings accounts are offered by a variety of institutions. That can make the decision difficult. But narrowing your options down based on whether you’re looking for an interest-bearing or investment account can help.

HSA Providers can also be referred to as an “HSA Administrator,” or “HSA Custodian.” These all mean the same thing—they are all IRS approved institutions that offer HSA accounts.

Or, skip straight to our list of the best HSAs

Banks and Credit Unions

Most banks and credit unions offer health savings accounts. Naturally, these are the preferred choices for interest-bearing accounts.

Between the two, credit unions are more likely to offer a combination of high interest and no monthly fees. You can shop between online banking and credit unions, or check out those with branches available in your area.

Investment Brokers

While credit unions offer interest-bearing accounts and banks offer both interest-bearing and investment accounts (mostly as a mutual fund), investment brokers provide the widest range of options on the investing front.

With a brokerage, you can engage in self-directed investing in just about any asset classes you want, giving you full control of your HSA investment.

If you go this route, make sure the broker offers access to options similar to banks and credit unions, particularly debit cards and check-writing capability. You’ll want an easy process to withdraw the money to cover healthcare expenses.

Other HSA Providers

There are also HSA providers dedicated to providing hybrid HSA accounts. With these, you’ll get a checking/cash account along with an investment account.

Funds must be transferred back to the checking account for payment of medical expenses.

Best HSA Accounts for 2021

Here are the 11 best places to open a health savings account today:

1. Lively

Lively is an HSA provider that allows you to either invest your funds or earn interest on cash balances.

The account has no minimum balance requirements, no monthly fee, and it comes with a debit card. They also allow you to link your bank account for easy online reimbursements, but they’re mostly paperless, so there’s no option for checks.

Funds held in a cash account earn interest at a current rate of 0.01%. This rate was updated in March 2020 as part of the economic fallout due to COVID-19.

If you’re saving for retirement or otherwise don’t anticipate needing most or part of your HSA balance, then you can invest your account instead to earn a higher long-term rate.

They offer two options for investing: self-directed in a TD Ameritrade (soon to be merged with Charles Schwab) brokerage account, or in a guided portfolio from Devenir.

The self-directed investing account charges no trading or commission fees on stocks, ETFs, or options. The guided portfolio, on the other hand, comes with a 0.5% annual fee.

I especially like Lively’s app, which is user-friendly and lets you store receipts, categorize expenses, track deductible healthcare cost spending, and set up an automated HSA contribution. It’s a big step up from the big banks, which often have outdated tech.

Next steps:

2. Fidelity HSA

Fidelity allows you to open an account with no minimum initial deposit and no HSA fees. The account can be accessed with a debit card. And as one of the largest investment brokers in the world, Fidelity HSA offers you a choice between professionally selected funds, target-date funds, or self-directed investing in mutual funds, ETFs, stocks, bonds, U.S. treasuries, CDs, and options.

It’s also worth noting that Fidelity does not charge commissions on stocks, ETFs, and options.

A Fidelity HSA is also great for people who have other investment accounts with Fidelity. This allows you to manage all your investment accounts under a single dashboard.

Learn more:

3. Bank of America

With Bank of America, you can open a Health Savings Account with no minimum initial deposit, but they do charge a monthly fee of $2.50.

The account pays interest of 0.03% APY on balances up to $2,500, rising to 0.07% for accounts over $7,500. If you have at least $1,000 in the account, you can also choose to invest in mutual funds. But I like Lively or Fidelity better if you’re planning to go the investment route due to the wider choice of investment assets and no HSA fees.

With Bank of America, you can access your HSA funds through a debit card, check, or online transfer to your bank account.

Learn more:

4. HealthEquity

Based in Salt Lake City, Utah, HealthEquity was specifically built as an HSA administrator. They offer three different investment options, including a low-interest cash account, their Yield Plus account paying higher interest, or a lineup of Vanguard funds.

There are no account minimums and $0 monthly account fees for individuals.

You do need $500 to start investing, however, and there is a monthly investment administration fee of 0.03%, capped at a maximum of $10.

If you take advantage of their Advisor plans for investment guidance, there is also an additional monthly advisory fee of 0.05% per month, capped at a maximum of $15.00

Learn more:

5. The HSA Authority

Part of Old National Bank, The HSA Authority is designed specifically as an HSA provider. They offer no-load mutual funds for investing purposes, and $1,000 is the minimum balance required to begin to invest your HSA money.

The checking account comes with a debit card, check-writing privileges, and no monthly fees. But there is a $36 annual fee for the investment account.

Learn more:

6. Further

Further offers three different HSA plan types, all with competitive interest rates on your cash balances:

  1. Further Premium, which offers their highest rates. This account has a $4/month administrative fee but offers interest rates ranging from 0.35% up to 0.70%.
  2. Further Value, which is a low-fee account with an investment option. This account has a $1/month administrative fee and offers interest rates ranging from 0.05% up to 0.20%.
  3. Further Select, which is an FDIC insured account with an investment option. This account has a $3/month administrative fee and offers interest rates ranging from 0.05% to 0.10%.

If you want to invest your cash, Further offers two-tiered investing options.

The first allows you to invest any excess over $1,000 into a variety of pre-selected mutual funds. The second tier allows you to invest any excess over $11,000 into a wider range of mutual funds, stocks, bonds, and other investment classes. This is offered through a self-directed Charles Schwab brokerage account.

Whether you opt for one or both types of investment accounts, Further charges an additional $18 annual fee for investing.

Despite the somewhat confusing tiers and account options, Further makes the list because their rates on the cash accounts are super competitive in today’s economic climate. If you’re opting for investing, however, the fees and balance limitations push me to recommend a different HSA provider.

Learn more:

7. DCU Credit Union

Digital Federal Credit Union‘s HSA Checking account requires no minimum initial deposit and has no monthly fees. The account comes with a debit card and unlimited check-writing. It currently pays 0.20% APY on account balances up to $1,000, with progressively higher rates moving up to 0.5% for balances of $100,000 or more.

Based in Massachusetts, DCU is available to consumers across the United States.

Learn more:

8. HealthSavings Administrators

HealthSavings Administrators is another investment-focused account. You can open either a cash account (with a debit card), an investment account, or both. The cash account pays interest ranging from 0% on balances under $5,000 to 0.25% for balances greater than $25,000.

There is no minimum balance requirement for cash accounts nor to “unlock” the ability to invest your money.

On the investing side, you have your choice of 43 Vanguard funds and Dimensional mutual funds, which are highly rated and have industry-low average expense ratios. In other words, they’re a great choice for investors who want consistent returns without having to micro-manage your HSA investment or pay the high fees for guided portfolios.

A huge downside to HealthSavings Administrators, however, is the lack of transparency in fees. While there are no annual fees for the cash account, the investment account does charge fees. They are referenced on the website, but not specifically disclosed.

