Equity Bank
Quick Summary
- 30+ mutual funds
- Schwab brokerage option
- Auto-transfers and auto-rebalance
- Low investment fees
The Verdict
Equity Bank provides essential HSA features with zero monthly maintenance fees and self-directed brokerage access, mutual fund investing, earning a 2.7/5.0 rating from HSA Orbit.
Equity Bank, a division of Equity Bancshares, Inc., offers healthcare payment solutions including custodial and administration services for health savings accounts (HSAs), flexible spending accounts (FSAs), and Health Reimbursement Arrangements (HRAs) to employers and consumers.
Equity Bank offers a full range of financial solutions, including commercial loans, consumer banking, and treasury management services. Headquartered in Wichita, Kansas and having approximately $5 billion in assets, Equity Bank provides an enhanced banking experience for customers through a suite of sophisticated banking products and services tailored to their needs, while delivering the high-quality, relationship-based customer services of a community bank. These foundational elements position Equity Bank perfectly to provide businesses and individuals with robust and integrated consumer-directed healthcare multi-account payment and administration solutions.
Key Features
Banking & Access
Includes debit card and online banking.
Investment Options
Offers self-directed brokerage and mutual fund investing.
Security & Insurance
Deposits are FDIC/NCUA insured for your protection.
Account Details
No minimum balance to open. no account opening fees.
Fee Analysis
| Fee Type | This Provider | Industry Average | Verdict |
|---|---|---|---|
| Monthly Maintenance* | $0.00 | $0.69 | EXCELLENT |
| Account Opening | $0.00 | $1.88 | EXCELLENT |
| Account Closing | $0.00 | $1.95 | EXCELLENT |
* No monthly fee; 0.20% annual investment fee
Industry averages calculated from 853 providers in the HSA Orbit database.
Investment Options
Brokerage Access
Equity Bank provides a self-directed brokerage window for investing your HSA funds in the broader market.
Mutual Fund Investing
Access mutual fund investments through your HSA with Equity Bank.
- Minimum Threshold$1,000
- FeesSelect Fund: 0.20% annual (deducted quarterly). 30+ self-directed mutual funds or Schwab brokerage.
Interest Rates
Standard Rates
| Balance Range | APY |
|---|---|
| $0 - $2,500 | 0.05% |
| $2,500 - $10,000 | 0.05% |
| $10,000+ | 0.05% |
Last updated: 03-25-2024
Contact Information
Address
7701 E. Kellogg, Suite 300, Wichita, KS 67207
Customer Service
1-833-654-3075
7701 E. Kellogg Suite 300 Wichita, KS 67207 Customer Service Mailing Address P.O. Box 3084 Fargo, ND 58108
Sales Contact
913-583-8054
At a Glance
Pros & Cons
The Good
- •No monthly maintenance fees
- •No account opening or closing fees
- •Self-directed brokerage access
- •FDIC/NCUA insured deposits
The Bad
- •$1,000 minimum to invest
User Sentiment
Based on community feedback
Sentiment data coming soon
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