HealthEquity vs Fidelity HSA Checklist (2026) | HSA Tracker

Confirm your health plan is an HSA-eligible HDHP for 2026.

You can only contribute if enrolled in a qualified HDHP. Check your plan's Summary of Benefits for the 2026 minimum deductibles of $1,700 (self) or $3,400 (family) and maximum out-of-pocket limits of $8,500 (self) or $17,000 (family).

Verify you are not enrolled in Medicare, a general-purpose FSA, or other disqualifying coverage.

Being on Medicare or having a spouse's FSA that covers you makes you ineligible to contribute. This is a common mistake for those nearing retirement or in dual-income households.

Determine your 2026 contribution limit based on your coverage type and age.

The limit is $4,400 for self-only or $8,750 for family coverage. Add $1,000 if you are 55 or older. Contributing over this limit results in a 6% excise tax each year until corrected.

Check if your employer offers an HSA contribution or match.

Free money changes the math. If your employer contributes to a specific provider like HealthEquity, you may need to use that account to receive the funds, even if you later transfer them.

Understand if you are 'self-directed' or 'employer-directed.'

If your HSA is through your employer, your fees and options are dictated by their group plan contract. If you open one yourself, you get the standard retail terms. This distinction is central to the HealthEquity vs Fidelity HSA comparison.

Locate the monthly account maintenance fee for your specific plan with each provider.

Fidelity states $0 account fees for individual accounts. HealthEquity may have eliminated some maintenance fees, but you must check your plan documents. Employer-sponsored HealthEquity plans can still have hidden administrative charges.

Identify the investment or custodial fee percentage and any caps.

HealthEquity often charges an investment fee of 0.03% per month (0.36% annually), sometimes capped at $10/month. Fidelity does not charge this fee. On a $10,000 invested balance, that's $36 per year lost with HealthEquity.

Check the APY (interest rate) on uninvested cash.

Cash yields matter for your emergency fund portion. In April 2026, Fidelity's default sweep can be as low as 0.02% APY, but you can choose a money market fund yielding around 3.37%. HealthEquity cash APY is often listed between 0.05% and 0.30%. Leaving cash in a low-yield account loses to inflation.

Note the fee for partial and full account transfers out.

If you want to move money, HealthEquity may charge $25 per partial transfer. Fidelity typically charges $0 for transfers in but may have a $25 closing fee. These fees determine the cost of consolidating accounts or moving to a better provider.

Look for any hidden fees: paper statement fees, debit card replacement, or closing fees.

Small nuisance fees add up. Some providers charge for keeping paper statements or replacing a lost card. Knowing these helps you avoid them by opting for electronic delivery or being careful with your card.

Confirm the minimum cash balance required before you can invest.

Fidelity has no minimum. HealthEquity direct accounts often require a $500 or $1,000 cash balance before investing excess. For employer plans, this threshold can be $0, $1,000, or even $2,500. This rule can keep new contributions locked in low-yield cash for months or years.

Review the list of available investment funds (mutual funds, ETFs).

Fidelity offers its full brokerage platform, including thousands of low-cost index funds and ETFs. HealthEquity's menu is typically more limited, often to a pre-selected list of 20-30 funds. Limited choice can mean higher expense ratios and less diversification.

Check if there are trading fees or commissions for buying/selling funds.

Most major providers, including Fidelity and HealthEquity, offer commission-free trading for their selected funds. However, buying a non-partner fund on either platform could incur a transaction fee. Stick to the no-transaction-fee list.

See if automatic investing is available for recurring contributions.

Setting up automatic investment of new contributions into your chosen fund is key for consistent growth. Both platforms likely offer this, but the ease of setup and the rules (e.g., only investing amounts over the cash threshold) differ.

Compare the expense ratios of comparable index fund options.

Even with no account fee, you pay the fund's expense ratio. A S&P 500 index fund at Fidelity might have a 0.015% ratio, while a similar fund on HealthEquity's menu could be 0.30%. Over 30 years, that difference compounds significantly.

Test the mobile app for core functions: view balance, invest, submit receipts.

You'll likely manage your HSA from your phone. Check if both apps allow you to easily invest cash, upload receipt photos, and view investment performance. A clunky app means you'll engage less with your account.

Understand the process for submitting expenses and getting reimbursed.

Some apps let you snap a photo of a receipt and categorize it immediately. Others require manual forms. Faster, easier tracking helps you maintain records for the IRS and get reimbursed when you need cash.

Check if you can link external bank accounts for easy contributions/transfers.

If you have a self-directed HSA, you need to move money from your checking account. A simple, quick linking process (like Plaid) saves time versus manual verification with micro-deposits.

Review the quality of tax reporting documents (Form 5498-SA, 1099-SA).

At tax time, you need clear forms. Check if the provider makes prior year tax documents easily accessible online. A poorly designed form can make filing your taxes more difficult.

Evaluate the provider's educational resources on HSAs and investing.

Especially for beginners, guides on eligible expenses, contribution rules, and basic investing within an HSA are valuable. Better resources can help you use your account more effectively and avoid mistakes.

Calculate the annual fee drag for your expected balance with each provider.

Multiply your expected invested balance by HealthEquity's potential 0.36% annual investment fee. Add any fixed monthly fees. Compare this total to Fidelity's $0. This hard number shows the direct cost of choosing one over the other.

Decide on a strategy: Use employer provider, transfer periodically, or go independent.

Your best path might be a hybrid: keep the employer HealthEquity account to receive contributions, but set up a Fidelity HSA and do one large transfer each year to invest with lower fees. Choose the simplest strategy you will actually maintain.

If opening a new HSA, gather required personal info (SSN, driver's license, bank details).

Having your Social Security Number, government ID, and a voided check or bank routing/account numbers ready will make the online application process take less than 10 minutes.

Initiate a direct trustee-to-trustee transfer if moving funds from an old HSA.

Never take a distribution yourself to move money, as it could be taxable. Contact the new provider (e.g., Fidelity) and have them pull the funds directly from the old custodian. This avoids tax reporting headaches.

Set up automatic contributions from your paycheck or bank account.

Automation ensures you hit your annual contribution limit and build savings consistently. Determine the per-paycheck amount to reach your 2026 limit ($4,400 or $8,750) and set it up immediately after account opening.

Designate a beneficiary for your HSA account.

Unlike a 401(k), your HSA beneficiary designation controls what happens to the funds if you die. Without one, it may go to your estate and become taxable. This is a simple but essential step often overlooked.