SelectAccount is one of the largest health savings account (HSA) custodians and account administrators in the nation. We've been at the forefront of innovation in health spending accounts since 1989, and we've earned a reputation as one of the most experienced and trusted account administrators in the country.

We want everybody to have the opportunity to benefit from a HSA, that is why we offer a completely free account option. No fees of any kind, no minimum balance and no obligations!

Additionally, we offer the WalletDoc suite of consumerism tools to empower all of our customers with the information to make the best possible decisions in regard to their healthcare.


User Ratings
GD Star Rating

HSA Program Features

FDIC or NCUA Insured:
Min Balance to Open:
  • Debit Card
  • Online Banking
  • Investment Options

HSA Interest Rates

Interest rates for various balance tiers
PremiumSaver HSA
$0-$9,999 1.05%
$10,000 - $24,999 1.15%
$25,000 - $49,999 1.75%
$50,000 or Greater 2.00%
SelectSaver HSA
All Balances 0.07%
BasicSaver HSA
$0 - $999 0.25%
$1,000 - $4,999 0.40%
$5,000-$9,999 0.50%
$10,000-$24,999 0.75%
$25,000-$49,999 1.00%
$50,000 or Greater 1.25%
ThriftSaver HSA
$0 - $499 0.05%
$500 - $1,499 0.10%
$1,500-$9,999 0.20%
$10,000-$24,999 0.30%
$25,000-$49,999 0.50%
$50,000 or Greater 0.70%
FreeSaver HSA
All Balances 0.00%
Last checked on: 06-27-2017


Monthly Maintenance Fee $0.00 - $4.00*
Account Opening Fee $0.00
Account Closing Fee $0.00

* Premium Saver is $4.00 / month, Select Saver is $3.00 / month, Basic Saver is $2.50 / month, Thrift Saver is $1.00 / month (waived if average daily balance exceeds $2,500) and Free Saver is $0.00 / month

HSA Investment Options

Mutual Funds:    Self-Directed Brokerage:    CDs:    Other:

Mutual Fund Details

Investment Threshold: $1,000
Investment Fee: $18 / Year

Once your base balance exceeds $1,000, you can open a Basic Investment Account, giving you access to a variety of no-load and load waived pre-selected mutual funds. You must keep at least $1,000 in the base balance of your HSA account. This does not include any amounts transferred for investment.

Self-Directed Brokerage Details

Once your HSA Basic Investment Account exceeds $10,000, you can open a self-directed HSA Brokerage Investment Account with Charles Schwab & Co. Inc., giving you access to more than 2,500 mutual funds as well as stocks, bonds and other investments. You must keep at least $1,000 in the base balance of your HSA account.

Contact Information

General Information

Address 1750 Yankee Doodle Road
Eagan, MN 55121

Customer Service

Mailing Address SelectAccount
P.O. Box 64193
St. Paul, MN 55164-0193
Phone Number 800-859-2144
Email Address [email protected]

Sales Department

Phone Number 855-363-2583

SelectAccount Discussion

  • moses in ohio

    In reading the SelectAccount HSA custodial agreement, I see that only the Select Saver HSA is an FDIC insured product. The other three (thrift, basic, premium) are actually deposits in the general account of MII Life (dba SelectAccount), a life insurance company regulated under Minnesota law. As such the guarantee of principal and interest is solely based on the company’s continued claims paying ability. I have not been able to find any information about the financial strength of MII Life. Anybody have additional information or can point me in the right direction?

    • SelectAccount

      Thank you for asking additional questions about SelectAccount. We would like to assure you that we are an IRS regulated Non-Bank Trustee, as certified by the US Treasury Department.

      We pride ourselves on offering options to suit the needs of any potential member. If a member requires a FDIC-insured HSA, we gladly offer the SelectSaver option. Our other options offer different benefits including remarkably low participation fees and variable growth rates. Additionally, HSA balances over $1000 can be self-directed into mutual funds on the Charles Schwab platform.

