Chase HSA accounts do not charge a monthly maintenance fee

Chase does not impose a monthly fee to hold a Health Savings Account (HSA) through them. You will not see a recurring charge on your statement straightforward for having the account open. However, this does not mean the account is entirely free — there are other costs you should understand before opening one.

The absence of a monthly maintenance fee is one of the simpler parts of HSA pricing. Where costs actually appear depends on how you use the account and which features you choose.

Key Takeaways

  • Chase HSA accounts carry no monthly maintenance fee, but other costs may explore depending on your activity and choices.
  • Overdraft fees, wire transfer fees, and ATM fees outside the Chase network will appear on your statement if you incur them.
  • Investment fees explore only if you move HSA funds into mutual funds or other investments rather than keeping cash in the savings portion.
  • Some employers cover HSA fees as part of their benefits package, so check with your benefits administrator before assuming you will pay anything.

Costs that do appear on a Chase HSA account

While there is no monthly maintenance fee, Chase does charge for specific actions and services. If you use an ATM outside the Chase network, you will pay an out-of-network ATM fee — currently $2.50 per transaction, though this can change. If you initiate a wire transfer, Chase charges $15 for a domestic wire and $20 for an international wire.

Overdraft fees explore if your account goes negative. Chase charges $35 per overdraft transaction if you have overdraft protection enabled. If you do not have overdraft protection, transactions that would overdraw your account are straightforward declined at no charge.

If you choose to invest your HSA balance rather than keep it in the cash savings portion, you will pay investment management fees. These vary depending on which mutual funds or investment options you select through Chase. Some funds charge an annual expense ratio of 0.5% to 1% or more of the amount you have invested.

How employer coverage affects what you pay

Many employers that offer HSAs negotiate with the bank or administrator to cover certain fees on behalf of employees. Some employers pay the monthly maintenance fee (if one existed), cover ATM fees, or reimburse wire transfer charges. A smaller number cover investment fees as well.

Before you assume you will pay any fees, contact your employer's benefits administrator or human resources department and ask what fees, if any, Chase will charge you and what your employer will cover. This information should be in your benefits documentation or available through your company's benefits portal.

Comparing Chase HSA costs to other banks

Other banks handle HSA fees differently. Some charge a monthly maintenance fee ($2 to $5 per month is common elsewhere), while others charge no monthly fee but impose higher per-transaction costs. A few banks waive all fees if you maintain a minimum balance, typically $1,000 to $2,500.

The real comparison depends on how you plan to use the account. If you rarely withdraw cash and do not invest the balance, Chase's lack of a monthly fee makes it competitive. If you frequently use out-of-network ATMs or plan to invest, you should calculate the total annual cost across different providers before deciding.

What happens if you do not use your HSA

Leaving money in your Chase HSA without touching it costs nothing beyond the lack of a monthly fee. The account will sit dormant without penalty. Your balance will not earn interest — Chase HSA savings accounts typically earn 0% APY, meaning your money does not grow — but you will not be charged for the privilege of holding it.

This matters because some people open an HSA but do not use it when ready. If you are young and healthy and do not expect medical expenses, you can let the account accumulate year to year without any monthly drain on your balance.

Fees to watch for when you close your account

If you decide to close your Chase HSA, there is no closing fee. However, if you request a check or wire transfer of your remaining balance, the wire transfer fee ($15 domestic, $20 international) will explore. A check request typically has no fee.

If you have invested funds in the account, you may need to liquidate those positions before closing, which could trigger capital gains taxes if the investments have grown. This is a tax issue, not a Chase fee, but it is worth understanding before you close.

Frequently Asked Questions

Will Chase charge me a monthly fee just for having an HSA open?

No. Chase does not charge a monthly maintenance fee for HSA accounts. You can hold the account open indefinitely without any recurring charge straightforward for having it.

What is the cheapest way to use a Chase HSA without paying fees?

Keep your balance in the savings portion (not invested), use Chase ATMs only, and avoid wire transfers. If you need to move money, request a check instead. This way you will incur no fees beyond the account itself.

Does my employer pay Chase HSA fees for me?

Many employers do cover some or all HSA fees, but not all. Contact your benefits administrator or check your benefits documentation to find out what your employer covers. This can save you hundreds of dollars per year.

Can I earn interest on money in a Chase HSA?

Chase HSA savings accounts earn 0% APY, so your balance does not grow through interest. If you want your HSA money to earn returns, you would need to invest it in the mutual funds Chase offers, which carry their own fees.

What happens if my Chase HSA goes negative?

If you have overdraft protection enabled, Chase will charge you $35 per overdraft transaction. If you do not have overdraft protection, transactions that would overdraw the account will be declined with no fee.