Personal Finance
Looking for a HYSA With Good Returns. What Are the Real Options?
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It can be hard to take control of your own finances — there are hundreds of different tools, accounts, and strategies you can use, as well as a plethora of advice online. One of the things you need to survive in America’s healthcare system is an HSA, or a Health Savings Account.
Key Points
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Some of the best interest rates for HSA accounts are available through referral or for limited times.
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Interest rates aren’t the most important thing, you should consider usability and company trust.
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But how can you maximize the benefits of your HSA, find the best high-yield health savings account, or make sure your money is working for you? One user online had these questions and took them to the community in r/Banking. Here is what they said about how to find the best HYSA for you.
Please remember that all the advice you find online, including this article, are opinions. You should always do your own research or speak to an expert before making any financial decision.
How Can You Find the Best HYSA?
If you are looking for an HSA with just the highest interest rate, there are plenty of great options available, with some of the best operating separately from the large banks and corporations. According to the comments in the thread, the best interest rates range from 4% to around 5.3%.
It wouldn’t make sense to rank the current interest rates here since they can change at any time, and some of the best rates are only available through referral or special programs. But there are lists online that are constantly updated with the accounts that have the highest interest rates and other available benefits. We recommend you consult at least a few of these lists before settling for an HYSA.
However, this doesn’t quite tell the whole story.
In order to entice new customers, many HSA companies offer a number of benefits, sign-up incentives, and other features that might be worth more than the interest rate, depending on who you are.
Some of the referral bonuses include getting a higher interest rate or a free deposit into your HSA when you sign up (or after a qualifying period). These incentives can change frequently, so it’s best to compare the accounts yourself.
Some of the sign-up incentives include a bonus when you create your accounts (ranging from $25 to $300, from the examples we saw). Usually, bonuses are paid after you make an initial deposit (or a recurring direct deposit) or after a certain period of time. But free money is free money, right?
Finally, it is important to remember that these companies can change their interest rates at any time and for any reason, so you would be wise to find a company that you are comfortable with, a company you trust, and whose features you enjoy rather than just settling for the highest interest rate.
Once you’ve picked at least a couple of HYSAs you’re comfortable with, we recommend you contact each of them to see if there are any special incentives you can qualify for that aren’t advertised on the website. Don’t settle for the plans available at your current bank, it always pays to shop around! You can sign up for a new HYSA in just a few minutes, and you can have more than one if you don’t want to cancel your existing one.
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