Learn more:

9. Affinity Federal Credit Union

The Affinity Federal Credit Union HSA account has no minimum deposit requirement and charges no HSA fees. It offers a debit card with the account, but no checking privileges are indicated. The account currently pays 0.25% APY and you can fund it with direct deposits. It’s available primarily to residents of New Jersey and Connecticut, but there’s a long list of exceptions.

Since most credit unions serve consumers who either live in a specific geographic location or work in a certain industry, it’s best to check with institutions in your local area.

Learn ore:

10. Northern Bank & Trust Company

The Northern Bank & Trust Company HSA requires $25 to open the account, then no minimum balance after that. There’s no monthly service charge, but there is a $25 account closing fee. As of September 1st, NBTC pays 0.02% on balances less than $5,000, up to 0.20% on balances above $25,000.

You’ll be issued a debit Mastercard as well as checks to pay for medical expenses.

Learn more:

11. First American Bank

You can open a basic HSA account at First American Bank with no minimum initial deposit, and no monthly fees. The account comes with a debit card as well as unlimited check-writing and mobile wallet.

The basic account is interest-bearing, but you can invest if you have at least $2,000 in the checking portion of your account. HSA money can be invested in mutual funds, and the monthly fee is $2.95 for the service.

Learn more:

What to Look for in an HSA Provider

There are a few key aspects to consider when shopping for a health savings account:

1. Access to Your HSA

The best companies offer easy access to your funds.

At a minimum, the account should include a few checks along with a debit card that can be used to pay a qualified medical expense directly.

But the best HSAs also offer the convenience of online transfers so that you can reimburse yourself for out-of-pocket expenses by making a one-time or reoccurring transfer from your HSA to your personal checking or savings account.

2. Minimal HSA Fees

In fact, the very best HSA providers don’t have any fees for individual HSA accounts.

But plenty of companies offer HSAs while imposing various fees, including an activity or a monthly fixed fee. Be wary of these, or at least have a good reason for choosing that company if you do.

3. Opening Deposit and HSA Balance Requirements

Opening an HSA account is generally no more complicated than opening any other type of account. You provide basic information, complete forms specific to the HSA provider, and make your opening deposit.

This opening deposit is often minimal, like $50 or $100—sometimes even $0. But it varies from one HSA administrator to another, so you’ll need to check.

You’ll also want to understand any ongoing minimum balance requirements. Some administrators waive fees if your account balance is high enough, while others require a certain amount before allowing you to invest your funds versus keeping it as interest-bearing cash.

Understanding these nuances can help you select the best HSA account for your situation.

4. HSA Investment Opportunities

This gets back to the IRA nature of an HSA.

Again, any unused HSA money in the account can be left to grow. Since ultimately an HSA is a tax-advantaged investment vehicle, you’ll want to be able to put that money to work.

At a minimum, an HSA account should be interest-bearing.

For these types of cash accounts (typically through banks and credit unions), you’ll want to compare the interest rates being offered.

But depending on your age and health status, you may also be interested in more aggressive investments. For investment accounts, you’ll want to compare what asset classes are available to you and how easily you can re-balance.

You can open an investment account with a bank (typically to invest in mutual funds), but an actual investment broker will give you the most asset flexibility if you’re interested in self-directed investing.

Interest-Bearing Account vs. Investment Account

Which should you choose? It really comes down to two questions:

  1. How much do you intend to contribute to the plan each year?
  2. How much money do you expect to withdraw for medical expenses in a typical year?(I recommend you review your out-of-pocket medical expenses over the past several years to get an idea.)

The answer to either of these questions can determine whether you’re better off keeping your money in an interest-bearing account or an investment account.

Investment HSA Accounts:

If you plan to make the maximum allowable HSA contribution each year and you don’t anticipate regular withdrawals (for example, if both you and your family are in good or excellent health), then you can expect the account to grow to a substantial balance over time.

And if that’s the case, then you might prefer an investment account.

You can use this type of HSA to invest in stocks, bonds, mutual funds, exchange-traded funds (ETFs), or any other investment allowable under the plan.

This will be even more important if you’re years away from retirement (lots of time to put compound interest to work!).

Generally speaking, you won’t be able to make contributions to an HSA once you reach 65. However, between now and then, you can build up the account and have it available to cover medical expenses in retirement.

Interest-Bearing HSA Accounts:

Conversely, if you plan to make minimal contributions (perhaps only enough to cover any anticipated medical expenses), or you routinely have high out-of-pocket medical expenses (enough that will challenge the annual contribution limit), you’d likely be better served with an interest-bearing account.

It may not earn as much growth as an investment account, but it will offer the complete safety of the principal. That will guarantee your HSA money will be available when needed.

Do Banks and Credit Unions Offer HSAs?

Both banks and credit unions routinely offer Health Savings Accounts. In most cases, a bank or credit union will set up your HSA using either a savings account or a money market account. Either will be interest-bearing and highly liquid.

Banks and credit unions are the best choices if you expect to be an active user of your HSA account. The funds you deposit into your account will have zero risk, and be available as needed. And if you’re opening an account through your local bank, it may be more convenient than a remote investment broker will be when dealing with local healthcare providers.

Interest that a bank or credit union will pay on the HSA account is not likely to be competitive, with the highest rates being paid on deposit accounts you see advertised.

But it’s important to remember that an HSA is a special-purpose account, and the interest rate of return is, at best, a secondary consideration. That will be especially true if you’ll be actively using the account to pay medical expenses.

Opening a Health Savings Account with an Investment Broker

Brokerage firms are more likely to impose a minimum initial deposit into the account, and to charge fees. You’ll need to weigh the fees against the potential investment performance of your account.

Be sure to review any restrictions on investment options within an HSA account. A brokerage firm may make certain investments available in the account while excluding others.

But even if they have no restrictions, you may want to lean on the conservative side of the risk spectrum with this type of account. After all, a sudden need for funds to cover a major health event can arise at any time.

That makes a strong case for emphasizing better-behaved investment options, like high dividend stocks and index funds. More speculative investments may not be suitable for this type of account.

Just be sure that if you do choose an investment account, at least some of the money should be held in a cash type account for potential immediate use. The reality of healthcare is that the need often occurs suddenly.

You won’t want to be caught in a situation where you’ll need to sell investments to cover medical expenses. If those expenses coincide with a decline in the value of your investments, the sale will lock in your losses.

This is when it’s important to remember that the first purpose of an HSA is to cover your medical costs. The investment angle and additional tax benefit is nice to have, but it’s only a secondary consideration.

Find the Best Health Savings Account for You

Not only do HSAs have a lot of benefits, but as you can see from the list above, you’ll have plenty of options as to the best Health Savings Accounts.

It’s becoming more important every year, as health insurance and out-of-pocket medical bills rise. But another under-appreciated factor is the changes that took place with the 2017 Tax Cuts and Jobs Act, that ushered in major shifts in the tax code.

