HealthEquity vs The HSA Authority (UMB)
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.
The HSA Authority (UMB)
The HSA Authority (formerly Old National Bank HSA) was acquired by UMB Healthcare Services in 2025. They offer a straightforward HSA with Devenir mutual fund investing and solid banking features.
Quick Verdict
Choose HealthEquity if...
Employees with employer-sponsored HSAs who want solid Vanguard funds
Choose The HSA Authority (UMB) if...
Employer-sponsored HSA users who receive the account through work
Feature Comparison
| Feature | HealthEquity | The HSA Authority (UMB) |
|---|---|---|
| Monthly Fee | $0 (maintenance fee eliminated) | $3/month ($36/year) |
| Investment Minimum | $500 | $1,000 |
| Investment Options | 23 low-cost Vanguard mutual funds | 31 mutual funds via Devenir |
| Interest Rate | 0.05%–0.30% APY (tiered) | 0.01%–0.15% 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
The HSA Authority (UMB)
Pros
- Acquired by UMB - improved technology and tools
- Solid mutual fund selection via Devenir
- Free incoming transfers
- FDIC insured deposits
Cons
- $36/year account fee
- $1,000 minimum to invest
- Manual transfers required to investment account
- No automatic investing feature
- $25 outgoing transfer fee
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
The HSA Authority (UMB)
The HSA Authority (formerly Old National Bank HSA) was acquired by UMB Healthcare Services in 2025. They offer a straightforward HSA with Devenir mutual fund investing and solid banking features.
Monthly Fee
$3/month ($36/year)
Investment Minimum
$1,000
Investment Options
31 mutual funds via Devenir
Best For
Employer-sponsored HSA users who receive the account through work
Frequently Asked Questions
Which has lower fees, HealthEquity or The HSA Authority (UMB)?
HealthEquity charges $0 (maintenance fee eliminated) per month, while The HSA Authority (UMB) charges $3/month ($36/year). Compare total costs including investment fees before deciding.
Which has better investment options?
HealthEquity offers 23 low-cost Vanguard mutual funds. The HSA Authority (UMB) offers 31 mutual funds via Devenir. The best choice depends on your investment style and preferences.
Is my money FDIC insured with HealthEquity or The HSA Authority (UMB)?
Both HealthEquity and The HSA Authority (UMB) 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 The HSA Authority (UMB)?
Yes, you can transfer your HSA funds between any HSA providers. Most transfers take 2-4 weeks. Check with both HealthEquity and The HSA Authority (UMB) 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 The HSA Authority (UMB) with $1,000 investment minimum. HealthEquity is employees with employer-sponsored hsas who want solid vanguard funds. The HSA Authority (UMB) is employer-sponsored hsa users who receive the account through work. Both can work well for building retirement health savings.
Does HSA Trackr work with HealthEquity and The HSA Authority (UMB)?
Yes, HSA Trackr works with any HSA provider including both HealthEquity and The HSA Authority (UMB). 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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