Best Health Savings Account (HSA) Providers

HealthEquity is our best overall because you can invest in Vanguard funds with low expense ratios, and it provides several features, including a mobile app and no account management fees. The company also offers accounts with no minimum investment threshold, so every dollar you put in your HSA can be invested right away.

HealthEquity was founded in 2002 and in 2021, expanded its holding by acquiring HealthSavings Administrators and Further, both of which are HSA providers. The transition of HealthSavings' accounts to the HealthEquity platform is expected to be completed by the company's first quarter of the fiscal year 2023.

We chose HealthEquity for our best option overall because not only will it continue to use HealthSavings' model of offering low-cost Vanguard and Dimensional Funds options with its HSAs, but there's no minimum account balance for your funds to be invested. You can also use a simple mobile app for on-the-go account management, including monitoring your spending and balance and submitting claims.

You can open a health savings account with this provider online in less than 20 minutes, and you'll receive a debit card that lets you pay directly for eligible medical expenses from your account if you prefer. The company also offers a wealth of educational materials, including videos and webinars, that can help you select the right combination of investments for your account and 24/7 live account support.

Fidelity allows you to invest your HSA money into stocks, bonds, mutual funds, ETFs, and fractional shares. Fidelity even offers a handful of fund options that are only available to clients with a Fidelity HSA, including Fidelity Health Savings Fund (FHLSX) and Fidelity Health Savings Index Fund (FHSNX). There's no minimum balance required to open an account, and the HSA doesn't charge monthly account fees.

Fund your Health Savings Account by transferring from a bank account or making a mobile check deposit. If you're looking to use your HSA for qualifying expenses, you can use the Fidelity HSA debit card for Fidelity BillPay.

If you’re looking for an HSA provider who has been around for a while, you might be interested to know that Fidelity was founded in 1946. However, we chose Fidelity for our ranking not for their longevity, but because you can invest your HSA funds in many low-cost options aimed at long-term growth.

Fidelity even offers two funds specifically for their HSA customers, including Fidelity Health Savings Fund (FHLSX) and Fidelity Health Savings Index Fund (FHSNX). FHSNX, in particular, has an expense ratio of just 0.24% (as of March 1, 2023), which makes it an affordable option for long-term investors who want to grow their HSA balances over time. Plus, Fidelity lets you choose from other investments laid out on their website, including dozens of funds from Fidelity, JP Morgan, BlackRock, and others. 

Fidelity doesn’t charge any fees for account opening or account maintenance, nor do you have to pay any fees to use your associated debit card account. They also make it easy to open and fund your account online.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Lively doesn't charge fees to open or maintain a health savings account, including no hidden fees. Lively is a solid option if you want an account where fees won't eat away at your savings.

Lively was founded in 2016, so this HSA provider hasn’t been around that long. However, we chose Lively as the best for no fees because their HSAs don’t come with any account opening fees, maintenance fees, fund transfer fees, debit card fees, or hidden fees of any kind. Lively also gives you a debit card connected to your account, which lets you pay for medical expenses over the phone or in an office, with the money being automatically debited from your HSA.

Lively is fully online, and they also offer a mobile app that can help you track your HSA funds using your favorite device. You can also use the app to monitor your healthcare payments and keep track of your health insurance deductible. Lively also offers paperless account rollovers and trustee-to-trustee transfers of funds. 

Lively offers two investment solutions for users to choose from. Charles Schwab’s health savings brokerage account is $24 per year for balances under $3,000, and Devenir’s Guided Portfolio incurs a 0.50% annual fee. However, neither option requires a minimum balance to invest your money, so you can start small if you prefer.

The best option for families is The HSA Authority, based on their wealth of online account management options and that you can easily delegate financial tasks to other members through their online banking portal. Their online functionality makes it easy for two parents or partners to oversee HSA funds, make contributions, or pay medical bills for the entire family.

We chose The HSA Authority as our best option for families for a few reasons, but it all starts with the fact that they offer many ways to co-manage an HSA online. Their shared portal lets the main account holder delegate and share tasks with other members of the plan, and you can also benefit from online bill pay, text banking, mobile deposits, e-statements, and other web-based services.

The HSA Authority was founded quite recently, in 2004, but it’s important to know this HSA provider is actually part of Old National Bank, which has its own history that goes back to 1834. You don’t need a minimum balance amount to open an account with The HSA Authority. In terms of their investment options, The HSA Authority lets you invest in mutual funds through their investment partner, Devenir. 

A $36 annual account management fee applies to your account, and you’ll earn only a nominal amount of interest on your money until you’re able to invest for the long term. Fortunately, HSAs with The HSA Authority are easy to open and fund online, and you can add money to your account at any time, thanks to their online banking and account transfer features. You’ll also get a Visa debit card you can use to pay medical bills directly from your HSA if you prefer.

We chose HSA Bank based on the fact that you can open an account online in less than 10 minutes with no required minimum to get started. This means you can start saving any amount and you can easily fund your account online.

HSA Bank’s history goes back to 1913, when it began as the State Bank of Howards Grove in Wisconsin. This was long before HSAs existed, so they operated as a community bank, offering traditional banking products. However, the company has grown and changed its focus to HSAs, flexible spending accounts (FSAs), and other health reimbursement arrangements, and we chose them for our review as best for no minimum balance requirement.

Not only does HSA Bank offer flexible HSAs with no money required to get started, but they also offer a client assistance center that is open 24 hours a day. However, you should note that there is a $2.25 monthly account management fee if your balance drops below $3,000.

With HSA Bank, you can earn a fixed interest rate on your savings or invest your account into stocks, bonds, mutual funds, ETFs, and other investment options with Devenir or TD Ameritrade. There is no minimum balance to invest your HSA funds with this provider.

Further is the best HSA provider for employers based on the selection of accounts they help manage. Business owners, including owners of small firms, can turn to Further for help overseeing employer HSAs, flexible spending accounts (FSAs), transportation reimbursement accounts (TRAs), dependent care assistance programs (DCAPs), and more.

Further was founded in 1989 to streamline the healthcare payment process and has since been acquired by HealtheEquity. And while you can sign up for an individual or family HSA with Further, this provider stands out due to its wealth of healthcare account management options offered to employers. 

With the Further HSA, businesses can expect streamlined administration on a single platform, and employees can manage their HSAs using their mobile device while enjoying the perks that come with a simplified claims and reimbursement process. The Further HSA can be offered as a standalone product to employees, and you can also pair it with other options like FSAs, transportation reimbursement accounts, dependent care assistance programs, and more to attract and retain the best talent.

Further HSAs can earn a variable interest rate based on market conditions, but employees can invest their funds with Charles Schwab once they have at least $1,000 in their HSA. An annual fee of $18 is required for investment accounts with Charles Schwab, and included investments come with their own fees that vary. 

Finally, one downside to consider is that Further charges ongoing fees to employers who open an HSA or another reimbursement account, but these fees vary, and you have to call in to receive pricing.