Lively
Modern HSA built for self-directed investors. No-fee individual plan and Schwab brokerage integration.
- No-fee individual plan
- Investment options via Schwab brokerage
- FDIC-insured cash balance
- Mobile receipt capture and reimbursement
Best HSA Providers for 2026
For most people, Fidelity HSA and Lively are the top two HSA providers in 2026. Both charge $0 in monthly account fees, require $0 to start investing, and give you full brokerage access. The other major providers - HealthEquity, HSA Bank, Optum, Further - all charge $2.50 to $3.95 per month and require $1,000 or more before you can invest. Over a 30-year horizon at a 7% return, the fee difference compounds to several thousand dollars in lost balance, before counting fund expense ratios.
Find your best HSA in 30 seconds
The weighted methodology below ranks Fidelity #1 for most readers, but your situation matters. Pick the scenario that fits and jump straight to the right review.
Most people
I want zero fees + the largest investing menu
Fidelity charges $0 in account fees, requires $0 to start investing, and gives you the full Fidelity brokerage menu. If you already have a Fidelity 401(k) or IRA, the integration alone is worth it. This is the right answer for ~70% of readers.
Recommended
Fidelity HSA
Self-directed + non-Fidelity
I want a modern app + Schwab brokerage, and I'd rather not bank with Fidelity
Lively's individual plan is no-fee, the mobile app is the cleanest in the category, and the investment side runs through Schwab's brokerage instead of Fidelity's. If you already have a Schwab account or don't want a Fidelity relationship, Lively is the strongest non-Fidelity pick.
Recommended
Lively
Stuck with an employer plan
My employer chose the HSA for me - what do I do?
Your employer can only direct contributions to their chosen provider, but you can open a separate individual HSA at any time and do trustee-to-trustee transfers to consolidate. Many people leave new employer contributions in the original account and transfer the balance annually to a fee-free provider for investing.
Recommended
Transfer-out strategy
Top Picks for 2026
If you want the no-friction answer, open with one of these two. Both are zero-fee, zero-minimum, and rollover-friendly if you ever want to switch later.
Fidelity HSA
Zero account minimums, no fees, and Fidelity's full investing universe.
- No account fees or minimums
- Same investment menu as a Fidelity brokerage account
- Integrated with Fidelity 401(k) and IRA accounts
- Free debit card and bill pay
Quick Comparison
Six major HSA providers compared on the factors that actually compound: account fees, investment minimums, and target user.
| Provider | Monthly Fee | Invest Min. | Best For | Rating |
|---|---|---|---|---|
| Fidelity HSA | $0 | $0 | Most people | |
| Lively | $0 | $0 | Self-directed investors | |
| HealthEquity | $3.95 | $1,000 | Employer-sponsored plans | |
| HSA Bank | $2.50 | $1,000 | TD Ameritrade users | |
| Optum Bank | $2.75 | $2,000 | UHC plan members | |
| Further (formerly SelectAccount) | $2.50 | $1,000 | Education-focused savers | |
| Bend HSA | $2.95 | $1,000 | Employees whose employer defaults to Bend |
Fees and minimums verified May 2026. Providers change pricing - verify current rates on the provider site before opening an account.
Detailed Reviews
Top PickMost people
Fidelity HSA
Best overall - zero account fees, no minimums, full Fidelity investing menu.
Monthly Fee
$0
Investment Minimum
$0
Pros
- No account fees or minimums
- Full Fidelity brokerage access
- Free debit card and bill pay
Cons
- Less integrated with non-Fidelity employers
Self-directed investors
Lively
Modern HSA for self-directed investors with Schwab brokerage integration.
Monthly Fee
$0
Investment Minimum
$0
Pros
- No-fee individual plan
- Schwab brokerage integration
- Clean mobile app
Cons
- Newer brand, smaller than Fidelity
Employer-sponsored plans
HealthEquity
Largest HSA provider, common in employer-sponsored plans.
Monthly Fee
$3.95
Investment Minimum
$1,000
Pros
- Wide employer availability
- Decent investment menu
- Strong customer support
Cons
- Monthly fee
- $1,000 investment threshold
TD Ameritrade users
HSA Bank
Solid established option with TD Ameritrade investment integration.
Monthly Fee
$2.50
Investment Minimum
$1,000
Pros
- TD Ameritrade integration
- Wide employer availability
- Fee waived at $5k balance
Cons
- Monthly fee under $5k
- Investment minimum
UHC plan members
Optum Bank
Common option for UnitedHealthcare members through employer plans.
Monthly Fee
$2.75
Investment Minimum
$2,000
Pros
- UnitedHealthcare integration
- Decent investment options
Cons
- Higher monthly fee
- High investment minimum
Education-focused savers
Further (formerly SelectAccount)
Nonprofit HSA provider with educational content focus.
Monthly Fee
$2.50
Investment Minimum
$1,000
Pros
- Nonprofit
- Strong educational resources
- Fee waived at $5k balance
Cons
- Investment minimum
- Smaller brand presence
Employees whose employer defaults to Bend
Bend HSA
Niche HSA platform often bundled with employer HDHP enrollment.
Monthly Fee
$2.95
Investment Minimum
$1,000
Pros
- Modern web and mobile interface
- Receipt-capture and expense-tracking built in
- Common in mid-market employer HDHP packages
Cons
- Investment minimum
- Smaller brand than Fidelity or Lively
- Most users transfer to a fee-free provider for long-term investing
Rollover-Friendly HSA Providers (No Lock-in)
All major HSA providers allow you to leave at any time. The cost and friction vary.
