Best Health Savings Account (HSA) Providers of 2026

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The best health savings account (HSA) provider for most people choosing on their own is Fidelity. Its self-directed HSA charges no account management fee in most cases, has no rollover fee and no investment minimum, and offers a broad investment menu. Lively is a strong alternative for people who want an HSA specialist with a Schwab brokerage account behind it. HealthEquity suits savers who want robo-advisor help with their HSA investments and will accept a $500 investing threshold and some layered fees.

HSA fee schedules change, so confirm each figure on the provider’s current fee disclosure before you open or transfer an account.

Check eligibility before choosing an HSA provider

No provider can give you the right to contribute. That comes from your health coverage. Under federal tax rules you can contribute to an HSA for a given month only if:

• You are covered by an HSA-qualified HDHP. The IRS sets a minimum deductible and a maximum out-of-pocket limit each year, and a plan has to meet both to qualify.
• You have no other disqualifying health coverage, such as a non-HDHP plan through a spouse or a general-purpose health flexible spending account. Some coverage is permitted, including dental, vision and certain specific-disease or accident policies.
• You are not enrolled in Medicare.
• No one else can claim you as a dependent on their tax return.

Your insurer and your HSA provider are separate decisions. A plan sold by one company does not require you to open the HSA with that company, and the plan’s marketing name does not decide qualification. The plan documents should say whether it is HSA-eligible.

If you lose eligibility, the money already in your HSA stays yours. You can keep investing it and spending it on qualified medical expenses. You just can’t add new contributions.

How an HSA’s tax treatment works

HSAs are often called “triple tax-advantaged” because the tax break applies at three points:

1. Going in. Contributions made through payroll come out of your pay before federal income tax. If they go through your employer’s cafeteria plan, they also avoid Social Security and Medicare taxes. Contributions you make directly are deductible on your federal return, though they do not recover the payroll taxes.
2. While it’s there. Interest, dividends and capital gains inside the account are not taxed each year.
3. Coming out. Withdrawals for qualified medical expenses are tax-free.

Several rules shape how much each provider feature is worth to you:

• Annual contribution limits are set by the IRS and adjusted each year for inflation, with separate limits for self-only and family coverage. Savers 55 and older can add a $1,000 catch-up contribution.
• Unused money rolls over. Unlike a flexible spending account, an HSA has no “use it or lose it” deadline. The account belongs to you, not your employer, and it stays with you when you change jobs.
• Reimbursement has no time limit. You can pay a medical bill out of pocket, keep the receipt, and reimburse yourself from the HSA years later. The expense has to have been incurred after the HSA was established, and you need records that prove it was qualified.
• Non-medical withdrawals before age 65 are taxed as income and carry a 20% additional tax. From 65 on, the additional tax goes away. Non-medical withdrawals are then taxed like distributions from a traditional IRA, and medical withdrawals stay tax-free.
• State treatment varies. California and New Jersey do not follow the federal treatment, so residents there owe state tax on contributions and earnings.

Because money can stay in the account for decades, an HSA can work as a long-term investment account as well as a medical spending account. That is why investment features and fees on invested assets matter so much in a provider comparison.

What separates one HSA provider from another

Federal law sets the tax rules, so every HSA gets the same tax treatment. Providers differ in cost and convenience. These are the features that change what you actually keep:

• Account management fees. Some providers charge a monthly or annual fee to hold the account. Some waive it above a balance threshold.
• Minimum balance to invest. Many HSAs require a cash balance before you can invest, and only the amount above that threshold can go into investments. Thresholds of $500 or $1,000 are typical, and some reach $2,000. Cash held below the threshold earns whatever the provider pays on deposits.
• Investment menu. The menu might be a short list of mutual funds or a full brokerage window with individual stocks, bonds and exchange-traded funds (ETFs). Fund expense ratios are charged separately from any provider fee.
• Managed account fees. Robo-advisor or guided options usually charge a percentage of invested assets, sometimes with a cap.
• Transaction and exit fees. These include fees for rolling over or closing an account, returning excess contributions, replacing cards and mailing paper statements.
• Interest on cash. Rates on the uninvested portion vary by provider. Rates also move over time, so compare current disclosures rather than a past snapshot.
• Spending tools. These include debit cards, bill pay, reimbursement speed, checks and ATM access.
• Customer service. Look at the channels offered and the helpline hours.

A provider with no account fee can still cost more than one with a small annual fee if it holds back $1,000 from investing or charges a high percentage on managed assets. Fees have to be compared at your own expected balance and investing style.

Fidelity HSA: best overall

Fidelity ranks first because it is strong in nearly every category above: low fees, no investment minimum, a wide investment menu and solid spending tools.