Chief among them is the fact that the standard deduction has nearly doubled. For 2021, the standard deduction is $12,550 for single people and $25,100 for those who are married filing jointly. With the increase in those thresholds, far fewer people will be able to itemize expenses on their tax returns. That includes medical costs. And that’s where HSAs can help.

Not only will you get a tax deduction for your annual contribution to an HSA account, but that will automatically make any expenses paid out of the account tax-free. That will be even better than itemizing the expenses on your tax return—if you even can anymore.

Can I Use my HSA Funds for Non-Health Expenses?

A word of warning: any payments made from your HSA must be limited to qualified medical expenses.

If funds are disbursed for any other purpose, that payment will be fully taxable and subject to an early withdrawal penalty. For example, if you use your HSA debit card to pay for a prescription, then include other non-medical purchases or take cash back, the payment over and above the cost of the prescription itself will be taxable.

Are HSA Accounts Worth It?

For millennials who are generally healthy and want to save for a future qualified medical expense, an HSA is totally worth it.

Given the tax savings and other advantages, it could be a great way to plan for a healthy and wealthy future. Especially after retirement, the money in your HSA can be used to offset the cost of medical treatments so you can hold onto your hard-earned savings.

Health Savings Accounts Offer Tax-Sheltered Investing

Whatever you don’t spend in your HSA account can simply be carried forward and invested in much the same way as an IRA. You can hold the funds in safe, interest-bearing bank accounts, or with investment platforms that allow you to either invest in mutual funds or engage in self-directed investing in just about any asset classes you want.

Since the investment income is tax-sheltered, it can build up just like a retirement account. And whatever you don’t spend out of the account between now and retirement can help provide for you in your old age.

If you don’t have an HSA account right now, there’s no time like the present to take advantage of this major benefit that’s available to anyone with an HDHP insurance plan. It’s just a matter of selecting the best places to open an HSA. Use this guide as a starting point and make it happen.

Quick Summary: Compare the top HSA accounts

 Fee For Cash AccountsAPY On Cash BalancesFee for InvestmentsMin to InvestInvestment Platform
1. Lively$00.01%$0 self-directed; 0.50% guided portfolio$0TD Ameritrade
2. Fidelity$00.01%$0$0Fidelity
3. Bank of America$2.50/mo0.03% – 0.07%$0$1,000Mutual Funds
4. HealthEquity$0Varies0.03% admin + 0.05% advisory$500Mutual Funds
5. The HSA Authority$0Varies$36/yr$1,000Mutual Funds
6. Further$1 – $4/mo0.05% – 0.70%$18/year$1,001Charles Schwab
7. DCU$00.20% – 0.50%N/AN/AN/A
8. HealthSavings$00% – 0.25%Undisclosed$0Mutual Funds
9. Affinity Federal$00.25%N/AN/AN/A
10. NBTC$00.02% – 0.20%N/AN/AN/A
11. First American Bank$00.01% – 0.15%$2.95/mo$2,000Mutual Funds
Источник: https://millennialmoney.com/best-hsa-accounts/

The best health savings account (HSA) providers of 2021

The tax advantages of a health savings account are unbeatable — better than a 401(k), traditional IRA, Roth IRA or 529 savings plan. It can be used like a checking account to pay for medical bills as they arise, as an investment account to grow funds for health care costs down the road, or as a combination of the two.

An HSA is a savings account that lets you sock away pre-tax dollars to pay for health care expenses. To qualify for an HSA, you must have a high-deductible health plan (HDHP). For the 2021 and 2022 plan years, the minimum deductible is $1,400 for individuals and $2,800 for families.

When shopping for an HSA, it’s important to consider account fees, investment options, minimum balance requirements, account accessibility, interest rates and customer service.  Depending on how you plan to use the HSA, certain account features will matter more to you than others.

To help you in your search, Bankrate has compiled a list of the best HSA accounts in 2021. To narrow our choices, we compared fees, balance requirements, investment choices, interest rates and account accessibility of more than a dozen top HSA providers.

The best HSA accounts in 2021

  • Best overall: Lively.
  • Best for investment options: Fidelity Investments.
  • Best for short-term spending: HealthEquity.
  • Best for low fees: Lively.
  • Best HSA offered by a traditional bank: Bank of America.

Best HSA overall: Lively

Lively gets the nod for best HSA overall for individuals largely because it charges no fees and there are no hidden fees to cut into your savings. In addition, customers have access to lots of commission-free investments online through a self-directed brokerage account with TD Ameritrade. The other investment option is a guided portfolio by Devenir, which comes with an annual fee of 0.5 percent, but there is no cash minimum to invest in it.

Like many HSAs, a Lively HSA comes with a free debit card to pay health care expenses. It also offers online banking and a mobile app that lets you track and manage the account from anywhere. The website is easy to navigate and features an HSA guide and lots of informative articles, calculators and videos. Cash balances in a Lively HSA are FDIC-insured and earn interest. The annual percentage yield is only 0.01 percent, but interest rates are so low they carry little weight when it comes to choosing an HSA. Lively also offers streamlined HSA administration to employers.

Best for investment options: Fidelity Investments

Fidelity Investments offers many low-cost HSA investment options with no account fees and no minimum to open the account. You can invest in stocks, bonds, ETFs, CDs, mutual funds and other options. Online U.S. stock and ETF trades are commission-free, but there may be underlying fees for certain investments. Fidelity also has fund options that are just for Fidelity HSA customers. Account holders can manage their own investments, opt for a managed account or open both a self-directed HSA (Fidelity HSA) and a managed HSA (Fidelity Go HSA).

Accessing HSA funds and paying medical bills is easy with a Fidelity HSA. Customers get a debit card and online bill pay, or they can reimburse themselves for expenses paid by transferring funds from their HSA to their personal bank account. Fidelity also offers calculators, tools and market research to help you monitor and manage your account.

Best for short-term spending: HealthEquity

HealthEquity is a nonbank HSA custodian and one of the largest HSA providers. It’s a good choice for customers who need to use their HSA regularly for medical expenses because of the multiple ways available to spend and track the account. Account holders can access their funds with a debit card, by writing checks, through online banking or mobile app. The HealthEquity mobile app lets you send payments and reimbursements, view the status of claims, take pictures with your device to initiate claims and payments, and link debit card transactions to claims and documentation. There is no monthly account fee, but there are other charges, including a $25 fee to close the account, so ask for the full schedule of fees before signing up.

Based in Draper, Utah, HealthEquity also offers 24/7 customer support by phone or live chat. HealthEquity savers do earn some interest, based on balance tiers, though those rates are not disclosed on the website. Savers are FDIC-insured up to federal limits.

Best for low fees: Lively

Lively has a long list of fees it does not charge, which should make HSA shoppers take a hard look at this provider. Lively customers pay no fees for  monthly account maintenance, to open or close an account, to transfer funds, to have up to three HSA debit cards or for excess HSA contributions. There are also no minimum balance or reimbursement fees and no fees for a self-directed brokerage account with TD Ameritrade, which offers commission-free stocks, ETFs and other investment options. Investors who select the guided portfolio by Devenir pay 0.5 percent annually. Lively charges business customers $2.95 per enrolled employee per month.

