The best HSA accounts aren’t just tools for managing your medical expenses—they can also be a powerful retirement asset with unmatched tax advantages.
When used correctly, that is.
While all HSA accounts share the same great tax benefits, there are big differences between the various HSA custodians when it comes to actually managing your money.
If you want to maximize your savings and investment potential, it’s important to select the right custodian for your HSA funds. The best HSA accounts combine low fees, excellent investment options, and user-friendly tools to help you achieve your financial goals.
We went through the leading health savings account custodians in the country to identify which banks or other institutions provide the best value for both individuals and employers, with an emphasis on smaller employers.
We looked at fee structure, investment options for self-directed accounts, web tools, and other educational resources, and narrowed the list of 2025’s best HSA account custodians to a handful of particularly strong contenders.
Why Contribute to an HSA Account?
HSA accounts allow individuals with high-deductible health plans (HDHPs) to save money tax-free for medical expenses.
They come with a “triple-tax advantage” that’s currently unmatched by anything in the tax code:
- Contributions are tax-deductible.
- Growth, including dividends and interest, is tax-free.
- Withdrawals for qualified medical expenses are tax-free.
According to Devenir Research’s 2024 mid-year report, HSA assets reached $137 billion across 38 million accounts, reflecting an 18% increase in assets and a 5% rise in accounts.
This growth highlights the increasing recognition of HSAs as both a healthcare and retirement planning tool.
HSAs as a Retirement Savings Tool
Furthermore, HSAs are not just for healthcare.
Once you turn 65, withdrawals for any purpose are taxed like a traditional IRA, making them a valuable retirement savings tool.
And this is where choosing a good HSA account custodian can really pay off: The best HSA account custodians allow you to invest your money in a variety of assets in the expectation of higher returns.
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What Do The Best HSA Custodians Do?
HSA custodians or third-party administrators (TPAs) hold your funds, process transactions, and provide tools to help you manage your account.
They also arrange access to outside investment options that you can hold within your HSA, in hopes of achieving greater returns.
Naturally, there is also greater potential risk with these other investment options.
While HSA custodial fees and cost structures vary substantially, a great custodian helps you maximize your savings while simplifying your financial life.
LEARN MORE: HSAs: An Underrated But Powerful Retirement Asset
What Should I Look For in the Best HSA Custodians?
Look for the following features and benefits:
1. Low Fees
Fees can erode your savings over time.
Look for custodians with minimal account maintenance fees and competitive investment fees. Even a small difference in fees can significantly impact your long-term savings.
2. Quality Investment Options
If you plan to invest your HSA funds, choose a provider with diverse and low-cost investment choices.
Some custodians offer index funds, mutual funds, ETFs, and even brokerage windows for greater flexibility.
It’s a good idea to choose an HSA custodian that has good, low-cost investment options in a variety of asset classes. So you can gain exposure to stocks, bonds, cash, and cash equivalents, and international stocks. That way, it’s easier to keep your long-term investments diversified and to rebalance between funds within your HSA.
3. User-Friendly Platforms
An easy-to-use app or website simplifies account management and helps you stay on top of contributions, expenses, and investments.
Features like automated contributions, expense tracking, and real-time investment updates can make a big difference.
4. Tools for employers
If you’re a business owner, you’ll want tools to help you manage employee payroll deduction contributions and any additional contributions you may make on your employees’ behalf.
Ideally, these tools will dovetail well with your overall payment and group health benefits management systems.
5. Additional Benefits
Some custodians offer unique perks like integrated financial planning tools, customer support, or access to health sharing plans. Consider what additional services would benefit your situation.
The Best HSA Accounts of 2025
Here are the top HSAs ranked by features that matter most to consumers:
Fidelity
Fidelity, the Boston-based mutual funds giant, is a trusted name in investing, and their excellent HSA custodian service is no exception.
The combination of very low fees and access to top-tier investment options via a brokerage window makes Fidelity a strong choice for individuals focused on growing their HSA balance.
Additionally, as one of the top 401(k) custodians in the industry, Fidelity has vast experience in helping employers manage employee benefits, as well. They’ve leveraged that experience in creating a top-class web portal that works very well alongside Fidelity’s 401(k) product. This creates a seamless experience for employers who are also Fidelity retirement plan sponsors.
