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.


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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
Premium Saver HSA
$0-$9,999 1.05%
$10,000 - $24,999 1.15%
$25,000 - $49,999 1.75%
$50,000 or Greater 2.00%
Select Saver HSA
All Balances 0.07%
Basic Saver 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%
Thrift Saver 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%
Last checked on: 07-06-2016


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 and Free Saver is $0.00 / month

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.

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: