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Benefits of a KeyBank Health Savings Account

  • Prepare for Retirement
    Take the pressure off your 401(k). Once you meet the KeyBank savings threshold, you can open a Key Investment Services (KIS) HSA for investing.
  • Work with an Advisor or Independently
    With a minimum balance of $3,500 in your KeyBank HSA, you can independently invest a minimum of $1,000 in your KIS HSA investment account in select mutual funds. With a minimum $7,000 balance, you can work with a KIS advisor to invest a minimum of $1,000 in mutual funds, exchange traded funds (ETF) and managed money products.
  • 24/7 Account Management
    Check in, pay bills or manage your account anytime from a single dashboard in KeyBank online and mobile banking.

Frequently Asked Questions about Key Investment Services HSA Investment Accounts

What is a Health Savings Account?

Cover your out-of-pocket medical costs with a KeyBank Health Savings Account (HSA), a tax advantaged investment account that carries over every year. HSAs are available only to people who have high deductible health insurance plans. To learn more and open yours, visit key.com/hsa.

What fees are associated with adding an investment component to my KeyBank HSA through a KIS HSA Investment Account?

There is no fee to establish a KIS HSA Investment Account, and standard KIS brokerage fees apply to transactions.

What is the difference between an account with advisor support and one without?

An HSA investment account without a KIS advisor only allows for the investment in select mutual funds. Having a financial advisor provides you with guidance in choosing from a wider selection of mutual funds, ETFs, and managed portfolio options.

Do I need to keep my KeyBank HSA once I open my KIS HSA investment account?

Yes, you are required to maintain the KeyBank HSA with a balance of at least $2,500 for self-directed or $6,000 for advisor support in order to be eligible to maintain a KIS HSA investment account. Maintenance of the HSA checking account is necessary for funds access and government reporting.

How will I conduct transactions in my KIS HSA investment account?

After your HSA account is established, you can make investment transactions by working with your KIS financial professional or calling HSA investment client services at 1-888-KIS2YOU (547-2968).

How will I know how much of the money in my KeyBank HSA is available to be invested in a KIS HSA Investment Account?

You need to have at least $1,000 in your account available for investing, and that money is in addition to your minimum HSA threshold. So, for an independently managed account, you’ll need the $2,500 plus at least $1,000 to be used just for investments. For KIS advisor assisted accounts, you need to have at least $6,000 plus $1,000 for investing. Please contact your KIS financial professional when you are ready to invest.

How will I pay for my KIS HSA investment purchases?

Funds will be moved from your KeyBank HSA to your KIS HSA investment account to cover your investment purchases.

Will the money invested in my KIS HSA investment account be available for checking and debit card activity?

No. The only balance available for checking and debit card activity is in your KeyBank HSA.

What if I need more funds than I have available in my KeyBank HSA to cover a medical expense?

If you need more than the balance in your KeyBank HSA to cover an expense, and you have funds invested in your KIS HSA investment account, you will want to consider the following:

  • What is the current market value of the individual investments in my KIS HSA investment account?
  • Which investment should I sell? Will I experience any principal loss if I liquidate at this time? If so, am I comfortable with accepting that loss?
  • If I sell the investment today, when will the funds be in my HSA?

Your KIS financial professional will assist you with this transaction.

What if I need money before the proceeds from the sale of investments in my KIS HSA investment account have been moved to my KeyBank HSA?

You can pay for the medical expense by using any non-HSA funds available to you (i.e., personal checking account, credit card, line of credit, etc.) and reimburse yourself later when the funds are available in your HSA.

See How a KIS Investment Account for Your HSA Could Help You Meet Your Goals

Discuss your options with a KIS financial advisor.

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HSA checking account is provided by KeyBank National Association (KeyBank), Member FDIC.

Investment products offered through Key Investment Services LLC (KIS), member FINRA/SIPC and SEC-registered investment advisor. KIS is affiliated with KeyBank National Association (KeyBank).

Investment products made available through KIS are:

NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL OR STATE GOVERNMENT AGENCY

KIS and KeyBank are separate entities, and when you buy or sell insurance products you are doing business with KIS, and not KeyBank.

Call Us

1-888-KIS2YOU

Clients using a TDD/TTY device:
1-800-539-8336

Clients using a relay service:
1-866-821-9126

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