Health Savings Account Provider

The Leading Health Savings Account Providers

The Wells Fargo HSA

Wells Fargo Bank provides Health Savings accounts through the Wells Fargo Health Benefit Services (WFHBS).

There is a $100 minimum opening deposit, a $4.25 monthly fee and no set-up or annual fee. The bank provides two free debit cards with each HSA account, giving you easy access to your balance. You can also withdraw your funds by submitting a written disbursement request.

With this HSA, you have the choice of six Wells Fargo Advantage Funds to invest your funds in, with no brokerage fee charged. Your earnings will vary, depending on the investment vehicle you choose for your funds. The bank also offers an FDIC-insured, interest bearing deposit account. This publicly held bank is the fourth largest in the country.

The Exante Bank HSA

Exante Bank* is a financial institution that has healthcare banking as its sole focus. It has developed a proven expertise in the administration of Health Savings Accounts.

There is a $25 minimum monthly deposit requirement, a $10 set up fee and a $3 monthly fee. Exante Bank offers two debit cards at no charge fro each HSA account. You can choose to have checks, which are available with a $1.50 fee for every six checks. Monthly statements are available online, or mailed to you upon request.

The Exante Bank HSA offers the option to invest your funds in a diverse range of reputable mutual funds. The option to invest is only available if you maintain a minimum available balance in your HSA deposit account, which exceeds your account's Investment Threshold. You can invest in $100 increments.

(*Exante Financial Services is changing its name to OptumHealth Health Bank on March 3, 2008. The new HSA website will be OptumHealthFinancial.com)

The HSA Bank Health Savings Account

This Wisconsin-based bank is a recognized leader in the Health Savings Account industry.

The HSA Bank Health Savings Account is an $18 account set-up fee and a $25 closing fee. A $2.25 monthly fee applies, but waived if your balance exceeds $3,000. Each HSA account comes with two debit cards at no charge. You can choose to have checks, which are available at $7.95 for every 50 checks. Monthly statements are available online, or mailed to you upon request.

HSA Bank offers several investment options for your funds, even when your balance remains low. One option is an FDIC-insured interest bearing account. Alternatively, you can choose to invest your HSA funds in an online, self-directed investment account, such as a Mutual Fund Selection investment account or a TD Ameritrade investment account

The option to invest is only available if you maintain a minimum available balance in your HSA deposit account, which exceeds your account's Investment Threshold. You can invest in $100 increments. HSA Bank's investment options are offered through Ameritrade Corporate Services.

More Health Savings Account Providers

• The Health Equity SmartSaver HSA
• The Bancorp Bank HSA
• The Sterling HSA

Health Savings Account Directories

• HSA Provider Database
• HSA Finder
• Directory of HSA Administrators

3 Tips for Choosing an HSA Provider

Choosing your Health Savings Account is one of the most important decisions health care decisions you will make, one that may impact the health of your finances over the long-term.

1. Evaluate the pros and cons of having your HSA with an insurance company affiliate versus an independent HSA administrator.

High Deductible Health insurance providers typically team up with an HSA provider, and offer the convenience of making one monthly payment that includes both your insurance premium and an HSA deposit. However, there are two disadvantages to choosing this option:

• The fees charged on your/this HSA are likely to be higher than those charged by an Independent HSA provider.
• An independent HSA often offers a broader range of investment options.
• If you choose to change insurance providers, you may also have to change your HSA provider, or you may be faced with higher fees or a lower interst because you are no longer insured with the accompanying insurer.

Keep in mind that your choice of HSA providers is not limited by/to the one affiliated with your health insurance company. You can use any authorized provider.

2. Shop around to compare fees and features.

Find out what the different providers have to offer in terms of fees and administrative services before you make your decision. The fees charged on an HSA account can add up, and cancel out any other savings you may get from a particular provider. They can include set up fees, account maintenance fees and transaction fees. You may also be charge for checks, online bill pay and ATM withdrawals.

3. Review the different investment options offered by different HSAs.

Mutual Funds, brokerage account services and fixed interest rates are a few of the options offered. Typically, the number of options you can take advantage of increases with the amount of money you have in your HAS account. Keep in mind that, depending on your investment choices, your funds may not be FDIC insured.

Conclusion

Finding and choosing a Health Savings Account provider is one of the most important health care decisions that you will make. Taking time to research the available providers and their offerings is time very well spent.