• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The College Investor

Student Loans, Investing, Building Wealth

  • About
  • Podcast
  • Research
  • Contact
  • Save For College
      • How To Start

      • How To Save For College
      • How To Pay For College
      • What Is the Average Cost of College?
      • What Is A 529 Plan and Where to Open One in Your State
      • How Much Should You Have In A 529 Plan By Age
      • How To Use A 529 Plan For Private Elementary And High School
      • What Are Qualified Expenses For A 529 Plan (And What Doesn’t Count)?
      • The Best Brokers To Open A 529 Plan
      • Tools + Accounts

      • 529 Plans: The Ultimate College Savings Plan
      • 529 Plan Contribution Limits
      • Prepaid Tuition Plans | What To Know
      • Understanding And Using 529A ABLE Accounts
      • Using A Roth IRA To Save And Pay For College
      • FAFSA Deadlines for Financial Aid
      • CollegeBacker Review
      • Upromise Review
      • UNest Review
      • Other Options

      • Student Loan And Financial Aid Programs By State
      • The Guide To Military And VA Education Benefits
      • How To Fill Out The FAFSA
      • How To Find College Scholarships
      • The Best College Scholarship Search Websites
      • How To Find Grants To Pay For College
      • Pell Grants: What They Are And How To Qualify
      • Understanding Federal Work-Study
      • How To Use A 529 Plan If Your Child Doesn’t Go To College
  • Student Loans
      • Borrowing

        • How Student Loans Work
        • How To Apply For A Student Loan
        • How To Find The Best Student Loans And Rates
        • Best Private Student Loans Of May 2022
        • Best Student Loans To Pay For Graduate School
        • Best Student Loans To Pay For Medical School
        • Parent Loans To Pay For College
        • No-Cosigner Student Loan Options
        • Guide To Income Sharing Agreements (ISAs)
        • Best International Student Loans
      • Get Out Of Debt

        • Best Places To Refinance Student Loans In May 2022
        • Best Student Loan Repayment Plans
        • Best Student Loan Refinancing Bonuses And Promotional Offers
        • Student Loan Forgiveness Programs (The Complete List)
        • The Full List Of Student Loan Forgiveness Programs By State
        • Public Service Loan Forgiveness (PSLF)
        • Top Student Loan Scams
        • Average Student Loan Monthly Payment
        • Average Student Loan Debt By Year
      • Reviews

        • Credible Review
        • Splash Review
        • Ascent Review
        • Citizens Bank Review
        • Commonbond Review
        • Earnest Review
        • ELFI Review
        • Laurel Road Review
        • LendKey Review
        • SoFi Review
  • Investing
      • How To Start

        • How To Start Investing in High School
        • How To Start Investing In College
        • How To Start Investing In Your Twenties For 22 – 29 Year Olds
        • How To Start Investing In Your 30s For 30 – 39 Year Olds
        • How To Start Investing With $100 Or Less
        • How To Give Kids The Gift Of Stock
        • What Is Dividend Growth Investing
        • IRA Rollover Chart
      • Tools + Accounts

        • Best Online Stock Brokers
        • The Best Traditional And Roth IRA Accounts
        • The Best Robo-Advisors
        • The Best Investing Apps
        • The Best Places to Trade Options
        • The Best Places To Open A Health Savings Account
        • The Best Solo 401k Providers
        • The Best Self-Directed IRA Providers
        • Best Cryptocurrency Exchanges
      • Reviews

        • Vanguard Review
        • Fidelity Review 2022: Still One Of The Best Online Brokers
        • M1 Finance Review
        • TD Ameritrade Review
        • Charles Schwab Review
        • Robinhood Review
        • Webull Review
        • Betterment Review
        • Wealthfront Review
  • Earn More Money
      • Extra Income

