Health Savings Accounts (HSA) - How to Set Up an HSA
Setting up a Health Savings Account
You can open a health savings account at any bank or credit union. Most insurance companies offer HSAs through a specific bank they have partnered with, but these banks often charge high service fees. We recommend using First American Bank because they:
- do not charge a setup or monthly service fee
- provide a free debit card
- have numerous bank and ATM locations throughout the Chicagoland area
First American Bank Health Savings Accounts
First American Bank offers two types of HSAs:
- Standard Health Savings Account. This is a free account* which pays interest based on the balance in the account. You can view current interest rates on their website.
- Health SavingsPLUS Account. This account offers all the benefits of their Standard Health Savings Account, but allows you to invest a portion of your HSA account in a selected group of mutual funds.
*A $3.00 monthly fee will be charged if the customer elects to receive a paper statement. The fee will be waived if; 1) the customer elects to receive eStatements only; or 2) a combined minimum average daily balance of $2,000 is maintained between the checking portion of the Health Savings Account and an associated checking, NOW, savings or money market account.
After HSA Enrollment
After you enroll in a Health Savings Account, your bank or administrator will send you the same materials you would receive after opening up a checking or savings account. This normally includes:
- An HSA welcome kit that contains all the information about the account and the associated fees
- A book of checks and/or a debit card, unless requested otherwise on the application