First American Bank vs Further (formerly SelectAccount)
2026 side-by-side comparison of fees, investment options, and features.
First American Bank
First American Bank offers a fee-free HSA for individuals with access to Vanguard mutual funds and a Schwab brokerage option. They've been recognized by Investor's Business Daily as one of the best HSA providers.
Further (formerly SelectAccount)
Further (formerly SelectAccount) was acquired by HealthEquity in 2021. They offer a straightforward HSA with mutual fund investing and Schwab brokerage access at higher balances.
Quick Verdict
Choose First American Bank if...
Individual HSA holders who want a solid bank-based HSA with Vanguard funds
Choose Further (formerly SelectAccount) if...
Employees whose employer offers Further as the HSA administrator
Feature Comparison
| Feature | First American Bank | Further (formerly SelectAccount) |
|---|---|---|
| Monthly Fee | $0 (individual accounts) | Varies by employer plan |
| Investment Minimum | $1,000 | $1,000 |
| Investment Options | 28 Vanguard mutual funds, Schwab brokerage | 30+ mutual funds, Schwab brokerage (at $10K+) |
| Interest Rate | 0.01%–0.35% APY (tiered) | 0.01%–0.05% APY |
| Account Type | bank | fintech |
| FDIC Insured | Yes | Yes |
| Mobile App | Yes | Yes |
| Debit Card | Yes | Yes |
First American Bank
Pros
- No monthly maintenance fee for individuals
- Strong Vanguard fund lineup including target-date funds
- Schwab brokerage option (8,500+ investments)
- Named to IBD Best HSAs list
- FDIC insured
Cons
- $2.95/month fee for investment account (HSA PLUS)
- $1,000 threshold before investing
- 0.30% annual investment custodial fee
- Limited branch network (IL, FL, WI)
Further (formerly SelectAccount)
Pros
- No hidden fees (no replacement card fees, etc.)
- Schwab brokerage available at $10,000+
- Acquired by HealthEquity - improved platform
- Good employer-sponsored option
Cons
- $18/year investment account fee
- $1,000 minimum to start investing
- $10,000 needed for Schwab brokerage
- Interest rates are low
Provider Details
First American Bank
First American Bank offers a fee-free HSA for individuals with access to Vanguard mutual funds and a Schwab brokerage option. They've been recognized by Investor's Business Daily as one of the best HSA providers.
Monthly Fee
$0 (individual accounts)
Investment Minimum
$1,000
Investment Options
28 Vanguard mutual funds, Schwab brokerage
Best For
Individual HSA holders who want a solid bank-based HSA with Vanguard funds
Further (formerly SelectAccount)
Further (formerly SelectAccount) was acquired by HealthEquity in 2021. They offer a straightforward HSA with mutual fund investing and Schwab brokerage access at higher balances.
Monthly Fee
Varies by employer plan
Investment Minimum
$1,000
Investment Options
30+ mutual funds, Schwab brokerage (at $10K+)
Best For
Employees whose employer offers Further as the HSA administrator
Frequently Asked Questions
Which has lower fees, First American Bank or Further (formerly SelectAccount)?
First American Bank charges $0 (individual accounts) per month, while Further (formerly SelectAccount) charges Varies by employer plan. Compare total costs including investment fees before deciding.
Which has better investment options?
First American Bank offers 28 Vanguard mutual funds, Schwab brokerage. Further (formerly SelectAccount) offers 30+ mutual funds, Schwab brokerage (at $10K+). The best choice depends on your investment style and preferences.
Is my money FDIC insured with First American Bank or Further (formerly SelectAccount)?
Both First American Bank and Further (formerly SelectAccount) offer FDIC insurance on cash deposits, protecting up to $250,000 per depositor. Invested funds are not FDIC insured but may have SIPC protection.
Can I transfer my HSA from First American Bank to Further (formerly SelectAccount)?
Yes, you can transfer your HSA funds between any HSA providers. Most transfers take 2-4 weeks. Check with both First American Bank and Further (formerly SelectAccount) for any transfer fees - incoming transfers are usually free, but outgoing transfers may incur a fee.
Which HSA is better for long-term investing?
For long-term investing, consider Further (formerly SelectAccount) with $1,000 investment minimum. First American Bank is individual hsa holders who want a solid bank-based hsa with vanguard funds. Further (formerly SelectAccount) is employees whose employer offers further as the hsa administrator. Both can work well for building retirement health savings.
Does HSA Trackr work with First American Bank and Further (formerly SelectAccount)?
Yes, HSA Trackr works with any HSA provider including both First American Bank and Further (formerly SelectAccount). Track your medical expenses, store receipts, and know exactly how much you can reimburse tax-free - regardless of which HSA you choose.
Related Comparisons
This comparison is for informational purposes only. HSA provider features and fees may change. Verify current information directly with each provider before opening an account.
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