HSA Custodian Definition

An HSA custodian is any bank, credit union, insurance company, brokerage, or other Internal Revenue Service (IRS)-approved financial institution which offers health savings accounts (HSAs). Financial institutions that manage HSAs are also called HSA administrators. An HSA custodian or administrator holds HSA assets in a secure HSA account. In some instances, the account holder may direct how to invest the funds and may withdraw them for qualified medical expenses.