Best Health Savings Accounts in 2022

So, you need to choose a health savings plan (HSA) to go along with your new health insurance plan. The best savings accounts help you save money with high interest rates and low fees and your HSA should be no different. With a high-yielding HSA, you can cover your out-of-pocket medical expenses and boost your savings at the same time.

Using data from DepositAccounts.com, a LendingTree-owned company, we reviewed more than 17,100 nationwide banks and credit unions to find the highest HSA rates available. To ensure quality and availability, we excluded institutions with a DepositAccounts health rating below a B and credit unions with restrictive membership requirements.

HSA deposits at the institutions listed below are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration.

10 best health savings accounts in 2022

1. Liberty Federal Credit Union: 2.01% APY, $500 minimum balance

Liberty Federal Credit Union’s Health Savings Checking account earns at a great interest rate on all balances of $500 and over. Plus, there’s no maintenance fees. You can also benefit from check writing abilities, debit card access and payroll deductions with a Liberty Federal Credit Union HSA.

Liberty Federal Credit Union also offers five HSA share certificates with term lengths ranging between one to five years. Each require $1,000 to open and earns a competitive interest rate. However, Liberty Federal Credit Union doesn’t recommend you use HSA share certificates unless you’ve had an HSA established for a while, since locking money in share certificates make it much harder to to dip into your funds.

You can find Liberty Federal Credit Union locations in Indiana, Kentucky and Tennessee. The credit union is also a member of the Alliance One ATM network, which offers fee-free access to about 5,000 ATMs. Liberty Federal Credit Union was started by several teachers in Evansville, Indiana, in 1936 — but you don’t have to be a teacher to qualify for membership, though.

2. Connexus Credit Union: 2.00% APY, $15,000 minimum balance

Connexus Credit Union also offers a high HSA rate, but you’ll need at least $15,000 in your account to earn at that rate. Still, you can earn at decent rates on all other balances larger than $100, with higher balances benefitting best. In fact, all of them would still make our list. The account doesn’t require a minimum balance (though if you have less than $15,000 in the account, you would earn at the lower appropriate rate) or charge a monthly fee (unless your account is inactive). You can request an HSA debit card when you open your account to use for qualified medical expenses.

You can find thousands of Connexus branches and ATMs throughout the country. Connexus is also part of the CO-OP Shared Branch network, which gives you access to more than 5,600 Shared Branches and tens of thousands of surcharge-free ATMs through both CO-OP and MoneyPass. To open an account with the credit union, you’ll need to become a Connexus Credit Union member.

3. The Adirondack Trust Company: 1.00% APY, no minimum balance

To get started with an Adirondack Trust Company Health Savings Account, you’ll only need to deposit $1 and pay a $25 fee — after that, there’s no other minimum balance requirement to earn interest. To access your health savings account, you can take advantage of free unlimited check writing and free ATM access with your ATC HSA Visa debit card. Getting paper statements on this account will cost $4, while getting statements online will still cost you $2.

Founded in 1901 in upstate Saratoga Springs, N.Y., ATC maintains 13 branches along the Adirondack Mountains area and offers access to two Amsure insurance branches in Saratoga Springs and Albany, N.Y.

4. First Technology Federal Credit Union — 1.00% APY, no minimum balance

First Technology Federal Credit Union’s HSA Checking account is easy to open and own. In addition to its decent rate, it doesn’t charge HSA setup or monthly service fees, nor are there any minimum balance requirements. You just need at least $10 to open the account and to start earning interest. To open this HSA, you can call First Technology FCU at 855-855-8805.

You’ll receive a free HSA debit card with the account, which you can use at nearly 30,000 CO-OP ATMs. You can also visit more than 40 First Tech branches across the U.S. and access more than 5,600 CO-OP Shared Branch locations.

You can qualify for a First Tech membership depending on your employment, relatives that are existing members, place of residence or by becoming a member of either the Computer History Museum or the Financial Fitness Association. First Technology Credit Union was founded in 1952 by members of Hewlett-Packard and Tektronix.

5. Bellco Credit Union: 2.50% APY, $50,000 minimum balance

Bellco Credit Union is headquartered in Greenwood Village, Colo., and operates 26 branches across the entire state. It offers various checking and savings accounts, including CDs, retirement accounts and loans. The credit union’s health savings account stands out for its 2.50% APY on balances of $50,000 and up. For balances that drop below that threshold, you can still earn at a decent rate.

To set up a Bellco HSA, you’ll have to pay a $16 fee, but after that, there are no monthly fees. And with this account, your balance carries over from year-to-year. Members can access their accounts online, using their HSA debit card and checks or at any of the 2,000 self-service locations, 5,5000 shared credit union locations and over 30,000 surcharge-free ATMs.

It’s pretty easy to join Bellco. Just sign up online or in one of their branch locations by paying a $5 membership fee and making a $25 share deposit. To qualify, you’ll need to either work or live in one of the areas they’ve listed on their site, be related to an existing member, work for one of the credit union’s select associations or join the Bellco Foundation.

6. NASA Federal Credit Union: 0.65% APY, $100,000 minimum balance

Headquartered in the Washington, D.C. area, NASA Federal Credit Union operates branches throughout Maryland and Virginia. The credit union offers a health savings account that earns 0.65% APY, though it does require a higher deposit amount than most of the accounts on this list. For other deposit amounts below the $100,000 threshold, you can still earn a decent APY.

NASA FCU’s health savings account comes with no setup fees, monthly fees or annual maintenance fees. You’ll receive a free NASA Federal HSA VISA Debit Card, access to online and mobile banking, direct deposit from payroll as well as rollover options for any funds leftover year to year.

You are eligible to join NASA FCU if you are related to or currently live with a NASA Federal member, are a member of the NASA Federal association or are a current or retired employee of a NASA Center. If you don’t fall under these requirements, you can join with a complimentary one-year affiliated membership to the National Space Society.

7. Hughes Federal Credit Union: 1.01% APY, no minimum balance

Founded in Tucson, Ariz., in 1952, Hughes Federal Credit Union ranked #1 in Forbes’ List of America’s Best-In-State Credit Unions 2021.

With Hughes’ health savings account, you earn a little on the lower side compared to the other accounts on our list, but the 1.01% APY still makes it worth considering. There’s no minimum balance, no withdrawal fees or service charges and unlimited check writing –– plus, you receive a free debit card that you can use at 5,000 locations and nearly 30,000 fee-free ATMs. Visit a Hughes branch or call 520-794-8341 to open a health savings account.

To join Hughes Federal Credit Union online or in person, you just need to be employed by one of the listed employer groups, have a family or household member who is a current Hughes member or make a donation to one of the special interest groups listed on the credit union’s site.

8. Northpointe Bank: 0.50% APY, no minimum balance

You’ll need $100 minimum to open a health savings account at Northpointe Bank, but after that there’s no minimum balance to earn this APY. You’ll also pay no monthly fee. Debit cards, checks and bill pay are available on the account, which allows unlimited transactions.

With headquarters in Grand Rapids, Mich., Northpointe Bank was established in 1999. The bank has branch locations in 24 states, but you can also bank online.

9. Technology Credit Union: 0.50% APY, $2,500 minimum balance

Technology Credit Union offers both individual and family health savings accounts, which you can open with any balance. You’ll need to contribute $2,500 to secure this rate, but if you can’t swing that much at first, you’ll still earn a competitive APY on balances below $2,500. The monthly maintenance fee is a low $2. Technology Credit Union will even waive the fee for the first six months; after that, you’ll need a minimum balance of $100 to waive the fee.

Founded in 1960, Technology Credit Union was started by employees at Fairchild Camera and Instrument Semiconductor Division in Silicon Valley. Today, Technology Credit Union membership is available to employees at several partner companies, family members of current members, individuals in select California counties and members of affiliated organizations, including the nonprofit Financial Fitness Association.

