“Various HSA providers have different value propositions,” said Jon Robb, senior vice president at Devenir, an HSA research firm. It’s important for HSA account holders to know how they want to use a health savings account. “Some account holders are really focused on using this as a retirement vehicle, so they’re really focused on investment options and the fees around investments. And maybe they don’t really care about how easy it is to withdraw money from their account or what the interest rates are.”
The other category is comprised of account holders who use their HSA for medical expenses and slowly accumulate their dollars, “so they tend to be more focused on the monthly maintenance fees and looking at their interest rates,” he added.
When looking at fees, Robb points to three categories of providers: those that charge no fee but don’t have too many HSA features, such as online access, investment options or even CDs. Usually they cater to a particular market and tend to be credit unions or community banks.