Lively gets kudos for pricing transparency. Some HSA providers make it hard to find interest rates and other account details on their websites, forcing people to call or email for information. Lively’s website is simple, easy to follow and provides relevant details in plain view.

Best HSA offered by a traditional bank: Bank of America

Many people like the convenience of managing all their finances with one bank. Bank of America, the second-largest bank in the U.S., with 4,300 branches and about 17,000 ATMs, combines broad physical access with a full suite of digital and online tools. It’s a good choice for people who prefer having a nearby bank branch as opposed to doing everything online.

You can submit claims and monitor the HSA through BofA’s member website or via the MyHealth BofA mobile app. The HSA comes with a Visa debit card with no transaction fees, a savings calculator, and customers have 24/7 support by phone or online chat. The bank also provides guidance and education in matching financial strategies with health and wellness goals. Savers can earn up to 0.07 percent APY, depending on their balances, and investors have dozens of Merrill Lynch (a subsidiary of BofA) mutual funds to choose from. There is a $1,000 balance minimum to invest and a standard monthly account fee of $2.50 a month (which may be waived if the HSA is through your employer). BofA does not charge transaction fees to buy or sell investments, but there are internal expenses with mutual funds. BofA is also an HSA custodian for small and large businesses.

How to choose the best HSA

There are advantages to opening an HSA through your employer, if it’s available. With an employer-provided HSA, you can reduce Social Security taxes, and your company might contribute to your account. “In some cases, employer plans can get a better price point, but maybe you can’t get it for free on your own,” says Eric Remjeske, founder and president of Devenir, a Minneapolis-based HSA investment advisor and research firm. HSA shoppers might find Devenir’s HSASearch tool to be helpful.

If you decide to shop for an HSA, here’s what to consider.

  • Decide how you will use the account. Knowing how you intend to use an HSA — whether for immediate and near-term medical expenses, or as an investment account for future health care costs — will help you narrow your options.
  • Watch out for fees. Always ask for a complete schedule of fees before you make a decision, as HSA fees vary greatly among providers. There may be maintenance fees, investment fees, paper statement fees and per-transaction charges. Some HSAs charge a fee to open the account, obtain, replace or renew a debit card or transfer money from a savings account to an investment account. HSAs may also have overdraft fees or nonsufficient funds fees.
  • Inquire about minimum balances. Some HSA administrators waive fees if an account meets a balance threshold. Ask whether the fee waiver is based on a minimum savings balance or a combined savings and investment balance. Ask whether there is a minimum balance requirement to invest the HSA. Minimum balance requirements to invest usually range between $500 and $3,000.
  • Compare interest rates. Much like a traditional savings account, HSAs offer an opportunity to earn interest. However, in the current rate environment, interest rates are less important than fees, which can easily eat up interest earnings. But for savers who plan to maintain an HSA as a spending account, rates are something to look at.
  • Make sure HSA funds are easily accessible. When health care bills arise, you need to be able to get to your HSA funds to pay them. Find out whether the HSA comes with a debit card, online bill pay or checks. Find out how easy or difficult it is to transfer funds out of the account to your personal checking, for example.
  • Make sure investment options are diverse and strong. Some HSAs offer the chance to invest and grow the funds. HSA custodians offer a mix of mutual funds, stocks, bonds and other investment products. Look for investment options that charge low fees and don’t have balance thresholds to meet before you can invest. Look for varied investment options with a good performance. Keep in mind that stocks, bonds and other investments are not federally insured.
  • Savers, choose a federally insured institution. If you plan to keep your HSA in a spending account, make sure the bank or credit union you select is insured by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund. If your financial institution were to fail, you would be covered for up to $250,000.
  • Evaluate the customer service. Make sure the bank, credit union or HSA custodian answers all your questions and tells you everything you need to know to make informed choices. Find out about customer service hours and tools that can help you track and manage your account, such as mobile apps. Some financial institutions are better at offering educational videos and articles online. If you prefer an in-person experience, inquire about branch locations and hours.

Methodology: Bankrate looked at account fees, cost and variety of investment choices, minimum balance requirements, account accessibility and interest rates for more than a dozen of the largest HSA providers, giving the most weight to fees and investment opportunities.      

Learn more:

Источник: https://www.bankrate.com/banking/savings/best-health-savings-accounts/

Further is the best HSA provider for employers based on the selection of accounts they help manage. Business owners, including owners of small firms, can turn to Further for help overseeing employer health savings accounts, flexible spending accounts, transportation reimbursement accounts (TRAs), dependent care assistance programs (DCAPs), and more.

Pros
  • Oversee several different employee reimbursement accounts and savings accounts in one place

  • Employees can grow their balance with interest rates as high as 0.70%

  • Investment options available with Charles Schwab once an account balance grows to $1,000 or more

Cons
  • Investment options have underlying fees that vary

  • Further charges an additional $18 per year for investment accounts

  • Further charges varying fees to employers who open accounts for their workers, and you have to call in for pricing

Further was founded in 1989 with the goal of streamlining the healthcare payment process. And while you can sign up for an individual or family HSA with Further, this provider stands out due to their wealth of healthcare account management options offered to employers. 

With the Further HSA, businesses can expect streamlined administration on a single platform, and their employees can manage their HSA using their mobile device while enjoying the perks that come with a simplified claims and reimbursement process. The Further HSA can be offered as a standalone product to employees, and you can also pair it with other options like FSAs, transportation reimbursement accounts, dependent care assistance programs, and more in order to attract and retain the best talent.

Note that Further HSAs can earn a variable interest rate based on market conditions, but that employees can invest their funds with Charles Schwab once they have at least $1,000 in their HSA. An annual fee of $18 is required for investment accounts with Charles Schwab, and included investments come with their own fees that vary. 

Finally, one downside to consider is the fact that Further HSA charges ongoing fees to employers who open their HSA and other reimbursement accounts, but that these fees vary and you have to call in to receive pricing.

Источник: https://www.investopedia.com/best-health-savings-account-providers-5079652
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Best Health Savings Accounts (HSA) for 2021

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While many people are well aware of runaway health insurance premiums, less discussed are the equally disturbing increases in copayments, deductibles, and coinsurance provisions.

They can amount to thousands of hsa bank near me each year, on just a single major medical expense. Meanwhile, the tax-deductibility of medical expenses is complicated and unavailable to most taxpayers.

best hsa account providers

That’s why Health Savings Accounts, or HSAs, are becoming more popular every year. They offer more people an opportunity to get a tax break on their medical expenses, even if they don’t itemize on their tax returns.

Moreover, choosing the right HSA gives you another long-term, tax-advantaged investment vehicle that lets you grow your savings toward financial independence and/or early retirement.

What Is a Health Savings Account?

An HSA is something like a medical IRA.