10. Corporate America Family Credit Union: 0.50% APY, $10,000 minimum balance

At Corporate America Family Credit Union, or CAFCU, you’ll earn interest on as little as $1 in your account. To take advantage of this listed rate, you’ll need to fund your HSA with $10,000, but even as little as $5,000 earns you a rate not far below our top 10.

CAFCU was founded by 15 employees as Automatic Credit Union in 1939. After a couple changes in management and name, the credit union has widened its membership eligibility to include employees at sponsor companies, family members of current members and those residing or working within a 25-mile radius of a CAFCU branch. You can also join the credit union by being a member of The Hope Group, which you can join at the end of your CAFCU application.

How to use your HSA wisely

Health savings accounts are used only for medical expenses, and if you shop around you can earn interest on your balances with the right account. But did you know HSAs offer tax benefits, too? You fund an HSA with pre-tax dollars, which lowers your taxable income in the year you make the deposit. As long as you spend HSA funds on approved medical expenses, it doesn’t get taxed. If you do use your HSA funds for something other than approved medical expenses, you may get hit with a 20% tax penalty.

This HSA tax advantage can come in especially handy in retirement. Funding an HSA today reduces your tax burden come tax time. If you wait until retirement to make those withdrawals, you can turn your HSA into a significant retirement contribution. Not only has the balance been earning interest for years, but now you can use that money for medical expenses, which tend to pile up in retirement. Plus, after you reach age 65, you can use your HSA for non-medical expenses without triggering the 20% tax penalty, although the withdrawals are taxed like normal income, similarly to IRA withdrawals. This also applies in the event you become disabled or die.

HSA requirements

You can generally open a health savings account if you’re already covered by a high-deductible health plan (HDHP). This works well since the HSA funds can help you cover the higher out-of-pocket costs that usually come with having an HDHP. To qualify for an HSA, you also can’t have other health coverage, be enrolled in Medicare or be claimed as a dependent on someone else’s tax return.

HSA contribution limits

As set by the IRS, the amount you can contribute to your health savings account will depend on your HDHP coverage, your age, the date you become eligible and the date you stop being eligible.

For 2022, you can contribute up to $3,650 to your HSA as an individual with self-only coverage (up from $3,600 for 2021). Individuals with family coverage may contribute up to $7,300 (up from $7,200 for 2021).

For 2022, an HDHP is defined as a health plan where the annual deductible is greater than $1,400 for self-only coverage and $2,800 for family coverage. Additionally, the maximum annual out-of-pocket amount is $7,050 for individuals and $14,100 for families.

HSA vs. FSA

A flexible spending account, or FSA, is another type of supplemental medical spending account. Like an HSA, FSAs are also funded with pre-tax dollars to use towards qualified medical expenses like prescriptions and copayments. FSAs are employer-sponsored, however, and are usually funded through voluntary salary contributions, but your employer can also contribute. You cannot open an FSA if you’re self-employed. No taxes are deducted from your contribution. For 2022, you cannot contribute more than $2,850 to an FSA.

What further sets FSAs apart from HSAs is that you must use the money in an FSA by Dec. 31 of the contribution year, unless your employer grants you a grace period or carryover option. A big drawback to FSAs is that if you don’t use the money in the account on time, your employer gets those funds. This is also true if you were to leave the company. To the opposite, the funds in an HSA are yours to keep even if you leave your company.

Compare HSA vs. FSA and determine which account type is right for you.

Health savings accounts vs. online savings accounts

While health savings accounts help you designate funds toward medical expenses, most HSAs traditionally don’t earn at the competitive rates we’ve come to see from online savings accounts. A $10,000 deposit into an HSA earning 2.01% APY would yield $201 after a year of annual compounding interest. This actually currently beats the best online savings accounts. A savings account earning 0.65% would yield $136 less than the HSA after a year.

Still, it’s worth considering a high-yield online savings account for your non-medical expenses, especially since you typically don’t have to meet any requirements to open an online savings account, like having an HDHP or meeting credit union membership qualifications.