HealthEquity vs HSA Bank
2026 side-by-side comparison of fees, investment options, and features.
HealthEquity
HealthEquity is the largest non-bank HSA custodian with over 8 million accounts. They offer a curated lineup of low-cost Vanguard funds and strong employer integrations.
HSA Bank
HSA Bank is a division of Webster Bank and one of the largest HSA administrators. They're known for their TD Ameritrade (now Schwab) brokerage integration, giving investors access to stocks, ETFs, and thousands of mutual funds.
Quick Verdict
Choose HealthEquity if...
Employees with employer-sponsored HSAs who want solid Vanguard funds
Choose HSA Bank if...
Investors who want TD Ameritrade/Schwab brokerage access through their employer
Feature Comparison
| Feature | HealthEquity | HSA Bank |
|---|---|---|
| Monthly Fee | $0 (maintenance fee eliminated) | $2.50 (waived at $5,000+ balance) |
| Investment Minimum | $500 | $1,000 |
| Investment Options | 23 low-cost Vanguard mutual funds | TD Ameritrade self-directed brokerage, Devenir mutual funds |
| Interest Rate | 0.05%–0.30% APY (tiered) | 0.01%–0.08% APY (tiered) |
| Account Type | fintech | bank |
| FDIC Insured | Yes | Yes |
| Mobile App | Yes | Yes |
| Debit Card | Yes | Yes |
HealthEquity
Pros
- Largest HSA administrator by accounts
- Excellent low-cost Vanguard fund lineup
- No maintenance fees
- Strong employer integration
- Monthly investment fee capped at $10
Cons
- 0.033%/month investment admin fee (capped at $10)
- $500 investment threshold
- $25 fee for partial transfers (as of Nov 2025)
- Fees add up at higher balances
HSA Bank
Pros
- TD Ameritrade brokerage with $0 stock/ETF trades
- Access to 13,000+ mutual funds
- Low-cost Devenir option (0.30% annual fee, capped at $50K)
- 2nd lowest cost among top HSA providers
- Strong employer partnerships
Cons
- $2.50/month fee below $5,000
- $1,000 minimum before investing
- TD Ameritrade now part of Schwab (transition ongoing)
- Low interest on cash deposits
Provider Details
HealthEquity
HealthEquity is the largest non-bank HSA custodian with over 8 million accounts. They offer a curated lineup of low-cost Vanguard funds and strong employer integrations.
Monthly Fee
$0 (maintenance fee eliminated)
Investment Minimum
$500
Investment Options
23 low-cost Vanguard mutual funds
Best For
Employees with employer-sponsored HSAs who want solid Vanguard funds
HSA Bank
HSA Bank is a division of Webster Bank and one of the largest HSA administrators. They're known for their TD Ameritrade (now Schwab) brokerage integration, giving investors access to stocks, ETFs, and thousands of mutual funds.
Monthly Fee
$2.50 (waived at $5,000+ balance)
Investment Minimum
$1,000
Investment Options
TD Ameritrade self-directed brokerage, Devenir mutual funds
Best For
Investors who want TD Ameritrade/Schwab brokerage access through their employer
Frequently Asked Questions
Which has lower fees, HealthEquity or HSA Bank?
HealthEquity charges $0 (maintenance fee eliminated) per month, while HSA Bank charges $2.50 (waived at $5,000+ balance). Compare total costs including investment fees before deciding.
Which has better investment options?
HealthEquity offers 23 low-cost Vanguard mutual funds. HSA Bank offers TD Ameritrade self-directed brokerage, Devenir mutual funds. The best choice depends on your investment style and preferences.
Is my money FDIC insured with HealthEquity or HSA Bank?
Both HealthEquity and HSA Bank offer FDIC insurance on cash deposits, protecting up to $250,000 per depositor. Invested funds are not FDIC insured but may have SIPC protection.
Can I transfer my HSA from HealthEquity to HSA Bank?
Yes, you can transfer your HSA funds between any HSA providers. Most transfers take 2-4 weeks. Check with both HealthEquity and HSA 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 HSA Bank with $1,000 investment minimum. HealthEquity is employees with employer-sponsored hsas who want solid vanguard funds. HSA Bank is investors who want td ameritrade/schwab brokerage access through their employer. Both can work well for building retirement health savings.
Does HSA Trackr work with HealthEquity and HSA Bank?
Yes, HSA Trackr works with any HSA provider including both HealthEquity and HSA 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.
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