      SelectAccount has been in business for over 25 years and processes $2 billion in medical claims annually. We currently serve 350,000 account holders across all 50 states and manage over $600 million in medical saving assets. We encourage you to visit our company page where you can read about SelectAccount’s history, values and culture:

    • gwhosubex

      yikes, a single company? how big is the company? how secure is the company?


  • Concerned

    My current provider is pushing me into a new custodial account agreement. Until now, my employer has been paying the fees. Since we have changed health plans to a non high-deductible plan I guess that is over. Not happy about paying monthly fees, but SelectAccount does not give interest rates for “free” accounts. Should I assume that means that those are zero? (“Be glad we take your money.”? I have just under $6000 in my current account intending to save it for retirement 5 to 10 years from now. Info/suggestions are appreciated since I have about 15 days to decide and transfer the account.

    • mgoblue62

      I have used SelectAccount for more than a year now and have been very happy with both their fees and customer service. For me it’s a great investing platform with Schwabb. But if you’re looking for no fees at all (with interest), then you may need to look elsewhere.

      • Steven

        Don’t look too long. There are no HSA providers doing this for free. I’d love to be proved wrong. Please provide evidence below so I can stop my search of a cheaper option. SelectAccount might be the best one out there now. Once more people start using HSA’s it’ll get cheaper.

    • Hello, thank you for your question. Here is a link to our HSA products page which breaks down all of of account types and associated fees and interest rates: It is true that the FreeSaver account type does not offer any interest. However it is worth saying that we will not charge you any typical banking fees many of our competitors will, so even with a monthly fee SelectAccount is still often less expensive than some “free” accounts. That being said, for only $1 a month you will gain access to our investment options through Charles Schwab as Mgoblue62 stated.

  • gwhosubex

    So free account doesn’t give you the ability to trade securities nor any interest in the traditional compounding sense.

    Where is a good summary of what becomes available at different plans?
    I went to the homepage > products > HSA, but even there it doesn’t outliine and compare the plans well.
    Yes, there is one chart with the interest rates. But what about trading? If you’re trading, you’re not getting interest, since you have your money in securities instead of loanable principle. You’re not interested in interest rates if you’re going to be trading.

    Please detail the trading options that become available with each plan.
    Why this hasn’t been done already, and isn’t front and center on your produts page or this page is…
    Why wouldn’t that be the very first thing to put on the page?

  • George O’Donnell

    I am a happy select account member but I advise potential new members to carefully evaluate the interest rate and fee options. Many of them will result in net losses unless you have a high base balance.

    That said, the investment fees are low and there are a good variety of investment fund options. This is the way to go if you want to grow your money.

    There’s also an “e-vault” to help you track reimbursements by saving digital copies of medical receipts.

    Overall I’m very happy with Select Account and highly recommend it.

    • Thank you George for your feedback and advocacy. We are glad to hear that we are doing right by our members! We would love a google review if you feed so inclined to do so :).

      Additionally, as a side note, investment options are available once your balance exceeds $1,000. $1,000 is kept as a base balance and anything over that is available for investment with an annual fee of $18. Our FreeSaver HSA is the only HSA account that does not offer investment options as it offers the benefit of zero fees in lieu of investment options.

      Thank you again for your recommendation of SelectAccount!

  • Libiot Apocalypse

    Do I understand the comments below that indicate that the only way you can gain access to investment options is to pay a fee? The FreeSaver doesn’t afford any investment options?

    • Yes, investment options are not available with the FreeSaver account type. With any other account type, which holds a balance of at least $1,000, investment options can be unlocked with an annual fee of $18.

  • randy

    Does the Debit card tie to the account allowing you to use it for all medical expenses? Does this eliminate having to save receipts? Is there a tool for tracking for reporting purposes.

    • Yes we offer a debit card that ties to the account to use for eligible medical expenses. This doesn’t necessarily eliminate the need to save receipts and we recommend keeping receipts as proof (in case of audit) that you only used your account for eligible expenses.

