Best Old National HSA Alternatives for Health Savings
For many, Health Savings Accounts (HSAs) through traditional banks like Old National Bank serve as a convenient starting point. However, as your healthcare savings grow and your financial goals evolve, you might find yourself looking for more strong features, better investment opportunities, or lower fees. Many W2 employees with High Deductible Health Plans (HDHPs) and self-employed individuals often realize that a basic bank HSA might not be maximizing their long-term growth potential or providing the digital experience they expect. This guide explores the best Old National HSA alternatives for 2026, helping you navigate common pain points like limited investment choices, hidden fees, or a lack of clarity on eligible expenses, ensuring your HSA truly works for your financial future.
Why Consider Alternatives
Users often look for Old National HSA alternatives due to several common pain points. Many find the investment options to be extremely limited, often restricted to basic savings accounts with low interest rates, hindering the HSA's powerful long-term growth potential. Administrative fees can sometimes be higher compared to dedicated HSA administrators, eroding savings over time.
How We Evaluated
Fidelity Investments
A leading brokerage offering a powerful HSA with zero account fees and extensive investment choices.
Standout: Zero monthly fees and access to Fidelity's extensive, low-cost investment platform.
Pros
- No monthly maintenance fees or investment fees beyond fund expense ratios.
- Access to Fidelity's full range of low-cost mutual funds, ETFs, and individual stocks.
- Excellent research tools and investor education resources.
- Seamless integration for those already using Fidelity for other investment accounts.
Cons
- Can be overwhelming for beginners due to the vast array of investment choices.
- Customer service is geared towards investors, not strictly healthcare guidance.
- Requires manual tracking of eligible expenses if not linked to an employer plan.
Lively
Modern, intuitive HSA platform designed for both individuals and employers, focusing on ease of use.
Standout: Exceptional user experience and seamless integration with a powerful investment platform.
Pros
- User-friendly web and mobile interface for managing contributions and expenses.
- Integrates with TD Ameritrade (now Schwab) for a wide range of investment options.
- No minimum balance requirement to invest funds.
- Excellent customer support and educational resources.
Cons
- Investment fees apply through the TD Ameritrade/Schwab platform.
- Less suitable for those who prefer an all-in-one platform without a separate brokerage link.
- Some advanced investment features might require understanding the linked brokerage.
HSA Bank
A pioneer in the HSA space, offering a balanced approach to savings and investments.
Standout: Complete service offering both banking and investment components from an industry veteran.
Pros
- Long-standing reputation and expertise in the HSA market.
- Offers both FDIC-insured savings and self-directed investment options through a brokerage partner.
- Good for employers due to strong administrative features.
- Provides debit card for easy expense payments.
Cons
- Monthly maintenance fees apply unless a certain balance is met.
- Investment platform (through a third party) may have higher fees or fewer options than pure brokerages.
- User interface can feel less modern compared to newer fintech competitors.
HealthEquity
A leading administrator often chosen by employers, known for its guided investment options and healt
Standout: Integrated health and wealth platform with personalized guidance and expense tracking.
Pros
- Often offered through employer benefits, simplifying enrollment.
- Provides guided investment options for those new to investing.
- Strong focus on health and wellness resources.
- Good for families with strong expense tracking tools.
Cons
- Monthly administrative fees are common, often passed onto the individual.
- Investment options can be more limited compared to brokerage-based HSAs.
- Fund expense ratios might be higher than low-cost alternatives.
Optum Bank
A large, reliable HSA provider often integrated with health plans, offering a blend of savings and i
Standout: Deep integration with major health insurance plans, simplifying the HSA experience for many.
Pros
- Strong integration with many insurance carriers and employer benefits programs.
- Offers both a cash account and investment options through a brokerage partner.
- Provides a wide network of healthcare services and resources.
- Generally reliable and straightforward for basic HSA management.
Cons
- Can have monthly fees if not linked to an employer plan or minimum balance isn't met.
- Investment platform and fund selection may not be as extensive or low-cost as pure brokerages.
- User interface can sometimes feel dated.
Pro Tips
Prioritize providers with no minimum cash balance requirement for investing. Many bank HSAs force you to keep hundreds or thousands in cash, losing out on potential market growth.
Always check the investment fund expense ratios offered by an HSA provider; even small differences can significantly impact your long-term returns over decades of saving.
Consider automating your HSA contributions to hit the annual maximum early in the year, especially if you're self-employed, to maximize tax deductions and investment time in the market.
Utilize your HSA as a 'stealth IRA' for retirement healthcare. Don't reimburse yourself immediately for minor expenses; save receipts and let your funds grow tax-free until retirement.
If your employer offers a limited HSA, you can often transfer funds from it to a more strong personal HSA provider without penalty, giving you more control over investments and fees.
Frequently Asked Questions
Why should I consider switching from my current HSA provider?
Many people switch HSA providers to gain access to better investment options, lower administrative fees, improved digital tools for tracking eligible expenses, or enhanced customer support. Traditional bank HSAs often have limited investment choices or higher cash holding requirements, which can hinder long-term growth compared to dedicated HSA administrators or brokerage firms.
Are there fees associated with transferring an HSA to a new provider?
Yes, some HSA providers may charge a fee for outbound transfers (rolling over your funds to another institution). It's important for check with your current provider (e.g., Old National Bank) and the new provider about any potential transfer fees, as these can vary significantly. Many providers offer fee-free direct rollovers, but it's always best to confirm.
What are the key differences between a bank-based HSA and a brokerage-based HSA?
A bank-based HSA, like Old National's, typically functions more like a savings account with limited or no investment options beyond basic interest-bearing accounts. A brokerage-based HSA, offered by firms like Fidelity or Lively, allows you to invest your HSA funds in a wider range of assets like mutual funds, ETFs, and stocks, often with lower fees and greater growth potential, using the triple tax advantage of HSAs.
Can I have multiple HSAs with different providers?
While you can technically have multiple HSA accounts, you can only contribute up to the annual IRS limit across all accounts combined. It's generally more efficient to consolidate your HSA funds into a single account, especially one with strong investment options, to simplify management, avoid multiple sets of fees, and streamline your investment strategy.
What should I look for in an HSA provider if I want to invest my funds?
If investing is a priority, look for providers with a wide selection of low-cost investment options (ETFs, index funds), transparent and minimal investment fees (including expense ratios), a low cash threshold before investing, and user-friendly tools for managing your portfolio. Also, consider the ease of moving funds between your cash and investment accounts.
How do I ensure my HSA contributions are tax-deductible?
To ensure your contributions are tax-deductible, you must be enrolled in a High Deductible Health Plan (HDHP) and not be covered by any other non-HDHP health insurance (with some exceptions like dental/vision). You also cannot be claimed as a dependent on someone else's tax return. Always keep records of your HDHP enrollment and contributions, and consult IRS Publication 969 for detailed eligibility rules.
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