No-Fee & Low-Fee HSA Options: 20 HSA Banks Listed

No-fee HSAs 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

Howard Bank

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: No. Applicants need to visit a 1st Mariner Bank branch to open an HSA. Branches are located in Maryland.
• BBB rating:  A+. See details about Howard Bank’s consumer rating.
  
• Find out more
  

Affinity Federal Credit Union

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: Yes. Applicants need to apply to be a member first, and can then apply for an Affinity Federal Credit Union HSA.
• BBB rating:  A+. See details about Affinity Federal Credit Union’s consumer rating.
  
• Find out more
  

BMO Harris Bank

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: No. Applicants need to visit a BMO Harris Bank branch to open an HSA.
• BBB rating:  A+. See details about BMO Harris Bank’s consumer rating.
  
• Find out more

First American Bank

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: Yes. Apply for a First American Bank HSA.
• BBB rating:  A+. See details about First American Bank’s consumer rating.
  
• Find out more
  

First Internet Bank

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: Yes. Apply for a First Internet Bank HSA.
• BBB rating:  A+. See details about First Internet Bank’s consumer rating.
  
• Find out more
  

Guaranty Bank

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: Yes. Apply for a Guaranty Bank HSA.
• BBB rating:  A+. See details about Guaranty Bank’s consumer rating.
• Find out more
  

Inland Bank

• Minimum balance to open: $100
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: Yes. Apply for an Inland Bank HSA.
• BBB rating:  A+. See details about Inland Bank’s consumer rating.
  
• Find out more
  

Liberty Bank

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: No. Applicants need to visit a Liberty Bank branch to open a Liberty Bank HSA.
• BBB rating:  A+. See details about Liberty Bank’s consumer rating.
  
• Find out more
  

Marine Bank

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: Yes. Apply for a Marine Bank HSA.
• BBB rating:  A+. See details about Marine Bank’s consumer rating.
  
• Find out more
  

North Shore Bank

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: No. Applicants need to visit a North Shore Bank branch to open a North Shore Bank HSA.
• BBB rating:  A+. See details about North Shore Bank’s consumer rating.
  
• Find out more
  

Republic Bank

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: No. Applicants need to visit a Republic Bank branch to open a Republic Bank HSA.
• BBB rating:  A+. See details about Republic Bank’s consumer rating.
  
• Find out more

Security Financial Bank

• Minimum balance to open: $100
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: No. Applicants need to visit a Security Financial Bank branch to open a Security Financial Bank HSA.
• BBB rating:  A+. See details about Security Financial Bank’s consumer rating.
  
• Find out more
  

Further

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: Yes. Apply for a Further HSA.
• BBB rating:  A+. See details about Further’s consumer rating.
  
• Find out more
  

The HSA Authority

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: Yes. Apply for a The HSA Authority HSA.
• BBB rating:  Not Rated
  
• Find out more

Trustco Bank

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: No. Applicants need to visit a Trustco Bank branch to open a Trustco Bank HSA.
• BBB rating:  A+. See details about Trustco Bank’s consumer rating.
  
• Find out more

Wilson Bank & Trust

• Minimum balance to open: $0
• Minimum balance to avoid service charge: $0
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: No. Applicants need to complete an online application, print it, and take it to a local Wilson Bank & Trust branch.
• BBB rating: Not Rated
  
• Find out more

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

• Minimum balance to open: $50, waived if regular ACH deposits are established at account opening
• Minimum balance to avoid service charge: $0
  
• Monthly fee: $4 waived if enrolled in paperless statements
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: Yes. Apply for a Heritage Bank HSA.
• BBB rating:  A+. See details about Heritage Bank’s consumer rating.
  
• Find out more
  

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
  
• Find out more
  

ProGrowth Bank

• Minimum balance to open: $100
• Minimum balance to avoid service charge: If the daily balance of any ProGrowth Health Savings Account is less than $750.00 at any time during the statement cycle, a fall below fee of $2.00 will be assessed.
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: No. Applicants need to visit a ProGrowth Bank branch to open a ProGrowth Bank HSA.
• BBB rating:  A+. See details about ProGrowth Bank’s consumer rating.
  
• Find out more
  

Sutton Bank

• Minimum balance to open: $0
• Account opening fee: $10
• Monthly fee: $1.50
• Minimum balance to avoid monthly fee: $1,500
  
• Earns interest: Yes
  
• Minimum balance to earn interest: $0.01
• Apply online: No. Applicants need to visit a Sutton Bank branch to open a Sutton Bank HSA.
• BBB rating:  A+. See details about Sutton Bank’s consumer rating.
  
• Find out more
  

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 services.

The following banks offer HSAs with fees of at least $4 per month.

Bank of America

• Account opening fee: $10
• Monthly fee: $4.50
• Minimum balance to avoid monthly fee: N/A

Elements Financial

• Account opening fee: $0
• Monthly fee: $4.00
• Minimum balance to avoid monthly fee: $2,500

First Interstate Bank

• Account opening fee: $0
• Monthly fee: $6.00
• Minimum balance to avoid monthly fee: $500

First Northern Bank

• Account opening fee: $0
• Monthly fee: $5
• Minimum balance to avoid monthly fee: $500 minimum daily balance; you can also avoid it with an automatic transfer ($5 minimum) from a First Northern checking account.

Itasca Bank & Trust Co.

• Account opening fee: $0
• Monthly fee: $10
• Minimum balance to avoid monthly fee: N/A

Security Bank of Kansas City (Formerly Valley View Bank)

• Account opening fee: $0
• Monthly fee: $5
• Minimum balance to avoid monthly fee: $1,000 (waived during the first six statement cycles)

TD Bank

• Account opening fee: $20
• Monthly fee: $4
• Minimum balance to avoid monthly fee: N/A

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