HSA Bank

Online Bank, hsabank.com

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MyBankTracker rating based on the following criteria that includes customer reviews, financial health, bank fees and other key factors compared to the other banks.
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About the Bank

HSA Bank is a Milwaukee-based company and one of the nation’s leading Health Savings Account (HSA) administrators. We serve more than 300,000 accountholders with nearly a billion dollars in HSA assets. We focus solely on the administration, service and support of our HSA product. Our philosophy is to do what we do best and partner with others who do the same to provide a best-of-breed solution.

HSA Bank Fees

  • National Average
  • Monthly Inactivity N/A $6
  • Non-Sufficient Fund (Overdraft) $30 $30
  • Stop Payment item $25 $27
  • Return Deposit $25 $13
  • Domestic Wire Transfer (Outbound) $25 $22
  • Domestic Wire Transfer (Inbound) $25 $10
  • Non-Bank ATM $2 $1

Latest Customer Reviews

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  •  
    Reviewed By dgelin Jan 4, 2018

    horrible experience

    Went to close out the account and got the amount in the account from the automated service. Immediately deposited a check for that amount. In the interim they withdrew a monthly fee causing check to bounce. Called up and they said that the original check should go through and they would reverse the original fee. They didn't and it didn't. They then charged a $30 fee because of that. Called back and they said they would reverse that fee. Also, it would take a week to happen.

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  •  
    Reviewed By paulaf Oct 23, 2017

    Terrible customer service and excessive fees

    This bank is horrible. The fees are ridiculous and the customer service is non existent. We will not do business with them again.

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  •  
    Reviewed By happy5banker Jul 11, 2017

    I'd trust Al Capone with my money before these guys

    Last year I changed employers and my new employer uses HSA bank.
    After a few months of making contributions I received a letter that they needed a physical address and my employer only provided my mailing address (PO box). I promptly faxed the form back.
    Another month or two went by, probably about 4 months total, I realized I still did not have a
    bank card or statement or anything from them. When I called them they had never heard of me and I didn't have an account there. I told them I received the form and faxed it to the number on the form. They said that was not their number and gave me another number to fax it to, which I did promptly. But again they claimed they did not get it. This form has my SSN on it and the fax went through so who knows who has it now ?? And where is my money, $1200 was sent to them by my employer and I don't have an account, where is it now?

    So I contacted my HR department and they contacted HSA bank. After about 4-6 weeks I finally had an account and a bank card. I started working in July so it was close to the end of the year. I did not want to deal with these people anymore so during open enrollment I canceled the HSA contributions.

    I should have checked my pay stub after the newyear because they still kept deducting money from my paystub even though my account was canceled. Fortunately our HR department caught it in an audit. By that time $2200 was sent to HSA bank and AGAIN it is just gone, not deposited in any account.

    Banks handle and store money on behalf of their customers, when they receive money on my behalf it should be deposited into my account, or returned undeliverable as the case may be. But what kind of terrible accounting practices allow them to receive money and make it disappear??

    I have been waiting for more than a month now and the money is still not back.

    Oh yes and my income tax statement came .. wait for it .. May 15th ! A little late when the filing deadline is April 17th !!

    And like others say, their website is terrible. You can't just make an account, you have to call customer service to make an account for you and give you the password over the phone, then when you log in you still can't do very much. Reminds me of how web pages were in the late 90's.

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  •  
    Reviewed By dgelin Jan 4, 2018

    horrible experience

    Went to close out the account and got the amount in the account from the automated service. Immediately deposited a check for that amount. In the interim they withdrew a monthly fee causing check to bounce. Called up and they said that the original check should go through and they would reverse the original fee. They didn't and it didn't. They then charged a $30 fee because of that. Called back and they said they would reverse that fee. Also, it would take a week to happen.

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  •  
    Reviewed By AWinSF Jan 5, 2017

    Horrible, Antiquated

    They don't offer the ability to look at check images online, it took FOREVER to get a debit card, and even WORSE -- their checks weren't accepted at Walgreens!!!! Their checks were rejected by Walgreens check scanners.

