One of the most powerful and underused HSA features is investing your balance. Instead of letting your HSA sit in cash earning near-zero interest, you can put it into low-cost index funds — growing completely tax-free. The provider you use makes a significant difference in fees, investment options, and long-term returns. Here are the five best.
Quick Comparison
| Provider | Monthly Fee | Investment Min. | Best For |
|---|---|---|---|
| Fidelity | $0 | $0 | Most investors |
| Lively | $0 | $0 | Mobile-first users |
| HealthEquity | Varies | $1,000 | Employer-sponsored |
| HSA Bank | $3 (waived at $5k) | $1,000 | TD Ameritrade users |
| Optum Bank | Varies | $1,000 | UnitedHealth members |
1. Fidelity HSA — Best Overall
Fidelity is the clear top pick for most HSA users who want to invest. There are no monthly fees, no minimum balance to start investing, and you get access to Fidelity's full fund lineup including zero-expense-ratio index funds (FZROX, FZILX).
Standout features:
- $0 monthly fees — always
- $0 investment minimum — invest from dollar one
- Zero-fee index funds (0% expense ratio)
- Full brokerage access including stocks and ETFs
- Excellent mobile app and customer service
Downside: You must open directly with Fidelity (not available through all employers). If your employer uses a different HSA provider, you can roll your balance to Fidelity once per year.
2. Lively HSA — Best Mobile Experience
Lively pairs a fee-free HSA with a clean, modern mobile experience and invests through a partnership with Schwab — giving you access to Schwab's fund lineup with no monthly fees.
Standout features:
- $0 fees for individuals
- $0 investment minimum
- Schwab brokerage integration
- Excellent app UX and receipt storage tools
- FDIC-insured cash account
Downside: Employer accounts charge $3/month per employee. Investment fund selection is slightly more limited than Fidelity.
3. HealthEquity — Best for Employer Plans
HealthEquity is the largest HSA custodian in the U.S. and is commonly offered through employer benefits packages. It's a solid choice if your employer offers it and contributes to your account.
Standout features:
- Wide employer network
- Integrated cost-comparison and spending tools
- Strong customer support
- Self-directed and managed investment options
Downside: Fees apply on some accounts; $1,000 minimum before investing. Fee structure varies by employer plan.
4. HSA Bank — Best for Brokerage Investors
HSA Bank offers a partnership with TD Ameritrade (now Charles Schwab) that gives serious investors access to the full brokerage platform. If you want to trade individual stocks or access a wide range of ETFs, this is your pick.
Standout features:
- Full Schwab brokerage access
- Wide investment selection
- $3/month fee waived when balance exceeds $5,000
Downside: $3/month fee at lower balances; $1,000 investment threshold.
5. Optum Bank — Best for UnitedHealth Customers
Optum Bank is part of the UnitedHealth Group ecosystem and integrates tightly with UnitedHealthcare insurance plans. If your employer uses UnitedHealthcare, Optum is the natural choice.
Standout features:
- Seamless integration with UHC insurance
- Employer-negotiated pricing
- Expense management and claims integration
- Both self-directed and managed investment options
Downside: Fee structure depends on your employer plan; $1,000 investment minimum.
How to Choose
- If you're opening on your own: Go with Fidelity. Zero fees, zero minimums, best funds.
- If your employer offers an HSA: Use it (especially if they contribute), then roll the balance annually to Fidelity.
- If you want the best mobile app: Lively is excellent.
- If you want full brokerage access: HSA Bank via Schwab.
Pro Tip: Roll Your Balance Annually
You're allowed one tax-free rollover per 12-month period from any HSA to another. Many people are stuck with a mediocre employer HSA — once a year, roll the accumulated balance to Fidelity while continuing to receive employer contributions in the original account. This maximizes both the employer benefit and your investment returns.