Get the best deal for your HSA.

A health savings account (HSA), combined with a high-deductible health insurance plan can offer significant benefits—like tax advantaged saving and more control over how your health care dollars are spent. But how do you know you’re choosing an HSA that is right for you? Here are some factors to consider:

Fees

Some HSAs bill for transaction charges and monthly administrative fees that combined can significantly add up over time. Before you open an account, be sure to research to see if the HSA custodian charges fees to open an account, close an account or transfer money from your HSA to your personal savings account. If the fee schedule is hard to understand be sure to call the company to confirm what fees are charged. The cost of a SelectAccount HSA is simple and very transparent. We only charge an administrative fee applied either annually or monthly. More than 85% of employers pick up this fee for their employees. Also, remember, SelectAccount does not charge any types of transaction fees, opening or closing fees or minimum balance fees.

Interest Rates

While you are comparing fees, don’t forget to compare interest rates on HSA deposits. Many HSA custodians offer tiered interest rates which increase with the size of your deposits – always make sure to understand if the highest rate applies to your total deposit balance or if lower interest rates apply based upon how much money you have in each “tier”.SelectAccount keeps it simple – we pay you the highest applicable interest rate on your entire balance. To provide our customers with more choices on interest rates SelectAccount introduced three HSA plans called the Thrift Saver, Basic Saver and Premium Saver. Since we first introduced the Premium Saver in 2007, it has consistently remained among the highest paying HSAs of a national HSA custodian.

Interest rates can and do fluctuate for most HSA custodians including SelectAccount. At SelectAccount, we keep our rates transparent and easy to find on the public portion of our web-site. Or if you prefer, call our customer service representatives for an update on our interest rates.

Service

Service is one component that can set a good HSA custodian apart from one that is great. From accessing customer service representatives to getting the right answers to your questions with friendly, reliable assistance, service is an item that shouldn’t be compromised. Remember with an HSA you need to remain compliant with important IRS rules ranging from eligibility issues to qualified medical expenses.SelectAccount provides customer service that is second to none, helping to ensure that our customers receive top-notch education and assistance.

Focus

Since HSAs were first introduced in 2004, the number of financial institutions offering HSAs has grown to the thousands. However, there are only a handful of HSA custodians who can claim this is their only line of business. At SelectAccount, this is what we do. We have been offering tax advantaged medical spending accounts for more than twenty years. One important reason we are among the largest HSA custodians in the country, serving members in all 50 states, is our exclusive focus on medical banking.