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  •  
    Reviewed By jrogers1979 Oct 6, 2016

    Slow and inefficient service. Stay away!

    Every time I needed service from HSA Bank, the hold times were unacceptably long and they never followed through on their promises. The most interaction I had with them was when I closed my account. It took an astonishingly long 8 weeks for them to mail a $3,000 check to my new HSA provider (Fidelity, which provides great service!). I called 5 or 6 times to check on the status of my check and each time they said "it should be in the mail by the end of the week."

    Finally, after 8 weeks of waiting, the check went out the door, but not before deducting a $25 fee for closing the account. When I asked them about the $25 fee, they said "the fine print says we have 6-8 weeks to close an account so we're not going to refund your $25." Fair enough. The fine print rules. But this customer doesn't understand why it should take 8 weeks to issue a check in the year 2016. My goodness.

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  •  
    Reviewed By fedupintexas Nov 15, 2016

    Fees, fees, FEES

    I'm a healthcare industry professional who used HSAbank for my Health Savings Account for more than two years.

    In those two years, I incurred monthly fees on the account and managed to lose money each year since savings accounts barely make any interest.

    This year during open enrollment for health benefits at my company, I decided to switch to a buy up PPO plan that had a higher monthly cost than my HSA plan. When I called the bank to close my account, they charged me a $25 closure fee. These HSA bank accounts are one of the biggest legal scams I've seen in the healthcare industry.

    There are so few banks that offer these types of accounts, that you are almost forced into banking with HSAbank. They seem to have a fee for everything--even ATM withdrawals to reimburse yourself for qualified healthcare expenses cost $4 per transaction.

    My advice to people trying to save money by having a high deductible heal plan with an HSA--don't do it. You won't save money versus a traditional health plan. You will just had more money to HSAbank, an institution that practically has a monopoly over this account type.

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  •  
    Reviewed By HSA_user Dec 11, 2014

    Changes they've made are a BIG PAIN in the REAR

    I've been a somewhat happy HSA customer for the last 5-6 years...but they recently made some BIG changes that make our ability to use this bank a royal pain.

    History: Every HSA Bank customer is issued a debit/credit card for paying for their valid medical expenses out of their HSA Bank account. It all worked very well for the past years. A few weeks ago, I received a new HSA debit/credit card in the mail. As I always do when something like that happens, I destroyed the old card and put the new card in my wallet. Next time I went to the Pharmacy to pick-up a refill (a valid HSA charge) they declined the transaction. It took 3-4 days to get through to the bank (they just can't answer the number of calls they are currently getting from upset customers) to finally find out that the new card ONLY works at a VERY LIMITED number of pharmacies in our town. All they had for me was some work arounds that are a big pain in the rear.

    If you are looking for a bank for a Health Savings Account...stay away from this one until they get their act together.

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  •  
    Reviewed By deadman Sep 5, 2016

    TERRIBLE HSA ACCOUNT HANDLING BANK

    My HSA account use to be with Chase and their card was accepted every where !! Now HSA Bank has my account and I have been going thru a HELLISH nightmare !!!! I have not been able to find a SINGLE merchant in my area that will accept their card. The SAME merchants I used with the Chase card. I have no job, I cant just keep paying for it out of pocket and then file for reimbursement - I HAVE NO JOB, NO INCOME, I NEED THIS CARD TO WORK !!. But all HSA Bank tells me is that ALL the merchants that I use to use with the Chase card, have now ALL gone over to some third party company to handle medical transactions and it is THESE third party companies denying my purchases. I never had a problem before with the merchants when I had the Chase card but now these same merchants are ALL now denying my purchases since I got the HSA Bank card. WHY !!!?? would our Federal Government let such a company handle such a medically important account . . . . ???? - STAY AWAY FROM THIS BANK IF YOU CAN !!! They apparently dont care and do nothing as to finding out why THEIR cards dont work with the same merchants that the Chase cards did. Im talking about HIGHLY KNOWN merchants too; Walmart, Target, CVS, Walgreens, ALL of these merchants accepted the Chase card but NONE of them accept the HSA Bank card. HSA Bank might as well put a gun to my head and pull the trigger, that will solve my agonizing problem.