You contribute funds to the HSA plan, which is tax-deductible. Any withdrawals for a qualified medical expense can be taken tax-free. And whatever you don’t spend can simply be left in the account to either gain interest or to be invested, much the same way as with an IRA.

HSAs have a lot of advantages, even apart from making medical expenses tax-deductible. A few of these benefits include:

  • HSAs are triple tax-free. Contributions are made with pre-tax dollars, these savings can be invested and grow tax-free, and the withdrawals aren’t taxed as long as the money is used for healthcare expenses.
  • Flexibility in withdrawals. You can withdraw from your account for qualified medical expenses even decades after the expense is incurred. In fact, after age 65, you can pull from an HSA for any purpose—penalty-free—simply by paying ordinary income tax. There are also no required minimum distributions, so you can leave your money to grow as long as you’d like.
  • No income limits. High earners are sometimes phased out of other tax-advantaged accounts, but HSAs don’t have any of these types of limitations.
  • You get to choose your own HSA provider. The ability to shop around with any bank or brokerage means you can opt for a provider that caters to your situation or goals.
  • Catch-up contributions. Those age 55 and over can contribute an additional $1,000 a year, called a catch-up contribution.

That said, health savings accounts don’t come without disadvantages:

  • Strict limitations on who can contribute. HSAs are only available to individuals with a high deductible health plan (HDHP). Without this, you’re barred from an otherwise awesome investment vehicle.
  • Substantial penalties for pulling from an HSA for non-healthcare-related expenses. Like other tax-advantaged accounts, you have to use the money for its intended purpose—health care expenses (unless you’re over the age of 65). Otherwise, you’re hit with a steep 20% penalty. Fortunately, the IRS definition of qualified expenses is pretty generous. And to provide relief for COVID-19, the recent CARES Act actually even expanded the list.

So now that you have a basic understanding of health savings accounts, let’s look at the best HSA accounts and which HSA provider might suit your situation best.

What Are the Best Places to Open an HSA?

Health savings accounts are offered by a variety of institutions. That can make the decision difficult. But narrowing your options down based on whether you’re looking for an interest-bearing or investment account can help.

HSA Providers can also be referred to as an “HSA Administrator,” or “HSA Custodian.” These all mean the same thing—they are all IRS approved institutions that offer HSA accounts.

Or, skip straight to our list of the best HSAs

Banks and Credit Unions

Most banks and credit unions offer health savings accounts. Naturally, these are the preferred choices for interest-bearing accounts.

Between the two, credit unions are more likely to offer a combination of high interest and no monthly fees. You can shop between online banking and credit unions, or check out those with branches available in your area.

Investment Brokers

While credit unions offer interest-bearing accounts and banks offer both interest-bearing and investment accounts (mostly as a mutual fund), investment brokers provide the widest range of options on the investing front.

With a brokerage, you can engage in self-directed investing in just about any asset classes you want, giving you full control of your HSA investment.

If you go this route, make sure the broker offers access to options similar to banks and credit unions, particularly debit cards and check-writing capability. You’ll want an easy process to withdraw the money to cover healthcare expenses.

Other HSA Providers

There are also HSA providers dedicated to providing hybrid HSA accounts. With these, you’ll get a checking/cash account along with an investment hsa bank near me must be transferred back to the checking account for payment of medical expenses.

Best HSA Accounts for 2021

Here are the 11 best places to open a health savings account today:

1. Lively

Lively is an HSA provider that allows you to either invest your funds or earn interest on cash balances.

The account has no minimum balance requirements, no monthly fee, and it comes with a debit card. They also allow you to link your bank account for easy online reimbursements, but they’re mostly paperless, so there’s no option for checks.

Funds held in a cash account earn interest at a current rate of 0.01%. This rate was updated in March 2020 as part of the economic fallout due to COVID-19.

If you’re saving for retirement or otherwise don’t anticipate needing most or part of your HSA balance, then you can invest your account instead to earn a higher long-term rate.

They offer two options for investing: self-directed in a TD Ameritrade (soon to be merged with Charles Schwab) brokerage account, or in a guided portfolio from Devenir.

The self-directed investing account charges no trading or commission fees on stocks, ETFs, or options. The guided portfolio, on the other hand, comes with a 0.5% annual fee.

I especially like Lively’s app, which is user-friendly and lets you store receipts, categorize expenses, track deductible healthcare cost spending, and set up an automated HSA contribution. It’s a big step up from the big banks, which often have outdated tech.

Next steps:

2. Fidelity HSA

Fidelity allows you to open an account with no minimum initial deposit and no HSA fees. The account can be accessed with a debit card. And as one of the largest investment brokers in the world, Fidelity HSA offers you a choice between professionally selected funds, target-date funds, or self-directed investing in mutual funds, ETFs, stocks, bonds, U.S. treasuries, CDs, and options.

It’s also worth noting that Fidelity does not charge commissions on stocks, ETFs, and options.

A Fidelity HSA is also great for people who have other investment accounts with Fidelity. This allows you to manage all your investment accounts under a single dashboard.

Learn more:

3. Bank of America

With Bank of America, you can open a Health Savings Account with no minimum initial deposit, but they do charge a monthly fee of $2.50.

The account pays interest of 0.03% APY on balances up to $2,500, rising to 0.07% for accounts over $7,500. If you have at least $1,000 in the account, you can also choose to invest in mutual funds. But I like Lively or Fidelity better if you’re planning to go the investment route due to the wider choice of investment assets and no HSA fees.

With Bank of America, you can access your HSA funds through a debit card, check, or online transfer to your bank account.

Learn more:

4. HealthEquity

Based in Salt Lake City, Utah, HealthEquity was specifically built as an HSA administrator. They offer three different investment options, including a low-interest cash account, their Yield Plus account paying higher interest, or a lineup of Vanguard funds.

There are no account minimums and $0 monthly account fees for individuals.

You do need $500 to start investing, however, and there is a monthly investment administration fee of 0.03%, capped at a maximum of $10.

If you take advantage of their Advisor plans for investment guidance, there is also an additional monthly advisory fee of 0.05% per month, capped at a maximum of $15.00

Learn more:

5. The HSA Authority

Part of Old National Bank, The HSA Authority is designed specifically as an HSA provider. They offer no-load mutual funds for investing purposes, and $1,000 is the minimum balance required to begin to invest your HSA money.

The checking account comes with a debit card, check-writing privileges, and no monthly fees. But there is a $36 annual fee for the investment account.

Learn more:

6. Further

Further offers three different HSA plan types, all with competitive interest rates on your cash balances:

  1. Further Premium, which offers their highest rates. This account has a $4/month administrative fee but offers interest rates ranging from 0.35% up to 0.70%.
  2. Further Value, which is a low-fee account with an investment option. This account has a $1/month administrative fee and offers interest rates ranging from 0.05% up to 0.20%.
  3. Further Select, which is an FDIC insured account with an investment option. This account has a $3/month administrative fee and offers interest rates ranging from 0.05% to 0.10%.

