2026 Comparison
Best HSA Providers, Ranked
We compared every major HSA provider on fees, investment options, cash interest rates, and minimums. One provider is the clear winner for individual account holders.
Quick Comparison
| Provider | Monthly Fee | Cash Rate | Min. to Invest | Brokerage |
|---|---|---|---|---|
| Fidelity | $0 | ~3.3% | $0 | Full (10K+ funds) |
| Lively | $0 | 0.01-0.12% | $0 ($24/yr fee) | Schwab |
| HSA Bank | 0.30%/yr inv. fee | 0.01-0.15% | $1,000 locked | TD Ameritrade |
| HealthEquity | $3.95/mo | 0.05-0.36% | $500 | None |
| Optum | $3.75/mo | < 0.5% | $2,000 | Schwab |
| Further | $1-4/mo + $18/yr | Not disclosed | $10K for Schwab | Schwab ($10K min) |
The Real Cost of a Bad HSA Provider
$47.40
Annual fees at HealthEquity
$325
Interest lost vs Fidelity on $10K cash
$210+
Opportunity cost of $3K cash lockup at 7%
These costs compound year after year. Over a 20-year career, the wrong HSA provider can cost you tens of thousands of dollars in fees, lost interest, and missed investment returns.
Detailed Provider Breakdown
Fidelity HSA
Zero fees, zero minimums, highest cash rate, broadest investments. No asterisks.
Monthly Fee
$0
Cash Interest Rate
~3.3%
Investment Options
Full brokerage: 10,000+ mutual funds, stocks, ETFs. Includes 4 Fidelity ZERO funds (0.00% ER).
Minimum to Invest
$0 (first-dollar investing)
Debit Card
Visa (Apple Pay, Google Pay)
Best For
Anyone opening their own HSA. Long-term investors.
Lively HSA
Solid second choice, but the $3K cash lockup or $24/yr fee costs you more than Fidelity.
Monthly Fee
$0
Cash Interest Rate
0.01% to 0.12%
Investment Options
Schwab self-directed brokerage (stocks, ETFs, mutual funds) or Devenir guided portfolio.
Minimum to Invest
$0 with $24/yr fee, or free with $3K+ cash balance
Debit Card
Yes
Best For
People who specifically want Schwab brokerage access.
HSA Bank
Good investment options via TD Ameritrade, but the 0.30% fee and $1K lockup add up.
Monthly Fee
$0 (0.30%/yr investment fee, waived at $7.5K+ cash)
Cash Interest Rate
0.01% to 0.15%
Investment Options
TD Ameritrade brokerage (13,000+ funds, stocks, ETFs) or 31 pre-selected mutual funds.
Minimum to Invest
$1,000 must remain in cash
Debit Card
Yes
Best For
People whose employer uses HSA Bank.
HealthEquity
Largest non-bank HSA custodian (7.5M accounts), but fees and limited funds make it hard to recommend individually.
Monthly Fee
$3.95/mo (waived at $2.5K+ cash)
Cash Interest Rate
0.05% to 0.36%
Investment Options
23 Vanguard mutual funds. No self-directed brokerage option.
Minimum to Invest
$500
Debit Card
Yes
Best For
People whose employer uses HealthEquity.
Optum Bank
Decent investment options including Schwab, but fees and high minimums create friction.
Monthly Fee
$3.75/mo (waived at $5K+ balance)
Cash Interest Rate
< 0.5% (not disclosed)
Investment Options
31 pre-selected mutual funds, Betterment robo-advisor, or Schwab brokerage.
Minimum to Invest
$2,000
Debit Card
Yes
Best For
People on a UnitedHealth plan whose employer uses Optum.
Further
Highest brokerage minimum of any provider. Not competitive for individual account holders.
Monthly Fee
$1 to $4/mo + $18/yr investment fee
Cash Interest Rate
Not disclosed
Investment Options
30+ pre-selected mutual funds. Schwab brokerage requires $10K+ invested.
Minimum to Invest
$1,000 cash + $10K for Schwab brokerage
Debit Card
Yes
Best For
People whose employer uses Further.
How to Switch HSA Providers
Switching is easier than most people think. You can transfer your HSA balance to a different provider at any time, regardless of who your employer uses. This is called a trustee-to-trustee transfer. It does not count as a contribution or distribution, and there are no tax consequences.
- Open an account with your new HSA provider
- Fill out the transfer request form (your new provider will pull the funds)
- Wait 1 to 3 weeks for the transfer to complete
- Set up your investment allocations at the new provider
Some providers charge a $20 to $25 closing or transfer fee, but even a one-time $25 fee is worth it if you are moving from a provider that charges $3.95 per month to one that charges nothing.
If your employer contributes to your HSA: those contributions typically must go to the employer's chosen provider. But you can periodically transfer the balance to your preferred provider. Some people set up quarterly or annual transfers.
Frequently Asked Questions
Can I switch HSA providers?
Yes. You can transfer your HSA balance to a different provider at any time through a trustee-to-trustee transfer. It does not count as a contribution or distribution, and there are no tax consequences. The process takes 1 to 3 weeks. Some providers charge a $20 to $25 closing fee, but that is worth it if you are switching from a high-fee provider.
Do I have to use the HSA provider my employer picks?
No. Employer contributions must go to the employer-chosen provider, but you can transfer the balance to your preferred provider at any time. Some people set up quarterly or annual transfers to keep their investments at a better provider while still receiving employer contributions.
Why does the cash interest rate matter?
On a $10,000 uninvested balance, Fidelity pays roughly $330/year in interest. Most other providers pay $1 to $5. That gap alone justifies switching. Even if you invest most of your HSA, you will always have some cash sitting in the account between contributions and investments.
What if I open my own HSA without an employer?
You can open an HSA at any provider as long as you have a qualifying HDHP. The only difference: employer payroll contributions bypass FICA taxes (saving 7.65%), while direct contributions only get the income tax deduction. That FICA savings is worth $337 on a $4,400 contribution. If your employer offers payroll HSA deductions, use them, then transfer to your preferred provider.
Next Step
See How Much Your HSA Could Grow
Picking the right provider is step one. The real advantage comes from investing your HSA and letting it compound tax-free. See the numbers for your situation.