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.
Table of Contents
Banks That Offer HSAs With No Fees
1st Mariner 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:Â A+. See details about 1st Mariner Bank’s consumer rating.
- See more details on 1st Mariner Bank’s website.
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:Â A+. See details about Affinity Federal Credit Union’s consumer rating.
- See more details on Affinity Federal Credit Union’s website.
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:Â A+. See details about BMO Harris Bank’s consumer rating.
- See more details on BMO Harris Bank’s website.
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:Â A+. See details about First American Bank’s consumer rating.
- See more details on First American Bank’s website.
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:Â A+. See details about First Internet Bank’s consumer rating.
- See more details on First Internet Bank’s website.
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:Â A+. See details about Guaranty Bank’s consumer rating.
- See more details on Guaranty Bank’s website.
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:Â A+. See details about Inland Bank’s consumer rating.
- See more details on Inland Bank’s website.
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:Â A+. See details about Liberty Bank’s consumer rating.
- See more details on Liberty Bank’s website.
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:Â A+. See details about Marine Bank’s consumer rating.
- See more details on Marine Bank’s website.
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:Â A+. See details about North Shore Bank’s consumer rating.
- See more details on North Shore Bank’s website.
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:Â A+. See details about Republic Bank’s consumer rating.
- See more details on Republic Bank’s website.
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:Â A+. See details about Security Financial Bank’s consumer rating.
- See more details on Security Financial Bank’s website.
SelectAccount Free Saver HSA
- 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 SelectAccount HSA.
- BBB rating:Â A+. See details about SelectAccount’s consumer rating.
- See more details on SelectAccount’s website.
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:Â Not Rated
- See more details on The HSA Authority’s website.
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:Â A+. See details about Trustco Bank’s consumer rating.
- See more details on Trustco Bank’s website.
United Bank
- Minimum balance to open: $100
- Minimum balance to avoid service charge: $0
- Earns interest: Yes
- Minimum balance to earn interest: $1
- Apply online: No. Applicants need to visit a United Bank branch to open a United Bank HSA.
- BBB rating:Â A+. See details about United Bank’s consumer rating.
- See more details on United Bank’s website.
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
- See more details on Wilson Bank & Trust’s website.
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:Â A+. See details about Heritage Bank’s consumer rating.
- See more details on Heritage Bank’s website.
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:Â 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:Â Not Rated
- See more details on Key Bank’s website.
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:Â A+. See details about ProGrowth Bank’s consumer rating.
- See more details on ProGrowth Bank’s website.
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:Â A+. See details about Sutton Bank’s consumer rating.
- See more details on Sutton Bank’s website.
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
- Minimum balance to open: $0
- Account opening fee: $10
- Monthly fee: $4.50
- Minimum balance to avoid monthly fee: N/A
- Earns interest: Yes
- Minimum balance to earn interest: $1,000
- Apply online: Yes. Apply for a Bank of America HSA.
- BBB rating: Not Rated.
- See more details on Bank of America’s website.
Elements Financial
- Minimum balance to open: $0
- Account opening fee: $0
- Monthly fee: $4.00
- Minimum balance to avoid monthly fee: $2,500
- Earns interest: Yes
- Minimum balance to earn interest: $1,000
- Apply online: Yes. Apply for an Elements Financial HSA.
- BBB rating: A+. See details about Elements Financial’s consumer rating.
- See more details on Element Financial’s website.
First Interstate Bank
- Minimum balance to open: $0
- Account opening fee: $0
- Monthly fee: $6.00
- Minimum balance to avoid monthly fee: $500
- Earns interest: Yes
- Minimum balance to earn interest: $0.01
- Apply online: Yes. Apply for a First Interstate Bank HSA.
- BBB rating: A+. See details about First Interstate Bank’s consumer rating.
- See more details on First Interstate Bank’s website.
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.
- Minimum balance to open: $0
- Account opening fee: $0
- Monthly fee: $10
- Minimum balance to avoid monthly fee: N/A
- Earns interest: Yes
- Minimum balance to earn interest: $0.01
- Apply online: No. Applicants need to visit an Itasca Bank & Trust Co. branch to open an Itasca Bank & Trust Co. HSA.
- BBB rating: A+. See details about Itasca Bank & Trust’s consumer rating.
- See more details on Itasca Bank & Trust Co.’s website.
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
- Minimum balance to open: $25
- Account opening fee: $20
- Monthly fee: $4
- Minimum balance to avoid monthly fee: N/A
- Earns interest: Yes
- Minimum balance to earn interest: $0.01
- Apply online: No. Applicants need to visit a TD Bank branch to open a TD Bank HSA.
- BBB rating: A+. See details about TD Bank’s consumer rating.
- See more details on TD Bank’s website.
In Summary
There are plenty of options available if you’re just getting started saving for your health care 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.
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Inland Bank HSA is awesome – great account and best customer service.