Health Savings Accounts (HSA) offer tax advantages for those who can qualify. This previous post has the details about HSA features and who can qualify. Another advantage of HSAs is that some credit unions have HSAs with interest rates much higher than the internet savings account rates. These rates have been falling, but they continue to be good deals.
One reason why HSAs often have higher rates is that HSAs have annual contribution limits. Thus, most HSAs have relatively small balances as compared to regular savings and money market accounts. This limits the interest payments that institutions have to make.
Another reason for the higher rates is that HSAs are more "sticky" than regular savings and money market accounts. It's not as easy to rate chase with HSA money. Most internet banks don't offer HSAs. Thus, most people will keep their HSAs at one institution for a long time.
You can search for the best HSAs in our Health Savings Accounts table. There are several all-access credit unions that offer top rates on their HSAs. Here are three of them that have no fees and have top rates on all balances:
The best rate is currently offered by RiverLand Credit Union in Louisiana. The credit union has a special page with many details of its HSA. It has no setup or monthly fees, and it has no minimum balance requirement. I described a way anyone can join this credit union in this RiverLand Credit Union CD review. Please note that this credit union has a history of rejecting applications. One reader described in this forum thread how he was rejected by the credit union after he paid $60 to join an association.
Another good deal is the HSA at Lake Michigan Credit Union (LMCU). Like RiverLand, LMCU's HSA has no setup fees, monthly fees or minimum balance requirements. It's a tiered-rate account, but the rates are very competitive even for small balances. You can see the details in this LMCU HSA page. This credit union also has good deals on a reward checking account and a credit card. Anyone can join this credit union via an association. More details are in my LMCU reward checking review and in this forum thread.
One all-access credit union that makes it easy to join is Alliant Credit Union. In addition to offering top rates on regular savings, checking and CD accounts, Alliant Credit Union also offers a top rate on its Health Savings Account. The rate has recently fallen, but it continues to be very competitive. Like the above credit unions, there are no setup fees, monthly fees or minimum balance requirements. Refer to Alliant's HSA page for more details. For information on how to join, please refer to my last Alliant Credit Union rates review.