Best HSA Accounts of 2023

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A healthcare savings account (HSA) is available to individuals enrolled in a high-deductible healthcare plan and helps pay for healthcare-related expenses.

An HSA is a great option to pay for unexpected medical care, plus your tax-free investment in the account will grow if you choose not to withdraw it for out-of-pocket healthcare costs. There are no use-it-or-lose-it policies with an HSA.

HSAs can be established by an individual or with your employer if they opt to contribute to the employee’s account. The best HSA accounts are easy to set up and manage, invest up to 100% of your account balance, earn interest on your contributions, and have low or zero maintenance fees.

Best HSA Accounts of 2023

Best Overall: Lively
Best for HSA Investment Options: Fidelity
Best for Employers: HealthEquity
Best for HSA Management: Optum Bank
Best Traditional Bank Option: Bank of America

Best Overall : Lively

Accounts for employers or individuals: Both
Fees: No fees for individuals; $2.95 per employee for employers
Mobile App: Yes

Open Account

Why We Chose It

Lively is the best overall HSA account because of its straightforward setup, zero fees for individuals, highly rated customer service, and an array of investment options. You can start by linking your bank account, and Lively will help you set up one-time or recurring contributions.

Pros & Cons

Pros

No fees
Easy set-up
Range of investments

Cons

Employers pay a monthly fee per employee

Overview

Lively provides an option for employers, with a $2.95 monthly charge for each employee who signs up for a healthcare savings account. This can benefit small businesses that choose high-deductible healthcare plans. Lively allows employers to sync with payroll and provides options for centrally managing contributions and enrollments.

Lively HSA accounts pay interest on cash balances, and you can also invest your funds with a Charles Schwab Health Savings Brokerage Account with two options, a $3,000 minimum with zero fees or a $24 annual access fee. You can manage your investments from your online dashboard or a mobile app, making it easy to manage your account wherever you are.

Best for HSA Investment Options : Fidelity

Offers accounts for employers or individuals: Both
Fees: No fees; Commission-free trades for stocks and ETFs
Mobile App: Yes

Open Account

Why We Chose It

Fidelity includes the benefits of the smaller HSA providers, such as quick setup, no fees, and limited commissions, while also providing their own broad, in-house investing option, making it one of our top picks. Fidelity does not require a minimum balance and provides you with a Fidelity HSA debit card.

Pros & Cons

Pros

No fees
In-house investment options
Offers investment guidance

Cons

No auto rebalance of funds
Commission fees on some trades

Overview

Founded in 1946, Fidelity's strong reputation has continued into the 21st century, and the company ranks well above average in investor satisfaction. Fidelity offers an HSA with great investment options, including stocks, bonds, mutual funds, CDs, ETFs, and fractional shares.

You can choose from a self-directed HSA or a managed account with Fidelity, taking advantage of Fidelity's investment guidance to choose which investments suit you. Investment minimums are waived with commission-free trades for stocks and ETFs.

You can contribute to your HSA by bank account transfer (ACH) or mobile check deposit. To access your account for qualifying expenses, you can use the Fidelity HSA debit card or Fidelity BillPay. A Fidelity HSA does not offer an auto-rebalance feature.

Best for Employers : HealthEquity

Offers accounts for employers or individuals: Both
Fees: Yes for balances below $2,500
Mobile App: Yes

Open Account

Why We Chose It

HealthEquity is our best healthcare savings account for employers because of the all-in-one solution for company health plans, HSAs, FSAs, and HRAs. With an easy setup, HealthEquity allows small business owners to manage their benefits in one place.

Pros & Cons

Pros

Services geared toward employers
Offers support for other plans and benefits, like FSAs and HRAs
One solution to manage your benefit's program

Cons

Does not offer in-house investment options
Fee for accounts below minimum balance
Not connected to a specific bank

Overview

HealthEquity is a non-bank HSA custodian and doesn't offer investment options. However, the company has a platform that allows you to choose Vanguard funds to buy, sell, trade, or auto-invest.

HealthEquity provides HSAs, FSAs, HRAs, commuter benefits, wellness programs, and assistance with COBRA compliance. HealthEquity gives employers access to benefits in one place, helping to reduce administrative costs.

Individuals can manage their HSA directly from the company's mobile app, but there is a monthly administrative fee for balances below $2,500.

Best for HSA Management : Optum Bank

Offers accounts for employers or individuals: Both
Fees: Yes; annual maintenance fee, plus investment fee varies
Mobile App: Yes

Open Account

Why We Chose It

Optum Bank is the best HSA account for investment management with the tools and features it offers through Betterment, an online robo-advisor, and a cash management company.

Pros & Cons

Pros

Great features and financial tools
Digitally managed investment option
Offers auto-rebalancing of your portfolio

Cons

Fees vary
Minimum balances are encouraged

Overview

Optum offers options such as auto deposit, investment sweeping, automatic portfolio rebalancing, dividend reinvestment, and receipt storage. Your investments keep moving without manual maintenance and keep you in compliance with all HSA rules.