Why Fidelity Stands Out:
- No account maintenance fees or minimum balance requirements. These can be obstacles to lower-wage workers trying to get off the ground. But Fidelity’s fee structure makes it easy for workers to get started with HSAs. There’s a minimum balance to start with self-directed investments. But workers can set up a payroll deduction HSA and set aside cash to pay medical expenses tax-free, without having to worry about a minimum account size hurdle just to open an HSA.
- Investment Options. Fidelity offers a comprehensive range of no-load mutual funds and ETFs. Their funds have expense ratios, but they are generally reasonable compared to other fund shops, and their index fund and ETF options have extremely low expenses, maximizing returns over the long run.
- Excellent Rates on Savings. If you prefer to keep your HSA assets in cash, rather than invest them, Fidelity is an excellent choice as it has some of the best rates available on FDIC-insured savings.
- Digital Tools. Fidelity offers a robust suite of app and website tools for tracking performance and managing transactions. A great option for both individuals and employers of all sizes.
Best HSA Custodians 2025
| HSA Custodian | Monthly Maintenance Fee | Investment Options | Min. Balance to Invest | Digital Tools | Employer Support | Customer Service | Notable Strengths | Ideal For: |
|---|---|---|---|---|---|---|---|---|
| Optum Bank | May apply if minimum balance not met | Charles Schwab brokerage window or digital asset management from Betterment (mutual funds, ETFs) | $2,000 | Robust app; integrated with UHC plans | Comprehensive benefits suite incl. COBRA, FSAs, HRAs | 24/7 support; educational resources | Best for UHC-insured; health ecosystem integration | UnitedHealthcare members and large employers |
| HSA Bank | $2.50 (waived with $3,000 balance) | Wide range of investments via TD Ameritrade brokerage window (mutual funds, stocks) | $1,000 | Mobile app; online banking features | Integrated FSA/HRA/commuter solutions | Good support; educational tools | Broad account types and employer scalability | Employers wanting full benefit integration |
| Fidelity | $0 | Wide range of mutual funds and ETFs | None | Modern interface; intuitive tools | Excellent employer support and integration with other Fidelity products, like 401(k)s | Highly rated; low-touch service model | No fees; excellent investment flexibility | DIY investors and individuals wanting zero fees |
| HealthEquity | Varies by plan/employer | Great line of inexpensive index funds from Vanguard. | $1,000 | Advanced portal and mobile app | Strong employer portals; robust analytics | 24/7 customer support | Large provider; acquisitions strengthen offerings | Large employers with compliance needs |
| Lively | $0 | TD Ameritrade (mutual funds, stocks, ETFs) | None | Clean UI; mobile-first platform | Growing employer tools and admin support | High-rated; live support + education | User-friendly; startup culture with modern tools | Tech-savvy individuals and small employers |
Lively
While much smaller than the gargantuan Fidelity, Lively is punching far above its weight class when it comes to the best HSA custodians in the country.
Founded in 2016 and headquartered in San Francisco, California, Lively offers user-friendly platforms and comprehensive support for employers and for individuals who use HSAs to help pay for healthcare.
While the company is less than ten years old, it has experienced tremendous growth and now manages more than $500 million in HSA assets.
Why Lively Stands Out:
- Excellent Customer Satisfaction. Lively’s Net Promoter Scores are around three times better than the industry average – meaning that HSA owners and employers who have interacted with the company have had very positive experiences with the company, overall.
- Transparent Fees. Very low fees for employers. Lively is known for not having hidden or surprise fees.
- Free HSAs for Individuals and Families.
- Solid Investment Options. Integration with TD Ameritrade for self-directed investments, with no minimum balance for investments.
- Ease of Use. Lively boasts a modern, mobile-friendly interface that makes it easy for you to manage your account from wherever you are. Like at the doctor’s office, for example.
Lively is a great option for users who value transparency and direct control over their investments; this provider delivers.
HealthEquity
Founded in Draper, Utah, in 2022, HealthEquity has positioned itself as among the very top HSA non-bank custodians in the country, especially for employers.
