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I opened a Health Savings Account last year at my bank. I tried to open a CD this year, but was told that was not allowed. Few brokers offer a HSA, and I don't want to open an account for a few thousand dollars. Is there an easy way to get a reasonable return on a HSA? Or should I hope that this round of inflation will not be like that 40 years ago.
The Balance 12/27/2022 - How To Open a Health Savings Account (HSA) (and where is also described)
You need to invest it where you have good access - CD funds are tied up for too long and if you have to use the funds - there is a penalty to withdraw.
I found the best place, safe and highest rate, at credit unions - their money market accounts get the best rate right now depending upon the balance.
You probably aren't gonna find a long term high yield for these sort of funds - but pretty adequate, at least right now - you will just have to keep aware of the best rates and move the funds if needed.
You may know this so I am just posting it for others who might read this -
You must meet the following criteria to be eligible to open an HSA.4
An HDHP has a higher annual deductible than what typical health insurance plans require, and there's a maximum limit on the out-of-pocket expenses you'll pay. HDHPs may offer preventative care benefits with no or a low deductible.
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