      We do offer a tool thorough our member portal that addresses this common frustration of having to keep physical receipts. It is called e-Vault, it allows you to store a photo or scanned digital copy of your receipt in one easy to access place, and eliminates the need for you to keep the physical copy after a digital copy is saved.

      We also offer transaction tracking/reporting in our member portal. Hope this information helps, thanks Randy!

  • Chance Kong

    I’m looking for a new HSA provider (currently have Optxx from old employer). We keep our personal finance information in Quicken (2017). Does SelectAccount allow direct downloading of account information into Quicken?

    • Thanks for the question Chance. At this time we do not have Quicken integration capabilities, however it has been requested before so it has been earmarked for development in the future. We do offer the ability to save your account history (in our member portal) as an Excel file, which can then be uploaded to Quicken, which would serve the same purpose with a few additional steps.

  • llandaff

    With the ThriftSaver account I understand that “administrative fees” are waived with a cash a/c greater than $2500. What are the administrative fees? Are they the same as the “participant fees”?

    • Hi there, to clarify the administrative fee and participant fee are one in the same. Relative to ThriftSaver, this would be $1/month up until the balance is $2,500 (or above) at which point there would no longer be a monthly fee.

      After a little research I see that we had a two names for the same fee noted on our HSA page. We will be updating that shortly to clear up any confusion and they will be noted as the “administrative fee” moving forward. Thank you for bringing this slight naming convention error to our attention!

  • Liza

    Can the monthly fees, and SDBA fees be paid separately, and not taken out of the HSA annual contribution? That is, if I selected the Premium at $48/yr + SDBA at $18/yr, can I send in $66 for fees, separately, and above my $6750 annual family limit?

    • Hi Liza, thank you for your question. Currently fees are paid directly from the investment account and we do not offer the option to send in fees to be processed manually.

  • Liza

    One more question, regarding the SDBA, does Schwab charge maintenance fees too, or just trading fees? If they do charge maintenance fees, can these also be paid separately, above the HSA limit, and not taken out of my annual contribution?

    • You are charged $1.50/month (or $18/annually) to maintain the Charles Schwab SDBA. Additionally, trading costs associated with the specific securities members buy and sell through Schwab are charged directly by Charles Schwab. Members can have both a SelectAccount Basic Investment Account and a Charles Schwab brokerage account; however it is worth noting that the member will be charged a $1.50 monthly fee on both accounts.

      As aforementioned, there is not currently an option to pay these fees manually. As a note, these fees are deducted from the account balance and not from your annual contribution. You can still make your max annual contribution (family or individual) but it is not recommended you contribute additional funds above your annual limit, to account for these fees, as it will result in an excess contribution penalty.

  • jojo b

    Am I correct in my interpretation that, in order to open the Schwab self-directed brokerage account, I’d need a minimum of $11,000 ($1,000 to leave in the minimum HSA balance, and $10,000 to invest)? Thank you!

  • Tina D

    Are the balances in the MF and/or Schwab accounts considered in calculating the interest rate of the monies that remain at SelectAccount? Or, is interest calculated solely on what’s held at SelectAccount?

    • The monthly interest paid on HSA funds is calculated using the base balance of the account (which is the amount available through the debit card or against which claims can be submitted). Since the investment funds are held separately, those funds are not factored into the interest payments.

      Please let us know if you need any further clarification. Thanks Tina!

  • Ande

    Does the 13 month test period only apply to the period when someone first becomes eligible to open an HSA such that once the account is established, if they maintain a HDHP, they can continue to make annual contributions through the month before they start Medicare? Obviously once Medicare starts, they’d no longer have a HDHP, so any contributions the year they start Medicare wouldn’t pass a 13 month test after that last contribution.

