Health Savings Account

Dear Penny Hoarder;

I have a health savings account from a previus employer with UMB. I fully understand the importance of this financial tool, however I find it very dismaying that it does not earn any interest and I am being charged $4-5.00 a month for fees. I rarely use it because I try to stay healthy and cannot believe that I am losing $50.00 a year for UMB to hold my money. Any suggestions?


Don’t put anything more into it. Instead, open a savings account and put whatever you normally contribute into that account. Then if you need the money, it’s there drawing interest or if you need it for something non-medical, it’s there for that too.

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Wow, @derek.brammer. I have an Optum HSA and it charges $1 monthly service fee and I was complaining about that amount.