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HSA Bank vs Health Equity

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  • HSA Bank vs Health Equity

    I'm looking at opening up an HSA. HSA Bank and Health Equity both seem like good options. HSA Bank has low fees. Health Equity is very user friendly and has an app where you can easily upload billing statements and receipts. Does anyone have experience with either of these options? Are there others I should consider? What plan would you go with?


  • #2
    I don't have experience with either (use Optum) but since you haven't gotten a response, thought I'd throw in HSA Search, which I have used to compare custodians. There are ratings and reviews so you can compare HSA Bank and Health Equity, along with others.
    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087


    • #3
      I've been looking into HSA Bank for my own account and am planning to go with them since they waive the monthly fee w/ accounts > 5k and are associated with TDAmeritrade. Their list of commission free ETFs seem pretty solid



      • #4
        Check out Lively - their HSA is 100% Free for Individuals and Families. Plus they offer investing (through TD Ameritrade) for $2.50/month (no minimum required). They are also ranked as the top HSA on HSA Search.


        Please note - I work for Lively



        • #5
          TD Ameritrade foolishly is removing Vanguard from their commission free ETF list.  The bid ask spread on some of their crappier new ETFs can be pretty big.


          • #6
            My employer uses Health Equity but I moved everything over to Saturna.  Health Equity is ok to start out with, but their wrap fee of 0.4% AUM a year is just way too much once your HSA gets to any significant size.


            • #7
              My employer uses Health Equity for our HSA account and my employer has very high economies of scale so YMMV.  Have not used it yet to actually pay health care expenses (saving the receipts for a hopefully distant date) though appears easy to do within the website.  The interest rate is scaled based on amounts just like a bank savings account.  I want to say the rate is in the range of 25 - 30 bps based on a 15K'ish. I also invest in a couple of Vanguard institutional funds (US Equity/US Bond Indexes) through the HSA; about 11k total.  I believe they get 12.5 bps of the investment account value per year, calculated/charged monthly which ends up being $13, not ideal but not the end of the world either.  These are the self service fund choices.  In addition, you can engage a robo-advisor/real advisor with respect to the investment side of your HSA.  I think the advisor service costs about 50 bps, though not sure if that is upon just the investment portion of the HSA or the whole thing.

              The website is easy to use and I have never actually spoken to anyone.  I would recommend Health Equity for ease of website, great Vanguard fund selection on the 'investment' side.  I have no comparison to other HSA offerings fyi.