        • 15 Best Side Hustles You Can Start Earning With Now
        • Side Hustle Ideas: 50+ Ways To Make Money Fast
        • 100+ Real And Honest Ways To Make Money In College
        • 80 Ways To Make Money From Home (In Your Pajamas)
        • 5 Quick Money Making Ideas (That Take Less Than 1 Hour)
        • 10 Interesting Ways You Can Make Money Driving
        • High-Paying Side Gigs That Earn $1,000 or More Per Month
        • The 10 Best Money-Making Apps
        • Paid Surveys: Earn Money For Giving Your Opinion Online
        • 10 Crazy Ways To Make $10,000 You’ve Never Heard Of
      • Build Wealth

        • 35 Passive Income Ideas You Can Use to Build Real Wealth
        • 3 Ways To Make $50,000 Per Year Without Working With Passive Income
        • How To Become A Real Estate Investor With Just $500
        • 15 Best Online Business Ideas
        • How to Create Streams of Passive Income on a Limited Budget
        • Residual Income: 7 Super Smart Ways to Build It
        • The Most Common Multiple Income Streams
        • How To Become A Real Estate Mogul With Only $10,000
      • Reviews

        • Fundrise Review
        • RealtyMogul Review
        • FarmTogether Review
        • AcreTrader Review
        • Swagbucks Review
        • Survey Junkie Review
        • TopCashback Review
        • DoorDash Review
  • Personal Finance
      • Banking

        • Best High Yield Savings Accounts Of May 2022
        • Best Money Market Accounts Of May 2022
        • 10 Best Free Checking Accounts In May 2022
        • The Best Bank CD Rates Of May 2022
        • 10 Best Business Checking Accounts In May 2022
        • The Best Online Banks Of May 2022
        • 5 Best Credit Unions Nationwide of May 2022
        • Best College Student Checking Accounts In May 2022
      • Insurance

        • Best Life Insurance Companies
        • Renters Insurance
        • Car Insurance
        • Pet Insurance
        • Umbrella Insurance
        • Disability Insurance
        • Tuition Insurance
        • Travel Insurance
      • Credit Tools

        • Best Budgeting Apps
        • Cash Advance Apps
        • How To Get A Free Credit Score Report
        • The Best Credit Monitoring Services
        • Debt Settlement: Inside The Secret World
        • Credit Repair Explained: Should You Pay For Help?
        • Best Personal Loan Companies And Lenders
        • Online Loan Companies To Borrow From Home
      • Tax

        • Best Tax Software
        • Free Tax Software
        • IRS Tax Refund Calendar
        • Common IRS Questions and Errors
        • Federal Tax Brackets
        • Capital Gains Tax Brackets
        • 401k Contribution Limits
        • IRA Contribution Limits
        • HSA Contribution Limits
  • Forum
  • Search
Home » Investing » Health Savings Account » The Best Places To Open An HSA (Health Savings Account)

The Best Places To Open An HSA (Health Savings Account)

Updated: May 13, 2022 By Robert Farrington

Tweet
Share124
Share
Pin38
Email

At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

open an HSA

HSAs offer more than just tax advantages for medical expenses. You can also invest any idle cash into various investments for a potentially higher return.

For 2022, HSA contribution limits for family HSAs are $7,300, while for individuals they are $3,650. HSA savings are generally FDIC-insured. However, investments generally are not. Verify with the HSA plan you’re considering.

You’ll also need to have a high-deductible health plan to qualify for an HSA. There can be other restrictions but your HSA provider can help with details on eligibility.

Note that most employers will cover the HSA monthly fee. But if you are choosing an HSA that is different from the one offered with your employer health plan, you’ll likely need to cover any monthly fee. Or, if you've left your employer and are looking for a good option to move your HSA too - check out this list.

Keep in mind that most HSA plans do not allow you to participate in multiple HSA plans.

In this article, we’ll provide a summary of several attractive HSA plans that also offer investment options. Remember, we love using our HSA as an IRA - and think you should too. Check out these companies for the best places to invest your HSA money.

Best HSA Providers
1. Lively
2. Fidelity Investments
3. HSA Bank
4. Optum Bank
Other HSA Providers
Compare All HSA Options Here
Choosing the Right HSA for You
Banks vs. Credit Unions vs. Investment Firms

Note: The account offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all HSA providers or all HSA offers available in the marketplace.

