First American Bank Health Savings Account: 2026 Review

If you have a high-deductible health plan, a First American Bank health savings account lets you set aside tax-free money for medical costs and even invest what you do not spend. First American Bank offers HSAs nationwide and is a full-service bank with branches in Illinois, Wisconsin, and Florida.

An HSA is one of the few accounts with a triple tax advantage, so the provider you choose matters. Here is a clear look at the First American Bank health savings account in 2026, including fees, how to open one, and the current contribution limits.

What Is the First American Bank Health Savings Account?

A First American Bank health savings account is a tax-advantaged account for people enrolled in a qualifying high-deductible health plan (HDHP). You put money in before tax, it grows tax-free, and withdrawals for qualified medical expenses are tax-free too.

The account has two parts. There is an FDIC-insured checking portion with a prepaid Mastercard debit card for paying medical bills, and an investment portion where you can grow money you do not need right away.

Key Facts at a Glance

Fees and rates are current as of July 2026 and can change. Terms apply.

Fees and Interest

First American Bank does not publicly post a current interest rate for the HSA checking portion, so the best move is to call the bank at (866) 449-1150 to confirm the APY before you open. Being honest, that rate is not something we can verify from the public page.

On the investment side, the bank charges a custodial fee of 0.075% per quarter, which works out to 0.30% per year on balances invested in mutual funds. Some HSA plans, especially those offered through an employer, may also carry a monthly account fee, so review your specific plan disclosures. The checking portion is FDIC insured, while invested funds are not insured and can lose value.

How to Open a First American Bank Health Savings Account

You can open an HSA directly through First American Bank's online portal, or if your employer offers the plan, you follow the enrollment steps they provide. The minimum to open is as low as $0, which makes it easy to start.

To qualify for any HSA, including this one, you must be covered by a high-deductible health plan, have no other disqualifying coverage, not be enrolled in Medicare, and not be claimed as a dependent. As of January 2026, First American Bank notes that ACA Bronze and Catastrophic marketplace plans generally count as HDHPs, which may make more people eligible.

Investing Your Health Savings Account

Once your cash balance reaches $1,000, you can sweep additional money into a menu of low-cost mutual funds. If you want more choice, First American Bank also offers a self-directed Health Savings Brokerage Account powered by Charles Schwab with access to more than 8,500 HSA-eligible investments.

Investing an HSA can help your money grow for future or retirement health costs, but it carries market risk. Only invest money you will not need for near-term medical bills, and read each fund's details first.

It also helps to keep your everyday spending money out of the HSA entirely. Some people hold day-to-day cash in a fee-conscious banking app like Current so their HSA stays reserved for medical costs and long-term growth. Current is not an HSA provider, so use it only as an everyday account. Rates vary and terms apply.

2026 HSA Contribution Limits

Contribution limits are set by the IRS, not the bank, and they apply no matter which provider you pick. For 2026 you can contribute up to $4,400 with self-only coverage and $8,750 with family coverage. Savers age 55 and older can add an extra $1,000 catch-up contribution.

To qualify, your HDHP must have a minimum deductible of $1,700 for self-only or $3,400 for family coverage in 2026. Out-of-pocket maximums are capped at $8,500 and $17,000. These numbers are confirmed on First American Bank's own HSA page.

How It Compares and Other Options

First American Bank is a solid choice if you want an HSA with a real bank, investment options, and branch access in Illinois, Wisconsin, or Florida. The main unknown is the checking APY, so confirm it before deciding.

If you mainly want a simple, low-fee spot for everyday cash rather than a medical account, banking apps like Chime and Current are popular with fee-conscious users, though neither is an HSA provider. Many people keep an HSA for tax-free medical savings and a separate everyday account for daily spending. Rates vary and terms apply.

Next Steps

If you have a qualifying HDHP, call First American Bank to confirm the current HSA interest rate and any monthly fee, then open the account online or through your employer. Fund it up to the 2026 limit if your budget allows, and consider investing anything above your $1,000 cash cushion.

Before you commit, compare the fees and rate against one or two other HSA providers so you know you are getting a fair deal.

Frequently Asked Questions

Does the First American Bank health savings account have monthly fees?

The bank's public HSA page does not list a standard monthly maintenance fee, but some plans, especially employer-sponsored ones, may charge one. There is a 0.30% annual investment fee on money you invest in mutual funds. Always check your specific plan disclosures.

What is the interest rate on the First American Bank HSA?

First American Bank does not publicly list a current APY for the HSA checking portion as of July 2026. To get the real number, call the bank's Health Account Consumer Services team at (866) 449-1150 before you open.

How much can I contribute in 2026?

For 2026 you can contribute up to $4,400 for self-only coverage or $8,750 for family coverage, plus a $1,000 catch-up if you are 55 or older. These limits are set by the IRS and apply to any HSA provider.

Can I invest my First American Bank HSA?

Yes. Once your cash balance hits $1,000, you can move extra money into a menu of mutual funds, or use a Charles Schwab brokerage option with more than 8,500 investments. Invested funds are not FDIC insured and can lose value.