First American Bank
Quick Summary
- Morningstar Above Average spending
- No maintenance fees
- Schwab brokerage access
- IBD Best HSA 3 years
The Verdict
First American Bank offers a solid foundation with zero monthly maintenance fees and self-directed brokerage access, mutual fund investing, earning a 3.7/5.0 rating from HSA Orbit.
First American Bank in Illinois, Wisconsin and Florida offers valuable personal and business banking solutions including checking accounts, savings accounts, mortgages, commercial loans and much more. Bank online, with our mobile app or visit one of our conveniently located branches today.
Key Features
Banking & Access
Includes debit card, online banking and check-writing.
Investment Options
Offers self-directed brokerage and mutual fund investing.
Security & Insurance
Deposits are FDIC/NCUA insured for your protection.
Account Details
No minimum balance to open. no account opening fees.
Fee Analysis
| Fee Type | This Provider | Industry Average | Verdict |
|---|---|---|---|
| Monthly Maintenance* | $0.00 | $0.69 | EXCELLENT |
| Account Opening | $0.00 | $1.88 | EXCELLENT |
| Account Closing | $0.00 | $1.95 | EXCELLENT |
| eStatements | $0.00 | N/A | -- |
| Printed HSA Account Summary Fee | $3.95 | N/A | -- |
| Debit Card Issuance Fee | $1.00 | N/A | -- |
| HSA Check Distribution Fee | $2.00 | N/A | -- |
| HSA Returned Item Fee | $39.50 | N/A | -- |
| Dormant Fee | $10.00 | N/A | -- |
* $0 monthly fee; $3.95 paper statement fee
Industry averages calculated from 853 providers in the HSA Orbit database.
Investment Options
Brokerage Access
First American Bank provides a self-directed brokerage window for investing your HSA funds in the broader market.
Mutual Fund Investing
Access mutual fund investments through your HSA with First American Bank.
- Minimum Threshold$1,000
- Fees0.30% annual custodial fee on mutual fund balances. HSA PLUS: $2.95/month investment fee.
Interest Rates
Contact Information
Address
First American Bank, P.O. Box 0794, Elk Grove Village, IL 60009
Customer Service
At a Glance
Pros & Cons
The Good
- •No monthly maintenance fees
- •No account opening or closing fees
- •Self-directed brokerage access
- •FDIC/NCUA insured deposits
The Bad
- •$1,000 minimum to invest
- •Interest rates not published
User Sentiment
Based on community feedback
Sentiment data coming soon
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