The HSA Report Card

HSA Bank S

HSA Bank


HSA Bank began offering Medical Savings Accounts (MSAs) in 1997. In 2004, the Bank provided an exclusive focus on Health Savings Accounts and quickly gained a nationwide reputation. In 2005, HSA Bank became a division of Webster Bank, N.A., a subsidiary of Webster Financial Corporation, incorporated in Connecticut. HSA Bank currently administers 2.9 HSA accounts and holds 7.9 billion in HSA deposits.


Report Card for HSA Bank

as a Spending Vehicle



Fund Access








Fees for Individuals (Non-Employer Group)

The best HSAs for spenders are characterized by low maintenance fees. HSA Bank's $2.50 monthly maintenance fee is a little higher than we’d like to see, but can be avoided by holding $5,000 in the HSA checking account. To avoid this fee, consider maxing out your HSA as quickly as possible.

The best HSAs for spenders also have very few additional fees that are layered on top of the maintenance fee. These fees are not recurring in nature, but can be incurred by the account holder if they undertake a certain action. HSA Bank subjects account holders to many additional fees. However, on their fee schedule they tell account holders how to avoid each fee. We think this is a practice every HSA administrator should employ. For example, the POS transaction fee can be avoided by pressing "credit" when using the HSA Bank debit card. The ATM withdrawal fee can be avoided by using online account transfers and so on.

Below we have reconstructed HSA Bank's fee schedule to exhibit fees spenders are most likely to encounter.

HSA Bank (Non-Employer Group)
  • Monthly Fees

  • 1Maintenance$2.50

  • 2Paper Statements$1

  • Behavioral Fees

  • Excess Contribution$20

  • Overdraft$30

  • Stop Payment$25

  • Point of Sale$2

  • 3ATM Withdrawal$2

  • Check Distrtibution$10

  • Rollover$25

  • Transfer$25

  • Closing$25

  • 4Replacement Card$6
1Free when HSA checking balance exceeds $5,000
2Free electronic statements
3The bank ATM you use may charge you their own fee. No fee at Webster Bank ATMs
4First 2 cards are free; $6 for each additional card if three originals are lost, stolen or damaged

In the chart below you can compare HSA Bank's fees to those of its competitors.

Highcharts Tutorial



When you, your spouse, and your dependents have qualified medical expenses that aren’t covered by your health care plan, you can use your HSA money tax-free to pay for them. There are multiple ways you can spend from your HSA.

(✔) Debit Card

The HSA Bank debit card provides access to HSA funds at point-of-sale (POS) with signature or PIN. HSA Bank limits POS debit card transactions to medical merchants. Also, you can now pay with your debit card using Apple Pay® & Samsung Pay®.

(✔) Bill Pay

You can use the HSA Bank online system to pay a provider directly from your HSA.

(✔) Checks

You can order a book of 50 checks to pay for routine and point-of-sale purchases.



You can pay for qualified medical expenses out-of-pocket and reimburse yourself anytime using your HSA money. As long as you opened your HSA before the expense was incurred, your reimbursement will be tax-free. You can:

(✔) Transfers

On HSA Bank’s member website, you can transfer funds from your HSA to an external bank account, such as a personal checking or savings account. There is a daily transfer limit of $2,500 to safeguard against fraudulent activity.

(✔) ATM Withdrawls

You can use your HSA Bank Debit Card at an ATM to reimburse yourself for eligible expenses paid out-of-pocket (a transaction fee may apply).

(✔) Checks

Use your HSA Bank checks to reimburse yourself for an IRS-qualified medical expense already incurred. Simply write a check from your HSA to yourself and deposit it into your external personal checking or savings account.




myHealth Portfolio

myHealth Portfolio is a self-service dashboard located in the HSA Bank member website that allows you to: 

  • Store health expense data and receipts.

  • File claims or distribution requests.

  • Initiate a provider payment.

  • Consolidate health expenses and claims from multiple insurance providers. (This functionality may not be available to all members.)

  • View an easy to read snapshot of your healthcare finances with charts and graphs.

Experienced HSA Team 

Access to a team of HSA expert customer service representatives that employ a proactive educational approach to teaching participants the ins and outs of HSAs.  


HSA Bank Mobile App

HSA Bank Mobile is all about giving you the tools to take control of and better manage your health accounts. Safe and secure, HSA Bank Mobile offers real-time access for all your account needs, 24 hours a day, seven days a week. It’s simple, intuitive, and convenient. Use your Apple or Android powered device to:

  • Check account balances.

  • View account activity.

  • Move money to your HSA by scheduling a contribution.

  • Schedule an HSA distribution to pay a provider or reimburse yourself for an IRS-qualified medical expense.

  • Review and verify IRS-qualified medical expenses.

  • File FSA/HRA claims with receipt images.

  • Enter a new health expense into the Expense Tracker.

  • Easy access to the Client Assistance Center.

Expense Tracker

Use HSA Bank's Expense Tracker to help you organize and store healthcare receipts, medical claims, premiums, and other important documents in one place. You can take a picture of the documents from your mobile device or scan them with a printer or scanner. You can decide to pay from your account now, pay later, or store for your records.


Pros & Cons

  • Long history of administering HSAs

  • Multiple reimbursement methods

  • Receipt storage tool

  • Feature-rich mobile app
  • Maintenance fee can only be avoided with $5,000 cash balance in the HSA checking account


Which participants are best suited for an HSA Bank HSA?

  • Those who plan on holding at least $5,000 in their deposit account. No monthly maintenance fee would be incurred under these circumstances.

  • Participants looking for a well rounded HSA offering.

  • Dual-purpose use (spender/investor). HSA Bank is a top 10 investment HSA.


Other In Depth Reviews


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