Fidelity HSA vs First American Bank
2026 side-by-side comparison of fees, investment options, and features.
Fidelity HSA
Fidelity offers one of the best HSAs for investors with zero account fees, zero trading fees, and full access to their brokerage platform. Consistently rated the top HSA by Morningstar for both spending and investing use cases.
First American Bank
First American Bank offers a fee-free HSA for individuals with access to Vanguard mutual funds and a Schwab brokerage option. They've been recognized by Investor's Business Daily as one of the best HSA providers.
Quick Verdict
Choose Fidelity HSA if...
Long-term investors who want $0 fees and full brokerage access
Choose First American Bank if...
Individual HSA holders who want a solid bank-based HSA with Vanguard funds
Feature Comparison
| Feature | Fidelity HSA | First American Bank |
|---|---|---|
| Monthly Fee | $0 | $0 (individual accounts) |
| Investment Minimum | $0 | $1,000 |
| Investment Options | Full brokerage access - stocks, ETFs, mutual funds, bonds | 28 Vanguard mutual funds, Schwab brokerage |
| Interest Rate | 0.82% APY (as of Jan 2026) | 0.01%–0.35% APY (tiered) |
| Account Type | brokerage | bank |
| FDIC Insured | No | Yes |
| Mobile App | Yes | Yes |
| Debit Card | Yes | Yes |
Fidelity HSA
Pros
- No account fees, trading fees, or investment minimums
- Full access to Fidelity's brokerage platform
- Excellent mobile app and customer service
- Fidelity Go managed option available
- No minimum balance to start investing
Cons
- Not FDIC insured (SIPC protected)
- Must transfer out of employer HSA to use
- Cash earns lower interest than some banks
First American Bank
Pros
- No monthly maintenance fee for individuals
- Strong Vanguard fund lineup including target-date funds
- Schwab brokerage option (8,500+ investments)
- Named to IBD Best HSAs list
- FDIC insured
Cons
- $2.95/month fee for investment account (HSA PLUS)
- $1,000 threshold before investing
- 0.30% annual investment custodial fee
- Limited branch network (IL, FL, WI)
Provider Details
Fidelity HSA
Fidelity offers one of the best HSAs for investors with zero account fees, zero trading fees, and full access to their brokerage platform. Consistently rated the top HSA by Morningstar for both spending and investing use cases.
Monthly Fee
$0
Investment Minimum
$0
Investment Options
Full brokerage access - stocks, ETFs, mutual funds, bonds
Best For
Long-term investors who want $0 fees and full brokerage access
First American Bank
First American Bank offers a fee-free HSA for individuals with access to Vanguard mutual funds and a Schwab brokerage option. They've been recognized by Investor's Business Daily as one of the best HSA providers.
Monthly Fee
$0 (individual accounts)
Investment Minimum
$1,000
Investment Options
28 Vanguard mutual funds, Schwab brokerage
Best For
Individual HSA holders who want a solid bank-based HSA with Vanguard funds
Frequently Asked Questions
Which has lower fees, Fidelity HSA or First American Bank?
Fidelity HSA has no monthly fees ($0), while First American Bank charges $0 (individual accounts). For cost-conscious users, Fidelity HSA may be the better choice.
Which has better investment options?
Fidelity HSA offers Full brokerage access - stocks, ETFs, mutual funds, bonds. First American Bank offers 28 Vanguard mutual funds, Schwab brokerage. The best choice depends on your investment style and preferences.
Is my money FDIC insured with Fidelity HSA or First American Bank?
First American Bank offers FDIC insurance on cash deposits. Fidelity HSA does not offer FDIC insurance, but invested funds may have SIPC protection.
Can I transfer my HSA from Fidelity HSA to First American Bank?
Yes, you can transfer your HSA funds between any HSA providers. Most transfers take 2-4 weeks. Check with both Fidelity HSA and First American Bank for any transfer fees - incoming transfers are usually free, but outgoing transfers may incur a fee.
Which HSA is better for long-term investing?
For long-term investing, consider Fidelity HSA with no investment minimum. Fidelity HSA is long-term investors who want $0 fees and full brokerage access. First American Bank is individual hsa holders who want a solid bank-based hsa with vanguard funds. Both can work well for building retirement health savings.
Does HSA Trackr work with Fidelity HSA and First American Bank?
Yes, HSA Trackr works with any HSA provider including both Fidelity HSA and First American Bank. Track your medical expenses, store receipts, and know exactly how much you can reimburse tax-free - regardless of which HSA you choose.
Related Comparisons
This comparison is for informational purposes only. HSA provider features and fees may change. Verify current information directly with each provider before opening an account.
Works with any HSA provider
Whether you choose Fidelity, Lively, or any other HSA, HSA Trackr helps you organize receipts and maximize your tax-free reimbursements.
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