The HSA Authority HSA review
We hope our site helps everyone make informed financial decisions.
To keep our service free our partners pay us. This may impact what products we review or how they appear, e.g. the order or color in which companies appear, but our opinions are our own and partners cannot pay us for favorable reviews.
We review many financial companies and their products but are unable to cover them all. If you'd like us to review a company or product please let us know at .moc.ogitulp@kcabdeef
- No maintenance fee when not investing
- RIA-selected list of funds to invest in
- One of the longest-established HSA providers
About HSA Authority
HSA Authority is an HSA provider powered by Old National Bank. It offers HSAs to individuals directly or through employers. Old National Bank is an American regional bank founded in 1834. HSA Authority was one of the first HSA providers. It was founded in 2004, shortly after HSAs were created in 2003, making it one of the longest-established HSA providers.
What are the benefits of HSA Authority HSAs?
No maintenance fee
HSA Authority does not charge a maintenance fee (aka administration fee) for HSAs. Note that there is a $36 annual fee if you want to invest your savings.
Choose from list of pre-selected funds
If you do not want to go through the effort of researching and choosing what to invest in, HSA Authority partners with a Registered Investment Advisor (RIA), Devenir, LLC, to help research and select the investment options offered by HSA Authority.
What’s HSA Authority’s interest rate?
HSA Authority’s interest rate for any uninvested contributions vary depending on your HSA balance. Here’s the breakdown as of March 14, 2020.
|Less than $5,001.00||0.01%|
|$5,100.00 to $10.000.99||0.03%|
|$10,001.00 to $25.000.99||0.07%|
|$25.001.00 to $50.000.99||0.25%|
|$50,001 or more||0.50%|
Note: while we aim to keep our reviews updated, we cannot guarantee that the rates information here is the latest. Refer to HSA Authority's site for the latest information.
Drilling into HSA Authority’s fees
HSA Authority offers HSAs without any maintenance fees if not investing. There is a $36 annual fee to invest.
Lively does not charge a fee for spending your HSA amount. Note: if you decide to withdraw money from your account through an ATM, there are withdrawal fees from ATMs outside of the Old National Bank network.
Account transfer fees
HSA Authority does not charge a fee for transferring your outside HSA to HSA Authority; however, there is a $25 fee for transferring your HSA Authority HSA to another provider.
If you decide to invest through HSA Authority, you may choose from a list of mutual funds. These funds come with fund fees (aka expense ratios). These fees are for managing a fund. These management fees vary depending on the fund and is a percentage of your investments. For example, for a $1,000 investment, a 0.15% fund fee is $1.50. The fees are automatically deducted by the funds.
HSA Authority waives the commission fees for the mutual funds that it offers. In other words, there are no trading fees for purchasing a mutual fund that HSA Authority offers.
There are a number of other fees that HSA Authority charges. Here are some of them:
- Per paper statement: $2
- Debit card replacement: $7
- Excess distribution: $20
- Checks (30): $22.36 plus sales taxes
For a full list, check out its rates and fee schedule.
Note: while we aim to keep our reviews updated, we cannot guarantee that the fee information here is the latest. Refer to HSA Authority's site for the latest information.
How easy is it to do things at HSA Authority?
Opening a HSA Authority account
You may open a HSA Authority online. To enroll in an account, you’ll be asked to provide standard personal information, such as contact information and Social Security number.
Spending your HSA Authority HSA
There are a few ways to spend your HSA Authority savings. You may use a HSA debit card that HSA Authority will send to you after you enroll. You may also pay for medical expenses by using BillPay or paying out of pocket and then reimbursing yourself through BillPay, by sending an electronic fund transfer, or by making an ATM withdrawal. You may also write checks, but a checkbook with 30 checks costs $22.36 plus sales taxes.
Investing your HSA Authority HSA
HSA Authority offers a self-directed investment account if you’d like to invest you HSA savings. There is a $36 annual fee to invest and you must have a minimum balance of at least $1,000 in your HSA checking account before you may open an HSA investment account. To open an investment account, you may enroll online or by calling customer support. Enrollments take around 5 business days to complete.
As far as what you may invest in, you’re limited to a list of mutual funds that were selected by Devenir, LLC, a registered investment adviser that Old National Bank chose to help research and select the investment options offered by HSA Authority.
Transferring your outside HSA to HSA Authority
After you open a HSA Authority account, you may initiate a transfer of your outside HSA to HSA Authority through its site by completing a form. HSA Authority does not charge a fee for the transfer, but your current HSA provider might.
How is your HSA protected at HSA Authority?
Your uninvested HSA savings are eligible for The Federal Deposit Insurance Corporation (FDIC) insurance. FDIC is a U.S. government agency that insures cash deposits at FDIC member banks, generally up to $250,000 per account.