What are the factors to consider when looking for a health savings account bank?

One of the best ways to prepare for possible medical needs and expenses is having a health savings account. If you are looking for a place where you could open a health savings account then insured banks and credit unions can be a good place to start. If the bank you are inquiring with offers individual retirement programs then they may likely to offer a health savings account as well.  Aside from banks, insurance companies can also be a provider. But should you choose to open a health savings account with a bank, here are some factors that you should look on to make sure that you’ve found the right provider or ‘custodian’ for your account.

You should consider a bank that can offer you not only protection but convenience as well. Some of the banks offering health savings accounts are huge ones and have branches spread all throughout the nation with ATM’s. While there are smaller providers that do their transactions online or through call centers. Thin whichever option is more comfortable for you.

Check out whether the bank offers debit cards or checks to their customers. Most customers prefer the card since they can directly use it for medical payments and some deem checks to be a hassle especially for the older customers. Again, this is something that you have to think over. While both are god options, there would always be one that stands better. 

The fees are also important factors. Some HAS banks require a monthly fee while some charge their customers per transaction and there are a few which applies both. Opening fee, renewal and transfers are some transactions that other banks usually charge. Ask for all the possible fees that may apply in your account so you won’t be surprised should they charge you extra fees in the future.

Check out the legitimacy of a bank especially when it is an online bank. You should also make sure that their sites are secured enough to avoid hassles and possibilities of hacking.

It is also important that you know the bank’s policy regarding minimum balance. While some banks do give waivers, make sure that you know what the waiver covers. Knowing the minimum balance would prevent you from paying fees due to insufficient fund in your account.

It is always a good feeling knowing that you can always have something to run to when need arises.