First American Bank vs The HSA Authority (UMB)
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.
The HSA Authority (UMB)
The HSA Authority (formerly Old National Bank HSA) was acquired by UMB Healthcare Services in 2025. They offer a straightforward HSA with Devenir mutual fund investing and solid banking features.
Quick Verdict
Choose First American Bank if...
Individual HSA holders who want a solid bank-based HSA with Vanguard funds
Choose The HSA Authority (UMB) if...
Employer-sponsored HSA users who receive the account through work
Feature Comparison
| Feature | First American Bank | The HSA Authority (UMB) |
|---|---|---|
| Monthly Fee | $0 (individual accounts) | $3/month ($36/year) |
| Investment Minimum | $1,000 | $1,000 |
| Investment Options | 28 Vanguard mutual funds, Schwab brokerage | 31 mutual funds via Devenir |
| Interest Rate | 0.01%–0.35% APY (tiered) | 0.01%–0.15% 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)
The HSA Authority (UMB)
Pros
- Acquired by UMB - improved technology and tools
- Solid mutual fund selection via Devenir
- Free incoming transfers
- FDIC insured deposits
Cons
- $36/year account fee
- $1,000 minimum to invest
- Manual transfers required to investment account
- No automatic investing feature
- $25 outgoing transfer fee
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
The HSA Authority (UMB)
The HSA Authority (formerly Old National Bank HSA) was acquired by UMB Healthcare Services in 2025. They offer a straightforward HSA with Devenir mutual fund investing and solid banking features.
Monthly Fee
$3/month ($36/year)
Investment Minimum
$1,000
Investment Options
31 mutual funds via Devenir
Best For
Employer-sponsored HSA users who receive the account through work
Frequently Asked Questions
Which has lower fees, First American Bank or The HSA Authority (UMB)?
First American Bank charges $0 (individual accounts) per month, while The HSA Authority (UMB) charges $3/month ($36/year). Compare total costs including investment fees before deciding.
Which has better investment options?
First American Bank offers 28 Vanguard mutual funds, Schwab brokerage. The HSA Authority (UMB) offers 31 mutual funds via Devenir. The best choice depends on your investment style and preferences.
Is my money FDIC insured with First American Bank or The HSA Authority (UMB)?
Both First American Bank and The HSA Authority (UMB) 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 The HSA Authority (UMB)?
Yes, you can transfer your HSA funds between any HSA providers. Most transfers take 2-4 weeks. Check with both First American Bank and The HSA Authority (UMB) 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 The HSA Authority (UMB) with $1,000 investment minimum. First American Bank is individual hsa holders who want a solid bank-based hsa with vanguard funds. The HSA Authority (UMB) is employer-sponsored hsa users who receive the account through work. Both can work well for building retirement health savings.
Does HSA Trackr work with First American Bank and The HSA Authority (UMB)?
Yes, HSA Trackr works with any HSA provider including both First American Bank and The HSA Authority (UMB). 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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