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  •  
    Reviewed By miked Apr 13, 2016

    Cant I give it Zero Stars?

    My wife and I have been trying to transition from an employer sponsored HSA account to a personal HSA account. It have been 3 months and countless phone calls. Each rep is very nice but clueless about how a HSA account works. Each has another story about how to do this. So now we have 3 accounts and 3 debit cards, none of which we can use!

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  •  
    Reviewed By dawnee0825 Mar 15, 2016

    HSA Bank is a nighmare to deal with

    I was forced to switch to this bank because our other bank sold off the accounts. It has been nothing but trouble from day one. I keep getting debit cards in the mail and this last time I tried to use it at my Target (now CVS pharmacy) I was rejected. Try calling to talk to someone who knows what's going on is a joke. Somehow I have 3 accounts, what? Anyway 4 days w/out my medication now and no way to get at my money w/out paying a fee. Thanks so much HSA Bank. Sick people can't go w/out their medication. I'm so happy you were able to offer me a solution (they didn't). I'm seriously considering doing w/out the tax benefit of an HSA account. I didn't have a choice about becoming a member of this bank. If you have a choice RUN! I only gave them a star because I had to.

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  •  
    Reviewed By LucyManning May 10, 2016

    Bank is incompetent

    I started the process in January this year to close my account which just had a balance of about $65. I sent them an email asking how to do so and was advised to complete the fax form and send it in.

    I did that, 3 times! I attempted to contact them and got a complete run around and in the meantime they posted "service fees" for the account I was closing...outrageous.

    I finally sent a letter via Fed Ex advising if they do not close the account and send me the balance I would refer the matter to the State's Attorney General. Lo and behold, I received a check within a week....but less $30 for those fees on a closed account.

    I don't know whether they are crooks or incompetent -- either way, stay away, you'll be sorry.!

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  •  
    Reviewed By jrogers1979 Oct 6, 2016

    Slow and inefficient service. Stay away!

    Every time I needed service from HSA Bank, the hold times were unacceptably long and they never followed through on their promises. The most interaction I had with them was when I closed my account. It took an astonishingly long 8 weeks for them to mail a $3,000 check to my new HSA provider (Fidelity, which provides great service!). I called 5 or 6 times to check on the status of my check and each time they said "it should be in the mail by the end of the week."

    Finally, after 8 weeks of waiting, the check went out the door, but not before deducting a $25 fee for closing the account. When I asked them about the $25 fee, they said "the fine print says we have 6-8 weeks to close an account so we're not going to refund your $25." Fair enough. The fine print rules. But this customer doesn't understand why it should take 8 weeks to issue a check in the year 2016. My goodness.

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  •  
    Reviewed By veggivet Jan 17, 2015

    Recent website redesign a total fail

    I have been with HSA Bank for several years, and up until recently, have been satisfied with their platform. They allow transfers to TD Ameritrade, where I can purchase many Vanguard ETFs commission-free, and it was pretty straightforward to set up these transfers. When I logged in to transfer my 2015 contribution, I found the revamped website much more difficult to navigate than the previous version. I did finally figure out how to set up the transfer, but it took much longer than it should have.

    Regarding their fees, as long as you keep a minimum of $5000 with them, you will not incur a monthly 'maintenance' fee. If you want to invest that amount, be prepared to cough up $27 over the course of the year for that privilege. Not unreasonable, in my opinion.

    I had a question about a possible over-contribution for 2014, and I sent an email in early December. I received a response almost a month later, with an apology for the delay. I suspect that they are dealing with a larger than usual number of inquiries about the website redesign, and are totally in the weeds.

    Since I only have to deal with them twice a year (once to make my contribution, and then once more to move those funds to TD Ameritrade) I will stay with them for the time being. If you anticipate interacting with their customer service department on a more frequent basis for problems with your debit card or payment issues, be forewarned you may be in for some frustrating experiences.

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