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First American Bank

Best ForActive Investors & Savers
FeesNone ($0 Maintenance)

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 TypeThis ProviderIndustry AverageVerdict
Monthly Maintenance*$0.00$0.69EXCELLENT
Account Opening$0.00$1.88EXCELLENT
Account Closing$0.00$1.95EXCELLENT
eStatements$0.00N/A--
Printed HSA Account Summary Fee$3.95N/A--
Debit Card Issuance Fee$1.00N/A--
HSA Check Distribution Fee$2.00N/A--
HSA Returned Item Fee$39.50N/A--
Dormant Fee$10.00N/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.

StocksETFsMutual Funds

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

847-586-2239

First American Bank P.O. Box 0794 Elk Grove Village, IL 60009

At a Glance

Monthly Fee$0
Investment Threshold$1,000
Interest Rate (Cash)Not published
Debit CardIncluded
FDIC InsuredYes

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

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NegativeNeutralPositive

Sentiment data coming soon

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