Fidelity HSA fees

The account management fee is listed as “none, in most cases.” Fidelity is reported not to charge these fees that many HSA providers do:

• Monthly maintenance
• Account rollovers
• Excess contribution returns
• Card replacements
• Paper statements

Costs can still apply in some cases:

• Fund expense ratios. The underlying management fees of the funds you choose.
• Options-related fees. These apply if you trade options in the account.
• Employer pass-through fees. If your HSA is set up through an employer arrangement and the employer passes fees on to account holders.
• Fidelity Go HSA fee. The managed version charges 0.35% once your balance reaches $25,000.

The “in most cases” qualifier usually points to employer-sponsored setups. If your Fidelity HSA comes through work, read the plan’s fee schedule rather than assuming the retail terms apply.

Fidelity HSA investment options

The self-directed Fidelity HSA works much like a brokerage account. You can hold:

• Individual stocks, including fractional shares
• Bonds
• Mutual funds
• ETFs
• Fidelity index funds with no expense ratio

Fidelity also publishes a short list of funds for HSA holders to consider, covering fixed income, U.S. stocks, international stocks, inflation-protected bonds and target-date funds. Trading inside the account does not trigger tax, because gains are not taxed while they stay in the HSA.

With no minimum balance and no fee for the self-directed account, you can invest from your first dollar. If you plan to spend from the account, you may still keep some cash on hand, because selling investments and withdrawing takes time.

Fidelity HSA vs. Fidelity Go HSA

Fidelity offers two ways to invest:

The self-directed account suits people who already know what they want to hold, such as a single broad index fund. The Go version suits people who want the portfolio built and maintained for them. Under $25,000 the Go fee does not apply.

Example (hypothetical): A $40,000 Fidelity Go HSA balance, assuming the 0.35% is charged annually on the full balance once the $25,000 threshold is reached, would cost about $140 a year in advisory fees, before fund expenses. The same assets held in a zero-expense-ratio index fund in the self-directed account would carry no advisory fee.

Fidelity HSA as a spending account

Uninvested cash earns interest, and Fidelity’s deposit rate has compared well with other HSA providers. It is still not a high-yield savings account rate. For spending, you get:

• An HSA debit card
• Fidelity Bill Pay to send money directly to medical providers
• The option to reimburse yourself for expenses you paid out of pocket

Fidelity HSA drawbacks

The main operational downside is speed. Withdrawals from invested funds can take up to three days to arrive. If you invest the whole balance and then face a large bill, factor in the time to sell and transfer. The broad menu is also a cost in a different sense: an account with thousands of choices puts the fund-selection burden on you unless you use the Go option.

Pros

• No ongoing account fees in most cases
• Very wide range of investments, including fractional shares
• $0 minimum to invest
• Competitive interest on cash compared with other HSAs
• Accessible customer service

Cons

• Withdrawals of invested money can take up to three days
• Employer-sponsored versions may carry passed-through fees

Lively: runner-up

Lively is the alternative for people who would rather work with an HSA specialist than a large brokerage. Its self-guided investing option is a Schwab Health Savings Brokerage Account, which gives access to a large investment selection.

Lively fees and investment minimum

• Account management fee: $24 a year for the self-guided investment account. Lively’s terms state the fee no longer applies once your balance reaches $3,000.
• Rollover fee: $0
• Excess contribution return fee: none
• Minimum to invest: $0, on the condition that the annual fee is paid when you are below the threshold
• Managed account: 0.50% fee

Instead of locking up a cash minimum, Lively lets you invest from the start and charges a flat fee until your balance reaches $3,000. At small balances, $24 a year is a meaningful percentage.

The 0.50% managed option is the expensive part of Lively’s lineup. On a hypothetical $40,000 balance, assuming the fee is charged annually on assets, it would be about $200 a year. That is above the Fidelity Go figure in the earlier example, and it comes before fund expenses.

Lively investment options

Through the Schwab account you can hold:

• Mutual funds
• Stocks
• Bonds
• ETFs

Fidelity offers its own brokerage HSA directly, while Schwab brokerage access for HSA investing comes through Lively’s account.

Lively spending features

Lively can scan your linked bank accounts for HSA-eligible expenses. That helps if you pay medical bills with a regular card and plan to reimburse yourself later. The limits are on the cash side:

• The base interest rate on cash is low compared with other HSA providers.
• There are no ATM withdrawals or checks.
• Reimbursement by direct deposit can take up to four days.

Pros

• No minimum balance to invest
• No rollover or excess-contribution-return fees
• Large investment menu through Schwab
• Scans bank accounts for eligible expenses

Cons

• $24 annual fee for the self-guided investment account below the stated threshold
• High fee on the managed account
• Low base interest rate on cash
• No ATM access or checks
• Direct-deposit reimbursement can take up to four days

HealthEquity: best for investment help

HealthEquity is the pick for people who want a choice of guidance levels for their HSA investments. It offers three investment options.