You can switch HSA providers any time. There is no IRS-mandated lock-in period. The question is whether your current provider charges exit fees and how easy the receiving provider makes the transfer. Two transfer types exist: a trustee-to-trustee transfer (unlimited per year, no tax implications, recommended) and a 60-day rollover (limited to once per 12-month period, you hold the funds temporarily).
| Provider | Outbound Transfer Fee | Accepts Incoming Transfers | Lock-in Period |
|---|---|---|---|
| Fidelity HSA | $0 | Yes, free | None |
| Lively | $0 | Yes, free | None |
| HealthEquity | ~$25 | Yes | None |
| HSA Bank | ~$25 | Yes | None |
| Optum Bank | ~$25 | Yes | None |
Bottom line: Fidelity and Lively are the most rollover-friendly. No outbound fees, no minimum holding period, no lock-in. If you are switching from an employer-sponsored HSA with higher fees, a trustee-to-trustee transfer to Fidelity or Lively is the most common move and takes 2 to 4 weeks. Provider-specific playbooks: HealthEquity to Fidelity HSA transfer guide, Optum to Fidelity HSA transfer guide, and Inspira to Fidelity HSA transfer guide.
Frequently Asked Questions
Which HSA provider has the lowest fees?
Fidelity and Lively both have $0 monthly account fees and $0 investment minimums. Most other major providers charge $2.50 to $3.95 per month and require $1,000+ to access investments. Over 30 years, the difference between a fee-free HSA and a $3.95/month account compounds to over $4,000 in lost balance assuming a 7% return, before counting investment expense ratios.
Can I switch HSA providers if my employer uses a different one?
Yes. Your employer can only direct contributions to their chosen provider, but you can open a separate individual HSA at any time and do trustee-to-trustee transfers to consolidate balances. Many people leave new employer contributions in the original account and transfer the balance annually to a fee-free provider like Fidelity for investing. Trustee-to-trustee transfers have no annual limit and no tax impact.
Is there a lock-in period for HSA rollovers?
No IRS-mandated lock-in period exists for any HSA provider. The differences are practical: outbound transfer fees and processing time. Fidelity and Lively charge $0 for outbound transfers. HealthEquity, HSA Bank, and Optum typically charge around $25. A trustee-to-trustee transfer takes 2-4 weeks; a 60-day rollover (where you hold the funds temporarily) is limited to once per 12-month period and is rarely needed.
How do I compare HSA providers on investment options?
Three factors decide whether your HSA actually compounds: (1) investment minimum - $0 at Fidelity and Lively vs $1,000-$2,500 at most banks; (2) fund expense ratios - Fidelity offers ZERO funds at 0.00% expense ratio, Lively's Schwab funds run 0.03% to 0.15%, bank-affiliated providers commonly run 0.20% to 0.80%; (3) menu breadth - Fidelity gives you the full brokerage universe, Lively gives Schwab's, employer-curated menus typically have 20-30 funds.
What is the HSA shoebox strategy?
Pay medical expenses out of pocket with cash, save the receipts, and let the HSA stay fully invested. Decades later you can reimburse yourself from the HSA tax-free using the accumulated receipts. The IRS has no time limit on reimbursement as long as the expense was incurred after the HSA was opened. This works best at fee-free, investment-friendly providers - the strategy depends on the HSA compounding tax-free for 20+ years.
The hidden cost
What a monthly fee really costs over 30 years
Same HSA. Same contributions. Same investment return. The only difference is the monthly account fee - watch how a $2.50 or $3.95 monthly fee compounds against you across decades.
$0/mo fee
$444,721
Fidelity, Lively individual
$2.50/mo fee
$441,689
−$3,032 vs no fee
$3.95/mo fee
$439,931
−$4,790 vs no fee
$4,400
$500$8,750 (2026 family max)
30 years
1 yr40 yrs
Advanced assumptions
7% / yr
0%12%
$2.50
$0$10
$3.95
$0$10
Defaults match the real fee tiers: Fidelity / Lively individual at $0, HSA Bank at $2.50, HealthEquity at $3.95. S&P 500 long-term historical average is ~7% real (inflation-adjusted). Fees applied annually at year end; growth applied to the post-fee balance. Past returns do not guarantee future results.
What this means
Same contribution, same investment return, only the fee differs. A $2.50/mo fee costs you $3,032 over 30 years. A $3.95/mo fee costs you $4,790. Most of that loss isn't the fees themselves - it's the compound growth those dollars would have earned. This is why a zero-fee provider compounds materially harder than a fee-heavy one even when the fee "only" sounds like a few dollars a month.
How we ranked these providers
Weighted composite across five criteria. Re-verified quarterly.
- Account fees30%
- Investment minimum25%
- Investment menu + expense ratios25%
- Transfer policy10%
- User experience10%
Each provider is scored 0-5 per criterion and the weighted sum decides rank. Full methodology, scoring rubric, and what we do NOT consider →
Related Resources
More HSA Resources
What Is an HSA?
Complete guide to Health Savings Accounts and how they work
FSA vs HSA
Side-by-side comparison of tax-advantaged health accounts
HRA vs HSA
Compare employer-funded HRAs to personally-owned HSAs
HSA Contribution Limits (2004-2026)
Complete history of IRS contribution limits with yearly changes
HSA-Eligible Expenses
Browse the full list of qualified medical expenses
Why Open an HSA?
Triple tax advantage, investment growth, and the shoebox strategy