If you want to invest your cash, Further offers two-tiered investing options.

The first allows you to invest any excess over $1,000 into a variety of pre-selected mutual funds. The second tier allows you to invest any excess over $11,000 into a wider range of mutual funds, stocks, bonds, and other investment classes. This is offered through a self-directed Charles Schwab brokerage account.

Whether you opt for one or both types of investment accounts, Further charges an additional $18 annual fee for investing.

Despite the somewhat confusing tiers and account options, Further makes the list because their rates on the cash accounts are super competitive in today’s economic climate. If you’re opting for investing, however, the fees and balance limitations push me to recommend a different HSA provider.

Learn more:

7. DCU Credit Union

Digital Federal Credit Union‘s HSA Checking account requires no minimum initial deposit and has no monthly fees. The account comes with a debit card and unlimited check-writing. It currently pays 0.20% APY on account balances up to $1,000, with progressively higher rates moving up to 0.5% for balances of $100,000 or more.

Based in Massachusetts, DCU is available to consumers across the United States.

Learn more:

8. HealthSavings Administrators

HealthSavings Administrators is another investment-focused account. You can open either a cash account (with a debit card), an investment account, or both. The cash account pays interest ranging from 0% on balances under $5,000 to 0.25% for balances greater than $25,000.

There is no minimum balance requirement for cash accounts nor to “unlock” the ability to invest your money.

On the investing side, you have your choice of 43 Vanguard funds and Dimensional mutual funds, which are highly rated and have industry-low average expense ratios. In other words, they’re a great choice for investors who want consistent returns without having to micro-manage your HSA investment or pay the high fees for guided portfolios.

A huge downside to HealthSavings Administrators, however, is the lack of transparency in fees. While there are no annual fees for the cash account, the investment account does charge fees. They are referenced on the website, but not specifically disclosed.

Learn more:

9. Affinity Federal Credit Union

The Affinity Federal Credit Union HSA account has no minimum deposit requirement and charges no HSA fees. It offers a debit card with the account, but no checking privileges are indicated. The account currently pays 0.25% APY and you can fund it with direct deposits. It’s available primarily to residents of New Jersey and Connecticut, but there’s a long list of exceptions.

Since most credit unions serve consumers who either live in a specific geographic location or work in a certain industry, it’s best to check with institutions in your local area.

Learn ore:

10. Northern Bank & Trust Company

The Northern Bank & Trust Company HSA requires $25 to open the account, then no minimum balance after that. There’s no monthly service charge, but there is a $25 account closing fee. As of September 1st, NBTC pays 0.02% on balances less than $5,000, up to 0.20% on balances above $25,000.

You’ll be issued a debit Mastercard as well as checks to pay for medical expenses.

Learn more:

11. First American Bank

You can open a basic HSA account at First American Bank with no minimum initial deposit, and no monthly fees. The account comes with amazon store card login site debit card as well as unlimited check-writing and mobile wallet.

The basic account is interest-bearing, but you can invest if you have at least $2,000 in the checking portion of your account. HSA money can be invested in mutual funds, and the monthly fee is $2.95 for the service.

Learn more:

What to Look for in an HSA Provider

There i want to pay my optimum bill a few key aspects to consider when shopping for a health savings account:

1. Access to Your HSA

The best companies offer easy access to your funds.

At a minimum, the account should include a few checks along with a debit card that can be used to pay a qualified medical expense directly.

But the best HSAs also offer the convenience of online transfers hsa bank near me that you can reimburse yourself for out-of-pocket expenses by making a one-time or reoccurring transfer from your HSA to your personal checking or savings account.

2. Minimal HSA Fees

In fact, the very best HSA providers don’t have any fees for individual HSA accounts.

But plenty of companies offer HSAs while imposing various fees, including an activity or a monthly fixed fee. Be wary of these, or at least have a good reason for choosing that company if you do.

3. Opening Deposit and HSA Balance Requirements

Opening an HSA account is generally no more complicated than opening any other type of account. You provide basic information, complete forms specific to the HSA provider, and make your opening deposit.

This opening deposit is often minimal, like $50 or $100—sometimes even $0. But it varies from one HSA administrator to another, so you’ll need to check.

You’ll also want to understand any ongoing minimum balance requirements. Some administrators waive fees if your account balance is high enough, while others require a certain amount before allowing you to invest your funds versus keeping it as interest-bearing cash.

Understanding these nuances can help you select the best HSA account for your situation.

4. HSA Investment Opportunities

This gets back to the IRA nature of an HSA.

Again, any unused HSA money in the account can be left to grow. Since ultimately an HSA is a tax-advantaged investment vehicle, you’ll want to be able to put that money to work.

At a minimum, an HSA account should be interest-bearing.

For these types of cash accounts (typically through banks and credit unions), you’ll want to compare the interest rates being offered.

But depending on your age and health status, you may also be interested in more aggressive investments. For investment accounts, you’ll want to compare what asset classes are available to you and how easily you can re-balance.

You can open an investment account with a bank (typically to invest in mutual funds), but an actual investment broker will give you the most asset flexibility if you’re interested in self-directed investing.

Interest-Bearing Account vs. Investment Account

Which should you choose? It really comes down to two questions:

  1. How much do you intend to contribute to the plan each year?
  2. How much money do you expect to withdraw for medical expenses in a typical year?(I recommend you review your out-of-pocket medical expenses over the past several years to get an idea.)

The answer to either of these questions can determine whether you’re better off keeping your money in an interest-bearing account or an investment account.

Investment HSA Accounts:

If you plan to make the maximum allowable HSA contribution each year and you don’t anticipate regular withdrawals (for example, if both you and your family are in good or excellent health), then you can expect the account to grow to a substantial balance over time.

And if that’s the case, then you might prefer an investment account.

You can use this type of HSA to invest in stocks, bonds, mutual funds, exchange-traded funds (ETFs), or any other investment allowable under the plan.

This will be even more important if you’re years away from retirement (lots of time to put compound interest to work!).

Generally speaking, you won’t be able to make contributions to an HSA once you reach 65. However, between now and then, you can build up the account and have it available to cover medical expenses in retirement.

Interest-Bearing HSA Accounts:

Conversely, if you plan to make minimal contributions (perhaps only enough to cover any anticipated medical expenses), or you routinely have high out-of-pocket medical expenses (enough that will challenge the annual contribution limit), you’d likely be better served with an interest-bearing account.

It may not earn as much growth as an investment account, but it will offer the complete safety of the principal. That will guarantee your HSA money will be available when needed.

Do Banks and Credit Unions Offer HSAs?

Both banks and credit unions routinely offer Health Savings Accounts. In most cases, a bank or credit union will set up your HSA using either a savings account or a money market account. Either will be interest-bearing and highly liquid.

Banks and credit unions are the best choices if you expect to be an active user of your HSA account. The funds you deposit into your account will have zero risk, and be available as needed. And if you’re opening an account through your local bank, it may be more convenient than a remote investment broker will be when dealing with local healthcare providers.