    • Yes, the 13-month rule only applies for new HSA-compatible HDHPs and enables a member to make a full tax year’s contribution even with a start date that falls mid-year, as long as the plan and HSA are both effective by 12/1 of the year in question.

      Members are ineligible to contribute to their HSA after going on Medicare, but they can make pro-rated contributions in a year up to the month that Medicare starts for them (example: Member has a May birthday and turns 65, that person could contribute 4/12 of their maximum that year to account for January through April).

  • Ande

    If one opens a Thrift Saver HSA account with more than the $2500.00 minimum needed to avoid any account fees, is that honored based on the initial pending deposit? When opening an account, the date the account is technically opened is the date that the application is submitted, but the deposit, even electronically initiated, has an expected delay of about nine days from the execution date. Are all one-time deposits delayed that long, or is that only the first one when the connection to the other financial institution is being established?

    Also, for the various mutual funds offered in the basic investment account that are available once the HSA balance exceeds $1000.00, are there any initial thresholds needed to buy those specific funds? If so, are those initial minimums equal to the IRA minimums, or the standard initial investment minimums?

    Finally, when is the $18 investment account fee taken out of a basic investment account once it’s opened? Is that fee taken out at the same time every year?

    • Q – If one opens a Thrift Saver HSA account with more than the $2500.00 minimum needed to avoid any account fees, is that honored based on the initial pending deposit?

      The funds are counted as being at SelectAccount as soon as the direct deposit (ACH) comes through, even though there is a pending period imposed by risk management before the funds can be released to the member. Interest is paid from the date the funds arrive which is usually two (up to four) business days after an online HSA application with an initial deposit made.

      To avoid the first month’s fee, the average daily balance for the month would need to be $2500 or more. If $2500 was deposited on the 15th of a month (and nothing else happened), the average daily balance over that month would be about $1250 because their balance was zero for 14 days that month.

    • Q – Also, for the various mutual funds offered in the basic investment account that are available once the HSA balance exceeds $1000.00, are there any initial thresholds needed to buy those specific funds? If so, are those initial minimums equal to the IRA minimums, or the standard initial investment minimums?

      A – There is no minimum investment required but there are fees to be paid. If a member had $1,001 base balance, they would be able to open an investment account. One dollar could be sent to it, which they could allocate to a fund. Devenir does not charge partial fees but would take the fee once there was enough money available (written off if no more funds are sent). If a member opened an investment account and only had $19 above the $1000 threshold to send to it, they would be able to invest the $19 and allocate to a mutual fund but then $18 would be taken from it to pay the annual fee.

    • Q – Finally, when is the $18 investment account fee taken out of a basic investment account once it’s opened? Is that fee taken out at the same time every year?”

      A – The first investment fee is charged on the 1st business day of month following the arrival of funds to an investment account. The investment fee is charged annually in the same month every year on the first business day of that month.

      Please let us know if you have any additional questions.

  • Nathan

    For individuals who have an HSA at a different provider but are no longer covered by a qualified HDHP insurance plan , is it possible to open a new HSA with SelectAccount and transfer the funds from their current HSA provider?

    • Hi Nathan,

      Yes people can transfer their HSA spendown accounts to us and we will administer them. If you would like assistance or if you have additional questions you can call our member services line at 1-800-859-2144 and one of our medical banking specialists will be happy to assist you. Our phone lines are open Monday through Friday, 7:00 a.m. to 8:00 p.m., CT.

  • SMCBaylorBear

    Specifically speaking, how does one avoid the monthly account fee with the ThriftSaver account? How is the daily balance calculated? How much do I need to put into my account if I have 26 pay periods?

    • For SelectAccount’s ThriftSaver HSA plan, the fee is waived any month in which the average daily balance is $2,500.00 or more. The fee is charged each month based on the previous month, so if the average daily balance is at least $2,500.00 in September no fee would be charged during October.

      The average daily balance calculation adds up the balance for each day of a month and then divides by the total number of days in that month.

      Please let me know if you have any additional questions