If you plan to invest your HSA for long-term growth, your choice of provider is one of the most important financial decisions you will make. The wrong provider can quietly drain your returns through monthly fees, high fund expense ratios, and restrictive investment thresholds that force thousands of dollars to sit idle in cash. The right provider gives you low-cost access to the market from dollar one with zero friction. We evaluated the top HSA providers across the five dimensions that matter most for investors, and these are our picks for 2026. See our full provider comparison for detailed reviews.
The 5 Key Criteria for HSA Investing
- Monthly fees - Some providers charge $3-5/month ($36-60/year) just to hold an account. The best charge nothing.
- Investment threshold - Many require $1,000-$2,000 in cash before you can invest. Top providers have no threshold.
- Fund expense ratios - The gap between a 0.03% index fund and a 0.75% active fund costs $720/year on a $100,000 balance.
- Fund selection - Some offer 20 funds; others offer thousands through a self-directed brokerage.
- Brokerage access - Self-directed brokerage accounts let you invest in virtually any stock, ETF, mutual fund, or bond. This is the gold standard.
Our Top Picks
1. Fidelity - Best Overall for Investing
- • Self-directed brokerage with stocks, ETFs, and bonds
- • No investment threshold - invest from dollar one
- • Zero-expense-ratio index funds (FZROX, FZILX)
Fidelity is the clear leader for HSA investing, and it is not particularly close. They offer a full self-directed brokerage with access to thousands of mutual funds, ETFs, individual stocks, and bonds. There is no investment threshold - you can invest from dollar one. There are no monthly fees. And they offer their proprietary zero-expense-ratio index funds (FZROX for U.S. total market, FZILX for international), meaning you can build a core portfolio that costs literally nothing in fund fees.
The combination of zero fees, zero investment threshold, zero-expense-ratio funds, and full brokerage access makes Fidelity the obvious choice for anyone who prioritizes investment growth. The only drawback is that Fidelity does not widely partner with employers for payroll integration, so you may need to make direct contributions if your employer uses a different HSA provider.
Pro Tip
Even if your employer uses a different HSA provider, you can transfer your balance to Fidelity periodically (quarterly or annually). The transfer is tax-free and penalty-free. Many HSA investors use their employer's provider for payroll contributions and transfer to Fidelity for investing.
2. Lively - Best No-Fee Provider with Schwab Integration
- • No monthly fees for individuals
- • Charles Schwab brokerage integration
- • Strong employer payroll integration
Lively has built its reputation on transparent, zero-fee individual HSA accounts. They charge no monthly maintenance fees and offer investment access through a Charles Schwab brokerage integration. This gives you access to a wide range of ETFs and mutual funds, including many low-cost Vanguard, Schwab, and iShares index options.
Lively is an excellent option for investors who want no-fee simplicity with solid brokerage access. Their employer integration is also strong, making them a good choice for companies looking for an HSA provider that serves both the administrative and investment sides well. The trade-off compared to Fidelity is that you do not get access to Fidelity's proprietary zero-expense-ratio funds, but the Schwab platform provides plenty of low-cost alternatives with expense ratios under 0.05%.
3. HSA Bank - Best for Employer Plans with Investment Access
- • Largest employer HSA administrator
- • Devenir fund lineup plus self-directed brokerage
- • Fee often waived through employer plans
HSA Bank is one of the largest HSA administrators in the country, serving millions of accounts through employer partnerships. They offer both a curated Devenir mutual fund lineup with 30+ options and a self-directed brokerage option for accounts meeting a minimum balance.
HSA Bank is most compelling when your employer selects them and covers the monthly fee. The $2.50 monthly charge and $1,000 investment threshold are meaningful downsides for individual investors, but the brokerage option and strong employer integrations make them a solid choice within a corporate benefits package. Fund expense ratios in the Devenir lineup range from 0.10% to 0.80%, so choose the lowest-cost index options available.
4. HealthEquity - Largest Dedicated HSA Provider
- • Largest dedicated HSA provider ($20B+ in assets)
- • 30+ curated funds with guided investing
- • Broad employer integration and compliance tools
HealthEquity is the nation's largest dedicated HSA provider, holding over $20 billion in HSA assets. They offer a well-curated investment menu with 30+ mutual fund options and a guided investing feature that recommends an asset allocation based on your risk profile and time horizon. Their fund expense ratios range from 0.09% to 0.95%.
HealthEquity's strength is scale and integration - they work with thousands of employers and their platform handles everything from payroll integration to compliance reporting. For investors, the lack of a self-directed brokerage is a notable gap, and the $3.95 monthly fee reduces net returns. However, their advisory feature is helpful for hands-off investors who want guidance, and the $1,000 investment threshold is standard for the industry.
How to Switch Providers
If your current HSA provider has poor investment options or high fees, you have two tax-free paths to move your money.
Trustee-to-Trustee Transfer (Recommended)
Contact your desired new provider and request a direct transfer. They handle the paperwork to move your balance from your old provider to the new one. The transfer is tax-free and penalty-free per IRS rules with no limit on how many you can do per year. The process typically takes 2 to 4 weeks. This is the preferred method because it has no annual restriction.
60-Day Rollover
You can withdraw funds from your old HSA and deposit them into your new HSA within 60 days. This is tax-free as long as you complete the rollover within the window. However, you are limited to one rollover per 12-month period. Miss the 60-day deadline and the withdrawal is treated as a taxable distribution with a 20% penalty if you are under 65.
Important
When transferring HSA providers, your old provider may liquidate your investments and transfer cash. This is not a taxable event (it happens within the HSA), but your money is out of the market during the transfer window. Time your transfer to minimize this gap, and reinvest promptly once funds arrive at your new provider.
Our Recommendation
The Best Approach for Most Investors
For individual investors who prioritize long-term growth, Fidelity is the clear choice - zero fees, zero investment threshold, zero-expense-ratio index funds, and full brokerage access create an unmatched combination. If your employer uses a different provider, contribute through payroll to capture the FICA tax savings, then transfer your balance to Fidelity periodically for investing. This "contribute through employer, invest through Fidelity" approach gives you the best of both worlds.
For employers setting up a new HSA program, Lively offers the strongest combination of zero employee fees, solid brokerage access, and employer-friendly administration tools.
Regardless of which provider you choose, the most important decision is to invest your HSA in the first place. Only 13% of HSA holders invest any portion of their balance. By choosing a strong investment provider and putting your money to work, you are already ahead of 87% of HSA holders and positioned for decades of tax-free growth. Read our guide on how to invest your HSA for long-term growth for portfolio strategies and allocation advice.
Next Steps: Action Checklist
Written by
Priya is a CFA charterholder and Certified Financial Planner who manages HSA Orbit's investment research. She evaluates HSA investment platforms, fund lineups, and long-term growth strategies.