HealthEquity investment options

• Self-directed. You pick from the fund menu yourself.
• GPS. A hybrid. HealthEquity suggests investments based on your answers to a few questions, and you decide whether to follow the suggestions and how to manage the account afterward.
• AutoPilot. A full robo-advisor. It builds a portfolio from your risk profile and goals, then rebalances it automatically.

The fund lineup includes low-cost Vanguard funds, but the menu is short: 31 funds. You get no individual stocks and nothing like the brokerage window Fidelity or Lively’s Schwab account offers. For savers who just want a low-cost index fund or target-date fund, a short list is not much of a limitation. Savers who want to build a custom portfolio will find it restrictive.

HealthEquity fees

The fee structure has several layers:

• Account management fee: none (no monthly administration fee)
• Investment administration fee: 0.03%, capped at $10 a month, on all three investing options
• Advisory fee: 0.05% for AutoPilot and GPS, capped at $15 a month
• Rollover fee: $25
• Account closure fee: $25
• Excess contribution refund fee: $20
• Minimum to invest: $500

The caps set the most these fees can cost. The investment administration fee can’t exceed $120 a year. On AutoPilot or GPS, the two fees together can’t exceed $25 a month, or $300 a year. Your actual charge depends on your invested balance, so check the current schedule for how the percentages are charged before estimating your own cost.

The $500 minimum works as a cost too. That amount stays in cash earning the deposit rate instead of being invested. HealthEquity’s cash rate has been relatively high for an HSA, which softens the effect. The $25 fee to roll over or close an account matters mainly if you expect to switch providers later.

Pros

• Three investment approaches, including two robo-advisor options
• No monthly administration fee
• Access to low-cost Vanguard funds
• Relatively high interest rate on the spending account

Cons

• Investment administration fee up to $10 a month
• $25 account closure fee and $20 excess contribution refund fee
• $500 minimum balance to invest
• Only 31 funds
• No ATM withdrawals or checks

Compare the best health savings accounts

How to read the table for your situation:

• You want to invest everything and pick your own funds: Fidelity’s $0 minimum and lack of account fees give it the edge.
• You want an HSA-focused company and a Schwab brokerage: Lively fits, and the $24 fee disappears once your balance reaches the stated threshold.
• You want automated investing with a cap on the fee: HealthEquity’s AutoPilot limits combined monthly fees, though you give up investment breadth and keep $500 in cash.
• You mostly spend the money each year: Investment features matter less. Look at the cash interest rate, card and bill-pay tools, and reimbursement speed.

Employer HSAs and moving your money

Many people don’t pick their first HSA provider. Their employer does. Some employers send payroll contributions only to a designated HSA administrator. Using payroll deductions gives you the full tax benefit, including the payroll-tax savings that direct contributions don’t get. Giving up that saving just to use a preferred provider usually costs more than any fee difference.

A common approach is to keep payroll contributions flowing to the employer’s HSA and periodically move the balance to a provider with better investments or lower fees. There are two ways to move money:

• Trustee-to-trustee transfer. The old provider sends money directly to the new one. There’s no IRS limit on how often you can do this, and the money never passes through your hands. Most switches are done this way.
• Rollover. You receive the money and deposit it into another HSA within 60 days. You can do this only once in any 12-month period, and missing the deadline turns the withdrawal into a taxable distribution.

Check the sending provider’s fees before you move. HealthEquity, for example, lists a $25 rollover fee and a $25 closure fee, while Fidelity and Lively list no rollover fee. Some employer plans also limit partial transfers. Investments usually have to be sold to cash before transfer, so you’ll be out of the market for a few days.

How to open an HSA

1. Confirm your plan is HSA-qualified. Check your plan documents or ask your insurer or HR department.
2. Find out whether your employer has a designated HSA. If it does, enroll there to get payroll contributions and any employer contribution.
3. Choose a provider for any money you manage yourself. Compare fees, investment minimums and menus at the balance you expect to hold.
4. Apply online. You’ll need standard identity details and information about your health coverage. You’ll also name beneficiaries.
5. Fund the account. Use payroll deductions, direct deposits from a bank account, or a transfer from an existing HSA.
6. Decide how much to keep in cash. Hold enough cash to cover your likely out-of-pocket costs, plus any required minimum, and invest the rest if that suits your plans.
7. Keep receipts. Save records of every qualified expense, especially any you pay out of pocket and plan to reimburse later.

FAQs

The Bottom Line

Anyone covered by an HSA-qualified high-deductible plan who wants to invest health savings for the long term should pick a provider by fees and investing minimums at their own expected balance. Fidelity fits most self-directed savers, Lively suits those wanting Schwab access, and HealthEquity serves people who want robo-advisor help. If an employer designates an HSA, keep payroll contributions there and move the balance later by trustee-to-trustee transfer.