Health Savings Accounts, or HSAs, are savings accounts that can be used for medical expenses or retirement. The best way to find the highest rate of return is to compare the financial institutions policies and fees.
HSAs are offered through several different financial companies called "administrators," such as banks, credit unions and insurance companies. Like all financial institutions, each has a different way of managing investments.
Companies that offer HSA accounts invest the money through their own accounts which limits the opportunity to find a higher yield outside of a particular institution.
There are several websites online that compare HSA accounts from many institutions, too. The comparison websites list HSA administrators in the state. An investor can compare maintenance fees, set up fees and other fees charged by the company.
Other things to consider when choosing an HSA account besides rates in how the account will be used. If convenience is important, a larger bank with several branches with ATM's may make a difference but may offer a lower rate. A smaller bank or online institution may not have as much access with communication limited to email or call centers, but may offer a better rate.
In addition to rates and fees, another option to look for from an institution is the use of a debit card for medical expenses. Paying up front is more convenient than check reimbursement.