11 Best HSA Account Providers By Fees, Features And Investment Options For 2020.
Check out this breakdown of the top HSA providers to take a look at this year. Read more on Investors Daily.
| HealthEquity | |
 | Category Awards: Investment Quality, Interest Rates, Easy Access, Low Fees |
 | Number of accounts 5 million |
| Fees $2.95/month (free if balance >$2,000); excess contribution refund request $20; $25 closing fee; Monthly investment fee: 0.03% on average daily invested balance, capped at $10/month; no transaction or trading fees when investing HSA funds. Optional web-based roboadvisor tool for 0.05% on avg. daily invested balance, capped at $15/month. |
| Investment options 23 Vanguard mutual funds |
| Minimum balance $0 |
| Features Debit card, checks, online banking |
| FDIC insured Yes |
| Investment threshold $2,000 (individual/family plan); $0-$2,000 (employer plan) |
| Interest rate Up to 1.50% depending on balance tier and account type |
| Optum Bank | |
| Category Awards: Investment Quality, Easy Access |
| Number of accounts 4.3 million |
| Fees $2.75/month (free if balance > $3,000 for individuals; fees vary for employer-based plans; 0.03%/month investment fee up to $10 for individuals (may be covered by some employer-based plans). |
| Investment options 31 mutual funds; self-directed brokerage for investing coming in 2020 |
| Minimum balance $0 |
| Features Debit card, checks, online banking, qualified medical expense search checkup tool |
| FDIC insured Yes |
| Investment threshold $2,000 (individual/family plan); $0-$2,000 (employer plan) |
| Interest rate Up to 0.40% depending on balance tier |
| HSA Bank | |
| Category Awards: Investment Options, Investment Quality, Easy Access |
| Number of accounts 2.7 million |
| Fees $2.50/month (free if checking balance > $3,000) and $3/month investment fee (free if checking balance > $5,000); $6.95/equity trade; commission-free ETFs; 0.45% custodial fee; Devenir self-directed $24/yr.; $25 account closing. |
| Investment options TD Ameritrade brokerage for stocks, bonds and thousands of mutual funds; Devenir self-directed mutual funds |
| Minimum balance $0 |
| Features Debit card, checks, online banking |
| FDIC insured Yes |
| Investment threshold $1,000 |
| Interest rate Up to 0.50% based on balance tier |
| UMB Healthcare Services | |
| Category Awards: Investment Options, Investment Quality |
| Number of accounts 1.6 million |
| Fees $2.95/month (waived if balance >$3,000); $25 account closing; $3/month investment fee; no trading fees. |
| Investment options 33 preselected mutual funds or self-directed TD Ameritrade brokerage account |
| Minimum balance $0 |
| Features Debit card, online banking |
| FDIC insured Yes |
| Investment threshold $1,000 |
| Interest rate Up to 0.50% based on balance tier |
| Fidelity Investments | |
| Category Awards: Investment Options, Investment Quality, Low Fees, Interest Rates, Easy Access |
| Number of accounts 1.47 million |
| Fees Zero separate fee to invest. Commission-free trades1. Zero account transaction fees2. No record-keeping fee for individuals; record-keeping fee of up to $48/year for employer-based plans (may be covered by employer). |
| Investment options Self-directed brokerage platform with 10,000+ mutual funds (including zero expense ratio and zero investment minimum index mutual funds), stocks, bonds, CDs and Fidelity HSA Funds to Consider, a curated list of 25 active and passive fund options with zero account minimums |
| Minimum balance $0 |
| Features Debit card, checks, online banking, auto investing, HSA investment recommendation tool, tools to help determine how much to keep in cash for short-term qualified medical expenses |
| FDIC insured Yes |
| Investment threshold $0 |
| Interest rate Choice of money market fund with 7-day yield as of 1/29/20 of 1.27%, or FDIC-insured sweep with a yield of 0.82% (no tiers) |
| Further | |
| Category Awards: Investment Options, Investment Quality, Interest Rates, Easy Access |
| Number of accounts About 600,000 |
| Fees Up to $4/month administrative fee; Investment fee $18/yr.; Schwab trading fee: $0/online trade; $0+$5/automated phone; $0+$25/broker-assisted. |
| Investment options 30 mutual funds; self-directed brokerage: 200+ commission-free ETFs, stocks, bonds, 2,500 funds via Charles Schwab |
