HSA Savings Account
The interest-bearing cash component of a Health Savings Account. Contributions are tax-deductible, growth is tax-free, and qualified withdrawals are tax-free — the 'triple tax advantage.'
Rate Summary — as of
Typical APY range
0.50–3.00%
Typical minimum balance
None
What Is a HSA Savings Account?
The interest-bearing cash component of a Health Savings Account. Contributions are tax-deductible, growth is tax-free, and qualified withdrawals are tax-free — the 'triple tax advantage.'
Key Features
- Triple tax advantage
- FDIC insured (varies by custodian)
- Investment option once balance reaches threshold
- Rolls over year to year
What to Watch Out For
- Must be enrolled in a qualifying high-deductible health plan
- Investment account often separate from cash account
- Administration fees at some custodians
Who This Product Fits
Small Business Owner
Managing operating cash and reserves in a business entity. Needs ACH capability, FDIC coverage on business accounts, and low fees.
High-Net-Worth Depositor
Managing cash positions exceeding $250,000. Requires strategies for FDIC coverage beyond the single-institution limit: CD ladders across banks, CDARS networks, and brokered CDs.
Compare by Bank Type
The same HSA Savings product type varies significantly by institution. Select a bank category to see how rates, fees, and features differ:
Big-Four Banks
Chase, Bank of America, Wells Fargo, and Citibank. Unmatched branch network; rates typically 0.01–1.…
Regional Banks
Mid-size institutions (Regions, Huntington, Fifth Third, KeyBank). Often competitive CDs; savings ra…
Online-Only Banks
Ally, Marcus, Discover Bank, American Express Bank. Consistently lead rate tables by 1–3 percentage …
Credit Unions
Member-owned cooperatives insured by NCUA. Share rates often match or beat online banks; membership …
Fintech Neobanks
SoFi, Wealthfront Cash, Betterment Cash Reserve. Pass-through deposit models; rates competitive but …
Brokerage Banks
Fidelity, Charles Schwab, Vanguard banking arms. Sweep rates are often low on default; money market …
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