The HSA Report Card

The Best HSAs for Savers

The Best HSAs for Savers


Criteria for Evaluating HSA Plans

AS A SAVING VEHICLE

When evaluating HSAs as a saving vehicle, we primarily focused on maintenance fees and to a lesser extent on interest rates. In this low-interest rate environment, interest earned on HSA deposits is rather small and can even be negative if fees are excessive. 

A lot of the health savings accounts with competitive interest rates are run by local credit unions that have eligibility requirements, such as living in a particular state /region. Sometimes these requirements are waived with a small contribution to a local charity and sometimes not. We will present you with a few administrators that offer nationwide participation via eligibility workarounds. We will also present you with regional administrators that offer a combination of competitive interest rates and few to no fees. If you know of an administrator in your area that fits this profile, feel free to let us know.

If you are planning on spending or investing any HSA dollars, these HSA providers are not for you. These HSA providers should only be used to safely earn interest on HSA dollars. Once you graduate to a spender or investor, take advantage of your HSAs portability and roll it over to an HSA administrator that meets your specific needs.


Overview: 

First Technology Federal Credit Union is headquartered in Mountain View and is the 3rd largest credit union in the state of California.

Eligibility Requirements: 

  • Sponsor company employee
  • Resident of Oregon
  • Membership in Financial Fitness Association ($8 per year)

Fees & Minimum Balances:

  • $0 Minimum Balance
  • $0 Set Up Fees
  • $0 Monthly Maintenance Fee
  • $0 POS Transaction Fees

Physical Locations:

39 branches in 8 states (CA, CO, GA, ID, OR, TX, MA, WA).

Interest Rates:

  • 1.00% APY on all balances

Website:

www.firsttechfed.com


 
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Overview: 

Bank of Utah is dedicated to offering its customers the full spectrum of financial services you would expect from a large national bank and the expertise of top-tier banking professionals, all with the friendly, local touch of a community bank.

Eligibility Requirements:

  • None

Fees & Minimum Balances:

  • $0 Minimum Balance
  • $0 Set Up Fees
  • $0 Monthly Maintenance Fees
  • $0 POS Transaction Fees
  • $500 minimum to obtain annual percentage yield (APY)

Locations:

Bank of Utah has 13 full-service branches along Utah’s Wasatch Front

Interest Rates:

  • $1 - $499.99 0.00%
  • $500 - $999.99  0.35%
  • $1,000+  0.65%

Website:

www.bankofutah.com


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Overview: 

Lake Michigan Credit Union is a Michigan-based, member-owned credit union that consistently ranks well among credit unions for dividends paid back to members.

Eligibility Requirements:

  • Resident of certain communities in MI & FL OR
  • Member of ALS Association (one time $5 donation)

Fees & Minimum Balances:

  • $0 Minimum Balance
  • $0 Set Up Fees
  • $0 Monthly Maintenance Fees

Locations:

42 branches in 2 states (MI & FL)

Interest Rates:

  • $0 - $4,999 0.50%
  • $5,000 + 1.00%

Website:

www.lmcu.org


Best HSAs for Savers by State / Region


Indiana

Financial Center First Credit Union

Overview: 

Financial Center First Credit Union has been serving consumers who live or work in Boone, Brown, Hamilton, Hancock, Hendricks, Johnson, Marion, Morgan, Putnam, and Shelby Counties as well as other special groups for over 60 years. Over 54,000 members take advantage of favorable deposit and loan rates as well as reduced fees by banking with the Indianapolis-based credit union. Financial Center is a not-for-profit entity that employs 165 people. Guided by a volunteer Board of Directors, Financial Center’s mission is to ‘Improve Members’ Financial Lives’. 

Eligibility Requirements:

  • You may be eligible through living or working in our field of membership, or a qualified employer group, or through an eligible immediate family member.
    • Field of membership includes Boone, Brown, Hamilton, Hancock, Hendricks, Johnson, Marion (Decatur Township excluded from Marion County), Morgan, Putnam, and Shelby Counties.
    • An immediate family member may be a spouse, parent, child, sibling, grandchild, grandparent, aunt/uncle, or niece/nephew (step relations included). 

Fees & Minimum Balances:

  • $0 Minimum Balance
  • $0 Set Up Fees
  • $0 Monthly Maintenance Fees
  • $25 Direct Transfer

Locations:

  • 8 locations throughout Boone, Brown, Hamilton, Hancock, Hendricks, Johnson, Marion (Decatur Township excluded from Marion County), Morgan, Putnam, and Shelby Counties.

Interest Rates:

HSA - Certificate Special

  • 13 months  1.49%
  • 37 months  1.98%
  • 60 months  2.23%
  • 84 months  2.46%

*minimum balance to open is $500

HSA StepSmart Certificate Special

  • 1-12 months  1.24%
  • 13-24 months  1.34%
  • 25-36 months  2.03%
  • 37-48 months  3.11%  
  • 49-60 months  3.93%

* minimum balance to open is $500

Website:

www.fcfcu.com


Ohio

Universal 1 Credit Union

Overview: 

Universal 1 Credit Union is headquartered in Dayton and is the 12th largest credit union in the state of Ohio.