Optum offers two investment options, Optum Mutual Funds and digitally managed investments with Betterment. Fees include a monthly maintenance fee of $3.75 that is waived for balances of $5,000 or more and a monthly investment fee, which is waived if a threshold of $2,000 is maintained.

Optum services over 8 million health savings accounts with over $17 billion in assets.

Best Traditional Bank Option : Bank of America

Offers accounts for employers or individuals: Both
Fees: Yes; $2.50 monthly fee
Mobile App: Yes

Open Account

Why We Chose It

Bank of America offers a traditional banking experience and offers a well-balanced HSA account that works alongside other accounts with Bank of America for banking, loans, or other financial products.

Pros & Cons

Pros

Established brand
Investment options
Mobile App for HSA account

Cons

Monthly Fee
Works best with other Bank of America accounts

Overview

Bank of America offers various options for financial services, low fees, and accounts, making it the best HSA from a traditional bank. Individuals who want to keep their funds with a single institution or prefer to use a well-known, established brand for their health savings account will benefit from Bank of America.

The Bank of America HSA provides 24/7 customer support and a mobile app to manage your account. Bank of America serves both individual and employer accounts with HSA benefits. You can earn up to 0.07% interest annually, paid monthly, on the money in your account, with a $2.50 fee per month.

If you’d like to invest your HSA money, Bank of America offers several mutual fund options from providers such as Vanguard, PIMCO, and Blackrock.

Final Verdict

HSA accounts are available from many lenders, including banks and investment companies. Some providers, like Fidelity and HealthEquity, offer minimum fees on investments, while others, like Bank of America, provide the services of a traditional bank. Lively is our choice as the best overall HSA account, with zero fees for individual accounts, a selection of investment options, and a convenient mobile app.

Compare the Best HSA Accounts

Company	Offers Accounts to Employers or Individuals	Fees	Mobile App
Lively: Best Overall	Yes	No fees for individuals; $2.95 per employee for employers	Yes
Fidelity: Best for HSA Investment Options	Yes	No fees; Commission-free trades for stocks and ETFs	Yes
HealthEquity: Best for Employers	Yes, but geared toward employers	Yes; Fees for balances below $2,500	Yes
Optum Bank: Best for HSA Management	Yes	Yes, multiple fees	Yes
Bank of America: Best Traditional Bank Option	Yes	Yes, $2.50 a month	Yes

Guide to Choosing an HSA

To be eligible for an HSA, you must already have a high-deductible healthcare plan on the first of the month before starting your HSA account, according to the IRS. For 2023, you need a health plan with either a $1,500+ deductible for individuals or $3000+ for families.

You must also meet these requirements and cannot:

Have any other health coverage
Be enrolled in Medicare
Be claimed as a dependent on another individual’s tax return
Have a flexible spending account or a health reimbursement account
Received Veterans Affairs (VA) benefits within the last three months outside of preventative care. However, veterans enrolled in an HDHP with a service-connected disability may make or receive HSA contributions regardless of when they received VA benefits

What Is an HSA?

A health savings account (HSA) is a tax-advantaged financial tool for individuals and families using a high-deductible health plan. This kind of plan requires you to pay out of pocket (up to a certain amount) before your insurance kicks in and starts paying for your healthcare costs.

Unlike a flexible spending account (FSA), an HSA’s funds can be rolled over from year to year, while an FSA can only roll over $610.

How Do HSA Accounts Work?

An HSA account can be opened at a bank, credit union, insurance company, or brokerage house, and you can contribute up to $3,850 or $7,750 in 2023 for individuals or families. Most HSA accounts come with a debit card, or you can save your receipts and be reimbursed later. And the funds you invest into your account can be used for qualified health and wellness costs or grow tax-free until you need the money.

How Much Do HSA Accounts Cost?

Most good HSA accounts charge a monthly service fee between $0 and $5, but providers may waive these monthly costs once you have a minimum amount in your account, generally between $1,000 and $5,000. Additionally, if you withdraw funds for non-medical expenses before age 65, you’ll owe taxes on the money, plus a 20% penalty. After age 65, you incur the penalty, but your spending for non-medical expenses will still be taxed.

Can You Invest Funds in an HSA?

You can invest funds in an HSA account into various stocks, bonds, or mutual funds, and any interest you accumulate via the investments will be tax-free, just like your contributions. Typically your investment options will vary by the HSA provider, so if investing is essential to you, investigate each provider’s investment choices before making your decision. You’ll incur additional fees for investing your funds, and each provider charges different fees to manage your investments.

Methodology

When deciding on the best HSA accounts, we looked at over a dozen top options nationwide. We narrowed down the list to the top five based on the fees, investment options, ease of setup, and overall customer reviews. The right provider will depend on whether you want to invest your funds, how much you plan on contributing, and how you anticipate using your funds to pay for medical expenses.