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.
$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.
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

Sources: Company reports, Morningstar