1. Lively

Lively offers an FDIC-insured HSA account with the following features (Editor's Note: These features are from the website):

  • "Free health savings account for individuals. No hidden fees."
  • "FDIC insured. Your money is safe. Interest included."
  • "100% paperless. We don't waste your time."
  • "Invest for FREE"
  • "Simple. Intuitive. Transparent. Sign up in 5 minutes."

The drawback to Lively versus Fidelity is that if you want to invest, you must maintain an account an TD Ameritrade as well as an account at Lively. It's not terrible, but it's an extra step.

If you are an individual, Lively is free for their basic HSA. 

You can invest 100% for free at TD Ameritrade. This is very competitive to other HSAs. Plus, you can invest 100% of the balance of your HSA (no cash minimums required). You cash in your HSA account currently earns 0.01% APY.

With access to TD Ameritrade, the number of investments and asset classes available to you are fairly broad. These include individual stocks, bonds, CDs, ETFs, and more than 13,000 mutual funds. You also have access to $0 commissions for online stock, ETF and option trades at TD Ameritrade. You can see a fee schedule here.

But, if you're using commission-free ETFs with low expense ratios, this is an excellent choice. Read our full Lively HSA review here.

Open An Account At Lively >>

Lively HSA Logo
OPEN AN ACCOUNT

2. Fidelity Investments

Fidelity is well-known for its investment offerings, including employer-sponsored 401(k)s. They are lesser-known for offering HSAs. But you can get an HSA directly through Fidelity.

Fidelity’s HSA offers a plethora of features, including (Editor's Note: These features are from the website):

  • "Account features—debit card, checkwriting, electronic funds transfer, and bank wire."
  • "Online Fidelity BillPay®—an efficient, convenient way to make online payments for qualified medical expenses."
  • "Account management—online account opening, balance inquiry, transaction history, and beneficiary designation."
  • "Fidelity core positions, plus thousands of mutual funds available through Fidelity FundsNetwork® (which are subject to investment minimums). There is no fund minimum for Fidelity Asset Manager® and Fidelity Freedom Funds®. You can also invest in individual securities (stocks, bonds, ETFs) which are subject to commission fees. Visit Fidelity.com to view the commission schedule. There are no additional investment maintenance fees."
  • "Reporting—integrated Fidelity Account® statements and aggregate employer and tax reporting (1099-SA and 5498-SA)"
  • "Track and Pay – Manage health care claims, payments, and receipts all in one place."

U.S. equity trades are commission-free. You also have access to no-transaction-fee funds and research provided by Fidelity at no charge.

However, you can get access to Fidelity's Zero cost funds in your HSA, which is awesome - commission free and 0% expense ratio. Read our full Fidelity review here.

Open An HSA At Fidelity >>

Fidelity Logo
OPEN AN ACCOUNT

3. HSA Bank

HSA Bank has many of the features common with modern HSAs such as online access and a mobile app. Medical expenses can be paid from your HSA account using a check, debit card, or bill-pay system.

HSA Bank offers investment options through TD Ameritrade Self-Directed Brokerage or DEVENIR Self-Directed Mutual Fund Program. You can read more about both here.

HSA Bank no longer charges any monthly minatenance fees for it's individual HSA accounts. The annual fee for the Devenir Guided Portfolio Self-Directed Investment Program is 0.30% of assets under management, invoiced quarterly, with a minimum fee of $1.50 per quarter. Note: The advisory fee is only assessed on the first $50,000 in your investment account.

For investing, you may begin investing once you have a minimum of $1,000 in your HSA Bank cash account. Only HSA funds above $1,000 in your HSA Bank cash account can be transferred to your investment account.

Read our full HSA Bank review here.

hsa bank logo
OPEN AN ACCOUNT

4. Optum Bank

Optum Bank is part of Optum, a technology services division, which is part of UnitedHealth Group. If you work for a major company, this will likely be your default HSA for your company health plan. Their monthly fee is $2.75/month (usually covered by the employer). There is no minimum balance to get started. Features of this plan include a debit card, checking, online banking, and a mobile app.

Optum Bank is a member of the FDIC, currently services over three million accounts and $9 billion in assets under management.