Why HealthEquity Stands Out
- Employer Focused. Tailored solutions for workplace benefits. For example, in addition to HSA custodian services, Health Equity also offers a range of other health-related employer benefits, including an innovative dependent care FSA and health reimbursement account (HRA) support.
- Investment Options. HealthEquity’s self-directed investment options are centered around Vanguard Funds. Vanguard is an outstanding investment company known for excellent index fund options and rock-bottom expenses.
- Customer Service. HealthEquity features customer service available 24/7.
HealthEquity’s focus on employer plans makes it ideal for businesses looking to offer HSAs as part of their benefits package.
HSA Bank
This Sheboygan, Wisconsin-based HSA custodian is a strong choice for people with at least $1,000 to invest, and who are comfortable choosing their own investments via a brokerage window.
It’s also a good option for employers who want to add other creative, family-friendly benefits to their offerings.
Why HSA Bank Stands Out
- Wide Range of Investment Options. If you’re looking for flexibility, HSA Bank is among the best choices in the industry, with a full range of investment options via TDAmeritrade.
- Innovative Employee Benefits Products. HSA Bank also helps employees offer tuition reimbursement plans, adoption assistance programs, retiree reimbursement arrangements (RRAs), health reimbursement arrangements (HRAs), FSAs, and dependent care FSAs.
There’s a $1,000 minimum to get started with self-directed HSA investing, so it’s better for larger accounts.
Optum Bank
Optum Bank, founded in 2022 in Salt Lake City, Utah, is a subsidiary of UnitedHealthcare.
Why Optum Stands Out:
- Healthcare Integration. Seamlessly connects with Optum’s healthcare management tools and with UnitedHealthcare’s suite of benefits.
- Investment Tools. Offers an excellent variety of investment options.
- Support. Very strong library of resources and guides for account holders and employers.
- Access to OptumNow. This is an innovative network of providers and manufacturers who provide discounts to Optum Bank customers, providing additional savings opportunities, especially for heavy consumers of healthcare-related goods and services.
Optum Bank is a good fit for individuals who frequently need to purchase healthcare services and products, and who can therefore benefit most from the additional savings opportunities of OptumNow. It’s also great for employers who use or will use UnitedHealthcare as their group health insurance provider.
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Questions to Ask When Choosing an HSA
Before you open an HSA, ask yourself these questions:
- What are the account fees?
- Are there any “hidden” fees?
- Are there investment options that align with my overall long-term investment goals?
- What is the minimum amount needed to open a self-directed investment account?
- What are the underlying expenses of the investment options?
- Are there index or ETF options available for the asset classes I want to invest in?
- Is the platform easy to navigate?
- Is there a modern mobile app available?
- Does the mobile app support photo document uploading?
- Does the custodian provide educational resources or customer support?
Can the HSA integrate with other financial tools or services?
How To Maximize Your HSA
To get the most out of your HSA, follow these tips:
- Contribute the Maximum: For 2025, the contribution limits are $4,150 for individuals and $8,300 for families, with an additional $1,000 catch-up contribution for those aged 55 or older. You have until April 15th, 2026, to make your contributions for tax year 2025.
- Invest Early: The sooner you start investing your HSA funds, the more time your money has to grow.
- Keep Records: Maintain receipts for all medical expenses to ensure compliance with IRS rules.
- Use Sparingly: Consider paying for minor medical expenses out of pocket and let your HSA grow for future use.
- Plan for Retirement: After age 65, your HSA can supplement your retirement income.
- Spend HSA funds before retirement funds. HSAs are great vehicles for saving up for medical expenses. But inherited HSAs don’t qualify for the same advantageous tax treatment. To learn more about the estate planning considerations of health savings accounts,
How to Get Help With HSAs
HSAs are one of the most versatile financial tools available.
But to use them as a strategic, long-term financial asset, and not just a short-term tactical device to help you pay for healthcare-related expenses tax-free, it’s a good idea to select a custodian that supports self-directed investments.
Have questions about enrolling in an HSA-compatible high deductible health plan, or about HSAs in general? Contact a ColoHealth Personal Benefits Manager today. There’s never any charge. We can help you explore all your options, including money-saving health sharing plans.
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