First American Bank vs HSA Bank
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.
HSA Bank
HSA Bank is a division of Webster Bank and one of the largest HSA administrators. They're known for their TD Ameritrade (now Schwab) brokerage integration, giving investors access to stocks, ETFs, and thousands of mutual funds.
Quick Verdict
Choose First American Bank if...
Individual HSA holders who want a solid bank-based HSA with Vanguard funds
Choose HSA Bank if...
Investors who want TD Ameritrade/Schwab brokerage access through their employer
Feature Comparison
| Feature | First American Bank | HSA Bank |
|---|---|---|
| Monthly Fee | $0 (individual accounts) | $2.50 (waived at $5,000+ balance) |
| Investment Minimum | $1,000 | $1,000 |
| Investment Options | 28 Vanguard mutual funds, Schwab brokerage | TD Ameritrade self-directed brokerage, Devenir mutual funds |
| Interest Rate | 0.01%–0.35% APY (tiered) | 0.01%–0.08% APY (tiered) |
| Account Type | bank | bank |
| 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)
HSA Bank
Pros
- TD Ameritrade brokerage with $0 stock/ETF trades
- Access to 13,000+ mutual funds
- Low-cost Devenir option (0.30% annual fee, capped at $50K)
- 2nd lowest cost among top HSA providers
- Strong employer partnerships
Cons
- $2.50/month fee below $5,000
- $1,000 minimum before investing
- TD Ameritrade now part of Schwab (transition ongoing)
- Low interest on cash deposits
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
HSA Bank
HSA Bank is a division of Webster Bank and one of the largest HSA administrators. They're known for their TD Ameritrade (now Schwab) brokerage integration, giving investors access to stocks, ETFs, and thousands of mutual funds.
Monthly Fee
$2.50 (waived at $5,000+ balance)
Investment Minimum
$1,000
Investment Options
TD Ameritrade self-directed brokerage, Devenir mutual funds
Best For
Investors who want TD Ameritrade/Schwab brokerage access through their employer
Frequently Asked Questions
Which has lower fees, First American Bank or HSA Bank?
First American Bank charges $0 (individual accounts) per month, while HSA Bank charges $2.50 (waived at $5,000+ balance). Compare total costs including investment fees before deciding.
Which has better investment options?
First American Bank offers 28 Vanguard mutual funds, Schwab brokerage. HSA Bank offers TD Ameritrade self-directed brokerage, Devenir mutual funds. The best choice depends on your investment style and preferences.
Is my money FDIC insured with First American Bank or HSA Bank?
Both First American Bank and HSA Bank 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 HSA Bank?
Yes, you can transfer your HSA funds between any HSA providers. Most transfers take 2-4 weeks. Check with both First American Bank and HSA Bank 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 HSA Bank with $1,000 investment minimum. First American Bank is individual hsa holders who want a solid bank-based hsa with vanguard funds. HSA Bank is investors who want td ameritrade/schwab brokerage access through their employer. Both can work well for building retirement health savings.
Does HSA Trackr work with First American Bank and HSA Bank?
Yes, HSA Trackr works with any HSA provider including both First American Bank and HSA Bank. 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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