| Minimum balance $0 |
| Features Debit card, online banking |
| FDIC insured Yes |
| Investment threshold $1,000; $10,000 for self-directed accounts |
| Interest rate Up to 1.25% based on balance tier and account type |
| HSA Authority (Old National Bank) | |
| Category Awards: Investment Quality, Low Fees |
| Number of accounts 105,000 |
| Fees $0 monthly fee. Free online enrollment; Paper enrollment $14.99. Manual account opening $20; account closing fee $25. Investment fee: $36/year. |
| Investment options 32 mutual funds |
| Minimum balance $0 |
| Features Debit card, checks, online banking |
| FDIC insured Yes |
| Investment threshold $1,000 (once achieved, the entire amount is transferable) |
| Interest rate Up to 0.50% based on balance tier |
| HealthSavings Administrators | |
| Category Awards: Easy Access, Investment Options, Investment Quality |
| Number of accounts 80,000 |
| Fees $36 annually; $25 account closing; $25 excess contribution correction. |
| Investment options 42 Vanguard and Dimensional mutual funds |
| Minimum balance $0 |
| Features Debit card, checks, online banking |
| FDIC insured Yes |
| Investment threshold $0 |
| Interest rate Up to 0.50% based on balance tier |
| Saturna HSA | |
| Category Award: Investment Options |
| Number of accounts 4,865 |
| Fees No monthly fee on Saturna-affiliated mutual funds. Trading fees for stocks: $14.95/trade online; $24.95 broker assisted. Trading fees for options & bonds: $19.95/trade online; $29.95 broker-assisted plus $1 per bond. |
| Investment options Mutual funds, stocks, bonds; Saturna-affiliated mutual funds only or self-directed brokerage |
| Minimum balance $0 |
| Features Electronic funds transfer |
| FDIC insured No |
| Investment threshold $0 |
| Interest rate NA |
| Lively | |
| Category Awards: Investment Options, Low Fees |
| Number of accounts NA |
| Fees No fees for individuals/families; employers pay $2.95/employee/month; $0 commissions for online stocks, ETFs, and option trades at TD Ameritrade; $6.95/trade of OTC stocks not listed on U.S. exchange. |
| Investment options Via TD Ameritrade self-directed brokerage account: 300+ commission-free ETFs, > 13,000 mutual funds, stocks, bonds, CDs, and options (limited to non-margin option trading) |
| Minimum balance $0 |
| Features Debit card, online banking |
| FDIC insured Yes |
| Investment threshold $0 |
| Interest rate Up to 0.6% based on balance tier |
| Evansville Teachers Federal Credit Union | |
| Category Awards: Low Fees, Interest Rates |
| Number of accounts NA |
| Fees No management fees. |
| Investment options CDs available with a $1,000 min. balance |
| Minimum balance $500 |
| Features Debit card, checks, online banking |
| FDIC insured Yes# |
| Investment threshold NA |
| Interest rate Up to 2.03% based on balance tier |
The 2020 Best HSAs logo and accolade are available for licensing through Investor’s Business Daily’s partner, The YGS Group, at www.IBDlicensing.com or 800-290-5460.
NOTES:
Fees: Additional fees (custodial, inactivity, etc.) may apply. Employer plans may have different fee schedules.
FDIC Insured: Applies only to savings/checking accounts. Investments are not FDIC insured.
1 $0.00 commission applies to online U.S. equity trades, exchange traded funds (ETFs) and options (+ $ 0.65 per contract fee) in a Fidelity retail account only for Fidelity Brokerage Services LLC retail clients. Sell orders are subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). There is an Options Regulatory Fee (from $0.03 to $0.05 per contract,) which applies to both option buy and sell transactions. The fee is subject to change. Other exclusions and conditions may apply. See Fidelity.com/commissions for details. Employee equity compensation transactions and accounts managed by advisors or intermediaries through Fidelity Clearing & Custody Solutions® are subject to different commission schedules.
2 Account transaction fees refer to fees for account features such as account opening, funds transfer, debit cards, excess contributions, paper statements, etc. Refer to the fees and commission schedule for additional detail at https://www.fidelity.com/trading/commissions-margin-rates.
#Federally insured by the National Credit Union Administration
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