The HSA Report Card

The Best HSAs for Savers

The Best HSAs for Savers

 

Criteria for Evaluating HSA Plans

as a Savings Vehicle

In selecting the best high yielding HSA’s we took five factors into account;

Safety

The account must offer FDIC insurance to provide safety and peace of mind.

Liquidity

Funds in the account must be readily available for processing cash transactions.

Fees

In this low-interest rate environment, net interest earned on HSA deposits is rather small and can even be negative when fees are excessive. Therefore, only administrators with fee-free or extremely low fees made the cut.

Competitive Yield

We believe HSA holders monies should at least keep up with inflation and this can only be accomplished by either investing or holding their cash in high yielding accounts.

Eligibility Requirements

We only include benefit administrators, banks and credit unions that make it possible for anyone in the United States to join.

Below we present you with profiles of 4 administrators we like for those seeking the best rates on their HSA cash accounts.

Another option for HSA savers is to go with an administrator that is fee-free and offers access to brokered CDs. Fidelity and Lively now offer individuals and families free access to brokerage accounts. This is great news for savers. Savers can now buy brokered CDs for free! Note: Brokered CDs have their own unique rules and characteristics. Perform your own due diligence to see if they make sense for you.

 

Membership in Evansville Teachers Federal Credit Union is open to anyone through making a $5 donation to Mater Dei Friends & Alumni Association. Membership is also open to employees of Evansville Teachers Association, Evansville Museum, Gibson County, and over 200 area Select Employer Groups.

Eligibility Requirements:

Fees & Minimum Balances:

  • $500 Minimum Balance

  • $0 Set Up Fees

  • $0 Monthly Maintenance Fees

  • $20 Outgoing Transfer

Locations:

  • 8 locations throughout Indiana and Kentucky. ETFCU has branches in Evansville, IN (2), Newburg, IN, Mt Vernon, IN, Hamilton,Vincennes, IN, Princeton, IN, and Owensboro, KY.

Interest Rates:

Minimum Balance Dividend Rate (Entire Balance) Interest Rate/APY
$500 1.99% 2.01%

HSA - Certificate

  • 1 Year Fixed  1.80% APY

  • 2 Years Fixed  2.56% APY

  • 3 Years Fixed  2.60% APY

  • 4 Years Fixed  2.60% APY

  • 5 Years Fixed 2.65% APY

*minimum balance to open is $1,000

For more information visit the the ETFCU website here.


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 0.15%

  • $5,000 + 0.30%

Investments:

LMCU just started offering investments for $30/year. You can now invest a portion of your Health Savings Account (HSA) balance in stocks, bonds, mutual funds and other investment caliber products. The LMCU investment lineup features several low cost index funds from the Vanguard family. LMCU is a contender for the best HSA offering by a credit union.

For more information visit the the LMCU website here.

Bank of Utah is a family-owned, community bank in Utah, that offers personal banking, business banking, home loans and mortgage lending, wealth management and trust services.

Eligibility Requirements:

  • None

Fees & Minimum Balances:

  • $0 Minimum Balance

  • $0 Monthly Maintenance Fees

Locations:

  • 22 Utah bank locations spanning from Logan to Provo and Price to St. George

Interest Rates:

Tier Average Daily Balance Interest Rate/APY
1 $0 - $499 0.00%
2 $500 - $999 0.17%
3 $1,000 + 0.32%

For more information visit the Bank of Utah website here.