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
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

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.

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.

    • 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.

  • 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.