Interest that a bank or credit union will pay on the HSA account is not likely to be competitive, with the highest rates being paid on deposit accounts you see advertised.

But it’s important to remember that an HSA is a special-purpose account, and the interest rate of return is, at best, a secondary consideration. That will be especially true if you’ll be actively using the account to pay medical expenses.

Opening a Health Savings Account with an Call bank mobile vibe customer service Broker

Brokerage firms are more likely to impose a minimum initial deposit into the account, and to charge fees. You’ll need to weigh the fees against the potential investment performance of your account.

Be sure to review any restrictions on investment options within an HSA account. A brokerage firm may make certain investments available in the account while excluding others.

But even if they have no restrictions, you may want to lean on the conservative side of the risk spectrum with this type of account. After all, a sudden need for funds to cover a major health event can hsa bank near me at any time.

That makes a strong case for emphasizing better-behaved investment options, like high dividend stocks and index funds. More speculative hsa bank near me may not be suitable for this type of account.

Just be sure that if you do choose an investment account, at least some of the money should be held in a cash type account for potential immediate use. The reality of healthcare is that the need often occurs suddenly.

You won’t want to be caught in a situation where you’ll need to sell investments to cover medical expenses. If those expenses coincide with a decline in the value of your investments, the sale will lock in your losses.

This is when it’s important to remember that the first purpose of an HSA is to cover your medical costs. The investment angle and additional tax benefit is nice to have, but it’s only a secondary consideration.

Find the Best Health Savings Account for You

Not only do HSAs have a lot of benefits, but as you can see from the list above, you’ll have plenty of options as to the best Health Savings Accounts.

It’s becoming more important every year, as health insurance and out-of-pocket medical bills rise. But another under-appreciated factor is the changes that took place with the 2017 Tax Cuts and Jobs Act, that ushered in major shifts in the tax code.

Chief among them is the fact that the standard deduction has nearly doubled. For 2021, the standard deduction is $12,550 for single people and $25,100 for those who are married filing jointly. With the increase in those thresholds, far fewer people will be able to itemize expenses on their tax returns. That includes medical costs. And that’s where HSAs can help.

Not only will you get a tax deduction for your annual contribution to an HSA account, but that will automatically make any expenses paid out of the account tax-free. That will be even better than itemizing the expenses on your tax return—if you even can hsa bank near me I Use my HSA Funds for Non-Health Expenses?

A word of warning: any payments made from your HSA must be limited to qualified medical expenses.

If funds are disbursed for any other purpose, that payment will be fully taxable and subject to an early withdrawal penalty. For example, if you use your HSA debit card to pay for a prescription, then include other non-medical purchases or take cash back, the payment over and above the cost of the prescription itself will be taxable.

Are HSA Accounts Worth It?

For millennials who are generally healthy and want to save for a future qualified hsa bank near me expense, an HSA is totally worth it.

Given the tax savings and other advantages, it could be a great way to plan for a healthy and wealthy future. Especially after retirement, the money in your HSA can be used to offset the cost of medical treatments so you can hold onto your hard-earned savings.

Health Savings Accounts Offer Tax-Sheltered Investing

Whatever you don’t spend in your HSA account can simply be carried forward and invested in much the same way as an IRA. You can hold the funds in safe, interest-bearing bank accounts, or with investment platforms that allow you to either invest in mutual funds or engage in self-directed investing in just about any asset classes you want.

Since the investment income is tax-sheltered, it can build up just like a retirement account. And whatever you don’t spend out of the account between now and retirement can help provide for you in your old age.

If you don’t have an HSA account right now, there’s no time like the present to take advantage of this major benefit that’s available to anyone with an HDHP insurance plan. It’s just a matter of selecting the best places to open an HSA. Use this guide as a starting point and make it happen.

Quick Summary: Compare the top HSA accounts

 Fee For Cash AccountsAPY On Cash BalancesFee for InvestmentsMin to InvestInvestment Platform
1. Lively$00.01%$0 self-directed; 0.50% guided portfolio$0TD Ameritrade
2. Fidelity$00.01%$0$0Fidelity
3. Bank of America$2.50/mo0.03% – 0.07%$0$1,000Mutual Funds
4. HealthEquity$0Varies0.03% admin + hsa bank near me advisory$500Mutual Funds
5. The HSA Authority$0Varies$36/yr$1,000Mutual Funds
6. Further$1 – $4/mo0.05% – 0.70%$18/year$1,001Charles Schwab
7. DCU$00.20% – 0.50%N/AN/AN/A
8. HealthSavings$00% – 0.25%Undisclosed$0Mutual Funds
9. Affinity Federal$00.25%N/AN/AN/A
10. NBTC$00.02% – 0.20%N/AN/AN/A
11. First American Bank$00.01% – 0.15%$2.95/mo$2,000Mutual Funds
Источник: https://millennialmoney.com/best-hsa-accounts/

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1  Benefits are available to personal checking account owner(s), their joint account owners and their eligible family members subject to the terms and conditions for the applicable Benefits. Some Benefits require authentication, registration and/or activation. Benefits are not available to a “signer” on the account who is not an account owner or to businesses, clubs, trusts, organizations and/or churches and their members, or schools and their employees/students. Family Members include your spouse, persons qualifying as domestic partner, and children under 25 years of age and parent(s) of the account holder who are residents of the same household.

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The best health savings account (HSA) providers of 2021

The tax advantages of a health savings account are unbeatable — better than a 401(k), traditional IRA, Roth IRA or 529 savings plan. It can be used like a checking account to pay for medical bills as they arise, as an investment account to grow funds for health care costs down the road, or as a combination of the two.

An HSA is a savings account that lets you sock away pre-tax dollars to pay for health care expenses. To qualify for an HSA, you must have a high-deductible health plan (HDHP). For the 2021 and 2022 plan years, the minimum deductible is $1,400 for individuals and $2,800 for families.

When shopping for an HSA, it’s important to consider account fees, investment options, minimum balance requirements, account accessibility, interest rates and customer service.  Depending on how you plan to use the HSA, certain account hsa bank near me will matter more to you than others.

To help you in your search, Bankrate has compiled a list of the best HSA accounts in 2021. To narrow our choices, we compared fees, balance requirements, investment choices, interest rates and account accessibility of more than a dozen top HSA providers.

The best HSA accounts in 2021

  • Best overall: Lively.
  • Best for investment options: Fidelity Investments.
  • Best for short-term spending: HealthEquity.
  • Best for low fees: Lively.
  • Best HSA offered by a traditional bank: Bank of America.

Best HSA overall: Lively

Lively gets the nod for best HSA overall for individuals largely because it charges no fees and there are no hidden fees to cut into your savings. In addition, customers have access to lots of commission-free investments online through a self-directed brokerage account with TD Ameritrade. The other investment option is a guided portfolio by Devenir, which comes with an annual fee of 0.5 percent, but there is no cash minimum to invest in it.

Like many HSAs, a Lively HSA comes with a free debit card to pay health care expenses. It also offers online banking and a mobile app that lets you track and manage the account from anywhere. The website is easy to navigate and features an HSA guide and lots of informative articles, calculators and videos. Cash balances in a Lively HSA are FDIC-insured and earn interest. The annual percentage yield is only 0.01 percent, but interest rates are so low they carry little weight when it comes to choosing an HSA. Lively also offers streamlined HSA administration to employers.

Best for investment options: Fidelity Investments

Fidelity Investments offers many low-cost HSA investment options with no account fees and no minimum to open the account. You can invest in stocks, bonds, ETFs, CDs, mutual funds and other options. Online U.S. stock and ETF trades are commission-free, but there may be underlying fees for certain investments. Fidelity also has fund options that are just for Fidelity HSA customers. Account holders can manage their own investments, opt for a managed account or open both a self-directed HSA (Fidelity HSA) and a managed HSA (Fidelity Go HSA).

Accessing HSA funds and paying medical bills is easy with a Fidelity HSA. Customers get a debit card and online bill pay, or they can reimburse themselves for expenses paid by transferring funds from their HSA to their personal bank account. Fidelity also offers calculators, tools and market research to help you monitor and manage your account.

Best for short-term spending: HealthEquity

HealthEquity is a nonbank HSA custodian and one of the largest HSA providers. It’s a good choice for customers who need to use their HSA regularly for medical expenses because of the multiple ways available to spend and track hsa bank near me account. Account holders can access their funds with a debit card, by writing checks, through online banking or mobile app. The HealthEquity mobile app lets you send payments and reimbursements, view the status of claims, take pictures with your device to initiate claims and payments, and link debit card transactions to claims and documentation. There is no monthly account fee, but there are other charges, including a $25 fee to close the account, so ask for the full schedule of fees before signing up.

Based in Draper, Utah, HealthEquity also offers 24/7 customer support by phone or live chat. HealthEquity savers do earn some interest, based on balance tiers, though those rates are not disclosed on the website. Savers are FDIC-insured up to federal limits.

Best for low fees: Lively

Lively has a long list of fees it does not charge, which should make HSA shoppers take a hard look at this provider. Lively customers pay no fees for  monthly account maintenance, to open or close an account, to transfer funds, to have up to three HSA debit cards or for excess HSA contributions. There are also no minimum balance or reimbursement fees and no fees for a self-directed brokerage account with TD Ameritrade, which offers commission-free stocks, ETFs and other investment options. Investors who select the guided portfolio by Devenir pay 0.5 percent annually. Lively charges business customers $2.95 per enrolled employee per month.

Lively gets kudos for pricing transparency. Some HSA providers make it hard to find interest rates and other account details on their websites, forcing people to call or email for information. Lively’s website is simple, easy to follow and provides relevant details in plain view.

Best HSA offered by a traditional bank: Bank of America

Many people like the convenience of managing all their finances with one bank. Bank of America, the second-largest bank in the U.S., with 4,300 branches and about 17,000 ATMs, combines broad physical access with a full suite of digital and online tools. It’s a good choice for people who prefer having a nearby bank branch as opposed to doing everything online.

You can submit claims and monitor the HSA through BofA’s member website or via the MyHealth BofA mobile hsa bank near me. The HSA comes with a Visa debit card with no transaction fees, a savings calculator, and customers have 24/7 support by phone or online chat. The bank also provides guidance and education in matching financial strategies with health and wellness goals. Savers can earn up to 0.07 percent APY, depending on their balances, and investors have dozens of Merrill Lynch (a subsidiary of BofA) mutual funds to choose from. There is a $1,000 balance minimum to invest and a standard monthly account fee of $2.50 a month (which may be waived if the HSA is through your employer). BofA does not charge transaction fees to buy or sell investments, but there are internal expenses with mutual funds. BofA is also an HSA custodian for small and large businesses.

How to choose the best HSA

There are advantages to opening an HSA through your employer, if it’s available. With an employer-provided HSA, you can reduce Social Security taxes, and your company might contribute to your account. “In some cases, employer plans can get a better price point, but maybe you can’t get it for free on your own,” says Eric Remjeske, founder and president of Devenir, a Minneapolis-based HSA investment advisor and research firm. HSA shoppers might find Devenir’s HSASearch tool to be helpful.

If you decide to shop for an HSA, here’s what to consider.

  • Decide how you will use the account. Knowing how you intend to use an HSA — whether for immediate and near-term medical expenses, or as an investment account for future health care costs — will help you narrow your options.
  • Watch out for fees. Always ask for a complete schedule of fees before you make a decision, as HSA fees vary greatly among providers. There may be maintenance fees, investment fees, paper statement fees and per-transaction charges. Some HSAs charge a fee to open the account, obtain, replace or renew a debit card or transfer money from a savings account to an investment account. HSAs may also have overdraft fees or nonsufficient funds fees.
  • Inquire about minimum balances. Some HSA administrators waive fees if an account meets a balance threshold. Ask whether the fee waiver is based on a minimum savings balance or a combined savings and investment balance. Ask whether there is a minimum balance requirement to invest the HSA. Minimum balance requirements to invest usually range between $500 and $3,000.
  • Compare interest rates. Much like a traditional savings account, HSAs offer an opportunity to earn interest. However, in the current rate environment, interest rates are less important than fees, which can easily eat up interest earnings. But for savers who plan to maintain an HSA as a spending account, rates are something to look at.
  • Make sure HSA funds are easily accessible. When health care bills arise, you need to be able to get to your HSA funds to pay them. Find out whether the HSA comes with a debit card, online bill pay or checks. Find out how easy or difficult it is to transfer funds out of the account to your personal checking, for example.
  • Make sure investment options are diverse and strong. Some HSAs offer the chance to invest and grow the funds. HSA custodians offer a mix of mutual funds, stocks, bonds and other investment products. Look for investment options that charge low fees and don’t have balance thresholds to meet before you can invest. Look for varied investment options with a good performance. Keep in mind that stocks, bonds and other investments are not federally insured.
  • Savers, choose a federally insured institution. If you plan to keep your HSA in a spending account, make sure the bank or credit union you select is insured by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund. If your financial institution were to fail, you would be covered for up to $250,000.
  • Evaluate the customer service. Make sure the bank, credit union or HSA custodian answers all your questions and tells you everything you need to know to make informed choices. Find out about customer service hours and tools that can help you track and manage your account, such as mobile apps. Some financial institutions are better at offering educational videos and articles online. If you prefer an in-person experience, inquire about branch locations and hours.

Methodology: Bankrate looked at account fees, cost and variety of investment choices, minimum balance requirements, account accessibility and interest rates for more than a dozen of the largest HSA providers, giving the most weight to fees and investment opportunities.      

Learn more:

Источник: https://www.bankrate.com/banking/savings/best-health-savings-accounts/

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