There are a large number of investment options available with Optum Bank. You’ll need to first meet the $2,000 investment threshold. Once you do, you can rebalance your portfolio and easily move money back and forth between investments and your main account. To see the current listing of investment options, check here.

The bummer about Optum's investing is that you have to use their platform, and their fund choices. They are okay, but aren't typically the best out there. You also don't get the flexibility of being able to invest on a platform like TD Ameritrade.

However, if you leave your employer, you will start seeing your monthly fees deducted from your account - and Optum isn't the cheapest option. 

Read our full Optum Bank review here.

Optum Bank Logo
OPEN AN ACCOUNT

Other HSA Providers

There are several other HSA providers available, but not all of them make our list of the best for one reason or another. Many of these are smaller providers, might not offer robust investing options, or charge higher fees that the providers on the list above.

Some others to consider include:

Health Savings Administrators

Health Savings Administrators is an HSA provider that does offer a solid choice of investments, including Vanguard funds, but they do charge higher fees than others on this list. They current charge $45 per year in administrative fees, plus 6.25 basis points per quarter (this is $0.625 per $1,000 each quarter). That's relatively expensive compared to other providers.

Check out Health Savings Administrators here.

HealthEquity

HealthEquity is an HSA provider that also offers a solid choice of investment options, including Vanguard mutual funds. They allow both individuals and employers to open an HSA. They currently charge $3.95 per month in administrative fees, however, they will waive the fees if a certain balance is met ($2,500 in cash balance).

Check out HealthEquity here.

Inland Bank

Inland Bank is a smaller HSA provider that offers one HSA account - HSA Advantage. This account charges no fees, and offers the ability to invest any balance over $250. You can invest through myHSAinvestments.com. The minimum to open an account is $100.

Check out Inland Bank HSA here.

Further

Further is an HSA provider that allows you to invest through Charles Schwab. As such, you get access to a lot of investment choices through Schwab, which offer their own great low cost mutual funds. Further does charge an annual fee for their investment option accounts, plus at least an $18 per year fee as well.

Their monthly fee ranges from $1/mo to $4 per month.

Check out Further here.

Elements Financial

Elements Financial is pretty close to making the top of the list, but they are relatively unknown at this point. They have a free HSA option if you maintain at least a $2,500 minimum account balance, otherwise it's $4 per month. There is also the option to invest in your HSA through TD Ameritrade, very similar to Lively.

Check out Elements Financial.

Starship HSA

Starship HSA is a newcomer to the HSA field, and their goal is to keep HSAs simple and low cost. While they advertise "no-fees", that only applies to using the HSA for medical expenses and keeping your money in cash/savings. If you do want to invest, they do charge you a $1/mo fee, or 0.35% AUM for balances over $25,000.

Read our full Starship HSA review here.

Saturna HSA

Saturna is a name that comes up a bit when talking about HSAs because they have a unique fee structure that could work in favor of some people compared to the options in the list above. 

They have the potential for a no fee HSA, if you trade at least once per year in your account (which most people will do as they invest new funds). They offer commission free investing with their affiliated funds, otherwise they charge $14.95 per trade. For most people, this will likely be more expensive that other options on this list.

Check out Saturna here.

Compare All HSA Options Here

Check out all the HSA administrators and plans here. Compare your HSA Administrator options.

HSA Administrator

Annual Fees

Investing Options

Self Employed Plans?

Elements Financial

$4/mo unless over $2,500 balance

Yes, through TD Ameritrade

Yes

Fidelity

$0

Yes

Yes

Further

$1 - $4 per month

With paid plan - through Charles Schwab

Yes

HealthEquity

$0 - $3.95 per month

Yes

Yes

Health Savings Administrators

$45 per year plus 6.25 basis points per quarter

Yes

Yes

HSA Bank

$0

Yes

Yes

Inland Bank

$0

Yes, limited

Yes

Lively

$0

Yes, through TD Ameritrade

Yes

Optum Bank

$2.75 per month

Yes, with $2,000 minimum that must be kept in HSA cash

Yes

Starship

$0 for cash, $1/mo to Invest

Yes

Yes

Saturna

$0, but some fees may apply

Yes, free with their affiliated funds, otherwise $14.95 per trade

Yes

Choosing the Right HSA for You

As you can see, most HSA providers offer comparable services, making it difficult to choose any particular one. One way to narrow down the choice is to investigate the HSA offered with your employer’s health plan. It will likely meet your investment needs. 

