If one is already a member of a specific bank, it is best to get information about a health savings account directly from them, notes Wells Fargo. Most banks offer health savings accounts so consumers can open one at a different bank than who currently holds their other accounts.
A health savings account is essentially an account that members deposit funds into to pay for medical expenses only. Most health savings accounts qualify for tax breaks and some also offer interest on the balance kept in the account. The tax benefits of a health savings plan include the deposits being tax deductible and certain medical expenses being tax free, Wells Fargo notes.