Eligibility Requirements:

  • You must live or work in Ohio to join Universal 1 Credit Union. (Their membership-eligibility requirements were not readily available on their website.)

Fees & Minimum Balances:

  • $0 Minimum Balance
  • $0 Set Up Fees
  • $0 Monthly Maintenance Fees

Locations:

11 locations in Central Ohio

Interest Rates:

  • $0 + 2.50%

Website:

www.u1cu.org


Michigan

AAC Credit Union

Overview: 

AAC is a 5-Star Rated credit union serving over 10,000 members at 6 West Michigan branches, and beyond. They were recently named as one of the Top Three Credit Unions in the Best of West Michigan vote. 

Eligibility Requirements:

You can open an account if you meet any ONE of the following:

  • Any person who lives, works, attends school or worships in Kent, Muskegon, Allegan, Barry, Ionia and Ottawa Counties.
     
  • Any person whose current job involves the manufacturing or sale of furniture in Kent, Muskegon, Allegan, Barry, Ottawa or Ionia Counties.
     
  • Any person who is employed by a company or organization that has added AAC Credit Union membership to its benefits package.
     
  • Any immediate relation by blood or marriage to an AAC Credit Union member.
     
  • Any person over the age of 55 who receives a government or private retirement pension and lives in or belongs to a retirement organization located in Kent County or an adjacent county and within a 25-mile radius of our main office.

Fees & Minimum Balances:

  • A $5 deposit into a Basic Savings is required for AAC Credit Union membership. If you choose only a Savings Account relationship, a $100 minimum balance applies. 
  • $0 Set Up Fees
  • $0 Monthly Maintenance Fees
  • $10/month Dormant Account Fee (After 12 Months)
  • $25 Transfer / Closed / Rollover Fee

Locations:

  • 5 West Michigan branches (Grand Rapids, Zeeland (2), Spring Lake, and Holland) 

Interest Rates:

  • $1.01 - $1,000  1.49%
  • $1,001 - $$5,000  2.25%
  • $5,001 - $25,000 2.25%
  • $25,000+  2.25%   

Website:

www.aaccreditunion.net


North Carolina

Coastal Credit Union

Overview: 

Coastal Credit Union in North Carolina has been proudly serving our members since 1967. Bank online or at any of their NC branches throughout the Triangle including ApexCarrboroCaryDurhamGarnerHendersonRaleigh or Rocky Mount, NC.

Eligibility Requirements:

You can open an account if you meet any ONE of the following:

  • 1. Membership Through Community Charter: You can join Coastal if you live or work in the cities of Littleton, NC; Weldon, NC; Aurelian Springs, NC; Airlie, NC; Halifax, NC; Arcola, NC; Hollister, NC; Brinkleyville, NC; Heathsville, NC; Tillery, NC; Enfield, NC; Scotland Neck, NC; Whitakers, NC; Castalia, NC; Red Oak, NC; Dortches, NC; Leggett, NC; Wrendale, NC; Speed, NC; Nashville, NC; Rocky Mount, NC; West Edgecombe, NC; Woodcrest Park, NC; and Tarboro, NC. This includes anyone who lives, works, worships or attends school in, and does business and other legal entries located in Vance County, NC.

    2. Family Membership: If you're an immediate family and household member of someone who has already joined Coastal, you are also eligible to become a Coastal member. Immediate family is defined as spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchildren, stepsibling and anyone in an adoptive relationship. Household is defined as anyone living in the same residence maintaining a single economic unit.

    3. Business Partners: You're qualified to join Coastal Credit Union if you're employed by one of the hundreds of eligible associations, organizations or businesses we partner with.

Fees & Minimum Balances:

  • $1 Minimum Deposit
  • $0 Set Up Fees
  • $0 Monthly Maintenance Fees
  • $5/month Dormant Account Fee (After 6 Months balance <$250)
  • $15 Transfer / Closed / Rollover Fee
  • $4/month Paper Statements (Free w/ Digital Banking)

Locations:

Interest Rates:

  • $1.01 + 1.49% 

Website:

www.coastal24.com


Pennsylvania

Sun Federal Credit Union

Overview: 

Sun Federal Credit Union is headquartered in Maumee and is the 9th largest credit union in the state of Ohio.

Eligibility Requirements:

You can open an account if you meet any ONE of the following:

  • Are an employee, retiree, member or student of one of their sponsor groups.
  • Live, work, worship, attend school or regularly conduct business in one of these counties (based on address): Philadelphia, Montgomery, Delaware and Berks

Fees & Minimum Balances:

  • $0 Minimum Opening Deposit
  • $0 Set Up Fees
  • $0 Monthly Maintenance Fees
  • $5/month Dormant Account Fee (After 12 Months)
  • Transfer / Closed / Rollover Fee (Undisclosed)

Locations:

10 locations throughout Ohio (4) and Pennsylvania (6).

Interest Rates:

  • $0 - $4,999  1.00%
  • $5,000 - $9,999  1.25%
  • $10,000+  1.50%

Website:

www.sunfederalcu.org