If you're no longer with your employer and are looking to move your HSA, look at free HSA providers like Fidelity, who also offer investment options.

Among the shortlist above, you’re sure to find an HSA provider who can check all of the boxes you’re looking for.

Banks vs. Credit Unions vs. Investment Firms

If you notice the list above, you'll see a mix of banks, credit unions, and investment firms all offering HSA accounts. As HSAs are becoming popular tools to both use for healthcare, and use for saving and investing, lots of banks are interested in this space.

Our recommendation is that you utilize your HSA as an IRA. As such, we recommend that you open your HSA at an investment firm that offers solid investment options. That's why the top of our list includes companies that offer a great HSA product with solid investment options.

If you open your HSA at some of the banks or credit unions listed, you'll notice that they typically have limited investment options (if any), and those that do offer it charge a potentially significant amount for the ability to invest.

Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

The Best Places To Open An HSA (Health Savings Account)
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
Subscribe
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
62 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Primary Sidebar

Featured Broker Reviews

>  Vanguard (recommended)
>  Fidelity
>  Robinhood
>  TD Ameritrade
>  M1 Finance
>  Schwab

Featured Robo-Advisors

>  Betterment (recommended)
>  Wealthfront
>  WealthSimple
>  Blooom

Annual Contribution Limits

  • 401k Contribution And Income Limits
  • IRA Contribution and Income Limits
  • HSA Contribution and Income Limits
  • 529 Plan Contribution Limits

More On Investing

  • Best Online Stock Brokers In 2022 (According To Readers)
  • Best Brokerage and Investing Bonus Offers In May 2022
  • The Best Places To Open An HSA (Health Savings Account)
  • 5 Best Investing Apps With Free Stock Trading
  • How To Buy Stocks Online For Free
  • The Best Robo-Advisors Of 2022
  • The Best Self-Directed IRA Providers
  • The Best Traditional And Roth IRA Accounts Of 2022
  • Comparing The Most Popular Solo 401k Options
  • Top 3 Automatic Investment Apps Of 2022

Footer

Banking

  • 10 Best Free Checking Accounts In May 2022
  • The Best Online Banks Of May 2022
  • The Best Bank CD Rates Of May 2022
  • Best Money Market Accounts Of May 2022
  • Best High Yield Savings Accounts Of May 2022
  • Best High-Yield Checking Accounts Of May 2022
  • The Best Bank Bonus Offers
  • The Best Business Checking Accounts

Investing

  • Best Online Stock Brokers In 2022 (According To Readers)
  • Best Brokerage and Investing Bonus Offers In May 2022
  • The Best Places To Open An HSA (Health Savings Account)
  • 5 Best Investing Apps With Free Stock Trading
  • How To Buy Stocks Online For Free
  • The Best Robo-Advisors Of 2022
  • The Best Self-Directed IRA Providers
  • The Best Traditional And Roth IRA Accounts Of 2022
  • Comparing The Most Popular Solo 401k Options
  • Top 3 Automatic Investment Apps Of 2022

Student Loans

  • Best Places To Refinance Student Loans In May 2022
  • Best Private Student Loans Of May 2022
  • How To Find The Best Student Loans And Rates
  • Best Student Loan Refinancing Bonuses And Promotional Offers

Insurance

  • The Top 10 Online Life Insurance Companies
  • The Ultimate Guide To Renters Insurance – Everything You Need To Know
  • The Cheapest Car Insurance For College Students

Connect

  • Contact Us
  • Advertise
  • Press & Media

About

  • About
  • Our Team
  • Podcast
  • Editorial Guidelines
  • How We Make Money
  • Archives

Social

Copyright © 2022 · The College Investor · Privacy Policy ·Terms of Service · DO NOT Sell My Personal Information

wpDiscuz