No fee HSA’s are preferred by everyone. That’s why we’ve compiled this list of banks that offer HSA accounts at no cost.

A health savings account (HSA) is a tax-favored account that works in conjunction with a high-deductible health plan (HDHP), allowing account owners to save money for eligible medical expenses, tax-free. While many employers offer HSAs with their HDHPs, you can still open an HSA on your own and start saving for qualified medical expenses.

Money in your free HSA stays there until you’re ready to use it, even if you change jobs or health plans. So when an unexpected medical expense threatens your wallet, you can use the saved money in your HSA to pay for it. Some HSAs even pay interest.

While an HSA is a great investment/savings tool, it can be difficult to justify saving money in an HSA when you’re being charged fees. If you’re interested in the benefits of an HSA but aren’t ready to commit to service charges and fees, consider opening an HSA with one of the banks listed below.

Banks That Offer HSAs With No Fees

1st Mariner Bank

Affinity Federal Credit Union

BMO Harris Bank

Farmers and Savings Bank

First American Bank

First Internet Bank

Guaranty Bank

Inland Bank

Liberty Bank

Marine Bank

North Shore Bank

Republic Bank

Royal Bank America

Security Financial Bank

SelectAccount Free Saver HSA

The HSA Authority

Trustco Bank

United Bank

Wilson Bank & Trust

Banks That Offer Low-Fee HSAs

While the banks listed below do charge fees for their HSAs, their fees are still lower than their competition, and they can sometimes be waived with regular ACH deposits or paperless statements.

Heritage Bank

Key Bank

  • Minimum balance to open: $0
  • Account opening fee: $25. The fee is waived if you already own a KeyBank checking account or your employer has a KeyBank business checking account and has signed the KeyBank Health Savings Account Employer Referral Agreement.
  • Minimum balance to avoid service charge: $0
  • Monthly fee: Waived if you have a KeyBank relationship. $5.00 without Direct Deposit and a balance less than $500. $2.50 with Direct Deposit and a balance less than $500.
  • Earns interest: Yes
  • Minimum balance to earn interest: $0.01
  • Apply online: Yes. Apply for a Key Bank HSA.
  • BBB rating:  Not Rated
  • See more details on Key Bank’s website.

ProGrowth Bank

Sutton Bank

Banks That Charge the Highest HSA Fees

Some banks charge higher HSA fees than others. Still, that doesn’t mean that those banks don’t offer quality HSA features and service. The following banks offer HSAs with fees of at least $4 per month.

Bank of America

Elements Financial

First Interstate Bank

First Northern Bank

  • Minimum balance to open: $50
  • Account opening fee: $0
  • Monthly fee: $5
  • Minimum balance to avoid monthly fee: $500 minimum daily balance. The monthly fee can be avoided with an automatic transfer ($5 minimum) from a First Northern checking account.
  • Earns interest: Yes
  • Minimum balance to earn interest: $0.01
  • Apply online: No. Applicants need to visit a First Northern Bank branch to open a First Northern Bank HSA.
  • BBB rating: Not Rated
  • See more details on First Northern Bank’s website.

Itasca Bank & Trust Co.

Security Bank of Kansas City (Formerly Valley View Bank)

  • Minimum balance to open: $0
  • Account opening fee: $0
  • Monthly fee: $5
  • Minimum balance to avoid monthly fee: For a limited time, the $5 monthly fee on collected balances less than $1,000 is being waived for the first six months after opening an HSA account.
  • Earns interest: Yes
  • Minimum balance to earn interest: $0.01
  • Apply online: No. Applicants need to visit a Security Bank of Kansas City branch to open a Security Bank HSA.
  • BBB rating: Not Rated
  • See more details on Security Bank’s website.

TD Bank

No Fee HSA Options: The Conclusion

There are plenty of options available if you’re just getting started saving for your healthcare needs. If you start out with a no fee HSA but then realize that you want to switch to an account that offers more features, rest assured that this is possible, providing you have an HDHP. Even if you end your relationship with your HDHP, your HSA funds will still be available for use for qualified medical expenses — still making it a great savings vehicle.