In This Article Best Health Savings Account (HSA) Providers and the long term potential investment will cost you terribly. Beware of Fidelity, HealthEquity, Lively, Saturna, Optum, and the Big banks. They all have low fees and flexible low cost values, but most have terrible interest rates.
Each has strengths and weaknesses, some have good digital tools, others integrate better with employers, but all are trying to streamline the savings for an HSA to financial and healthcare services. Get to know them for yourself and see which one pairs best with your needs.
What is an HSA provider?
A Health Savings Account (HSA) provider is the type of financial institution or technology platform that services your organization’s HSA program. For HR and Total Rewards staff, the HSA provider you select impacts your team and your employees differently. A good HSA partner is able to help you:
Streamline your processes: Some of the more capable HSA providers help you avoid manual processes by offering automation, integrations, and seamless data flow between your primary systems.
Increase usage: With the best providers, employee engagement and contribution levels can easily be increased through effective communication and user friendly digital solutions.
Ensure compliance: You’ll want to choose a top HSA platform because of this benefit which will help you comply with IRS contribution and eligibility requirements, thereby eliminating the audit risk along with administrative error compliance.
Support scalability: As your organization grows, your HSA vendor should easily be able to address and accommodate any further expansion or complexity such as additional locations and geographies.
Deliver a unified experience: HSAs are not going to be the only benefit you provide to your employees. Top-tier account vendors integrate HSAs with other pre-tax and lifestyle benefits on a single platform, enabling employees to utilize a single wallet for health and wellness expenses and your internal teams to manage one administrative interface.
How we picked the best HSA providers?
In an effort to identify the best HSA providers in 2025, we reviewed publicly available information, user comments, and other third-party data while taking into consideration the following points:
Integration capabilities: How does the provider connect with payroll, HRIS, and other benefits systems to automate contributions, updates on eligibility, and reporting?
Employer reporting and analytics: Is it possible to have insights on participation, contributions, and trends on usage in an effortless way?
Transparency and fee structure: Is the vendor upfront with the costs for both the employer and the employee?
Employee experience: Is the platform user friendly? Is it easy for employees to spend, save, and invest without complication and additional, unnecessary steps?
Customer support: Is the support team available and prepared to help HR admins and employees to solve issues in an efficient way?
Scalability: When new regions, benefits programs, or payroll systems are added, can the provider adjust to the needs of the organization and continue to grow with them?
Security and compliance: How much does the provider safeguard sensitive data such as health and financial data?
Key Points Table
| Provider | Overall Assessment |
|---|---|
| Fidelity | High |
| First American Bank | Above Average |
| HealthEquity | Above Average |
| HSA Bank | Above Average |
| Lively | Above Average |
| Saturna | Above Average |
| UMB | Above Average |
| Associated Bank | Average |
| Nuesynergy | Average |
| Optum | Below Average |
| Bank of America | — |
1. Fidelity
And HSA provider Fidelity account holders enjoy zero account fees, zero minimum balance, and zero investment threshold, constituting one of the cheapest option available. The menu design is one of the investor friendly as it provides access to tens of thousands of commission free trade mutual funds, etfs, and stocks.
There are no maintenance fees and an investment cash balance pays above average interest. Fidelity is transparent and favors long-term growth and provides users HSA tax free covered medical expenses while letting keep HSA funds for retirement purposes.
Fidelity Features
- No account fees or account minimums
- No minimum for investing (“first dollar investing”)
- Large selection: Stocks, ETFs, and mutual funds
- Higher interest rates for cash balanchttps
2. First American Bank HSA
First American Bank HSA does not charge monthly account service fees and has a low initial investment requirement of approximately $1,000 for mutual fund access to deposit accounts that are FDIC-insured.
The pricing strategy has no hidden fees, and the system that allows for healthcare expenditures includes debit and check cards, as well as online banking. The interest is paid on a tiered basis, and accounts earning APY in the $5,000 level and above are considered competitive.
Because of the excellent customer service and high APY, First American Bank is the best for people looking for a local HSA with savings and investment options.
First American Bank Features
- FDIC-insured accounts
- No monthly maintenance fees
- Investment threshold is around $1,000
- Tiered interest rates for larger balances
3. HealthEquity HSA
HealthEquity HSA has an initial investment requirement of approximately $2,000 for the investment accounts and is priced with no hidden fees. The menu provides a seamless way to pay for healthcare, and to save and invest, all via a sophisticated mobile app.
Maintenance fees are low and frequently waived by the employer, while the interest is low on the cash balances as the investment funds are designed for long-term growth.
HealthEquity strengthens educational support and is a good option in the market for people who need customer support to maximize tax benefits and control cash flow related to healthcare expenditures.
HealthEquity Features
- Less fees, more transparent pricing
- Investment threshold is mostly $2,000
- Mutual funds and employer integrated collaboration
- 24/7 support and great mobile app
4. HSA Bank
HSA Bank has flexible accounts without monthly maintenance fees and an investment threshold of \$1,000. They have a competitively priced suite of services, including a menu with debit cards, online banking, and employer linkages.
You get interest on your money, and as your balance increases, you get a better interest rate. HSA Bank lets you use your account as both a spending and a savings account for a retirement account, allowing the account holder to have tax-free growth and carry over your balance to the following year.
HSA Bank Features
- No monthly maintenance fees
- Investment threshold for mutual funds is $1,000
- Products offered: debit card, online banking, employer plans
- Larger balances equals better rates
5. Lively HSA
Lively HSA has no account fees, no investment minimums, and a fully digital system. They have no maintenance fees, and your account is FDIC insured with tiered interest on your balance. You have the option to invest with one of their partners, TD Ameritrade, who has a good selection of securities.
Lively is designed for automation, allowing individuals and employers to manage their healthcare savings. They have a fully digital system, which is appealing to tech-savvy customers for an improved HSA.
Lively Features
- No fees, no minimums for accounts
- Digital, paperless, and fully online
- Investments with TD Ameritrade
- FDIC-insured accounts with structured interest
6. Saturna
Unlike the competition, Saturna HSA doesn’t require a minimum to start investing due to their dollar investing policy. While they offer Saturna proprietary Mutual funds at relatively higher prices, there is no annual fee on Saturna HSA accounts.
As for withdrawals, Saturna’s funds are wired with a brokerage partnered with Pershing LLC which can facilitate a wired transfer for diversified investments.
Saturna is most ideal for those looking to expeditiously invest in and access their custodial fund strategic investments for their long-term healthcare savings.
Saturna Features
- First dollar investing
- No annual fees
- Offers mutual funds and a Pershing brokerage
- Interest rates are low
7. UMB
UMB HSA accounts are FDIC-insured offering no monthly maintenance fees on accounts, providing they are in good standing. While UMB’s HSA Saver program allows for mutual fund investment, most HSA accounts do have a minimum investment threshold of $1,000.
The accounts offer tiered interest rates with higher balances on deposit to earn higher interest. To facilitate payments and spending of the healthcare funds, UMB account menu designs offer debit cards, online banking, and employer integration.
With a long history in the UMB healthcare payment solutions, they’ve earned the status of trusted custodian.
UMB Features
- Having a monthly maintenance fee is not applicable.
- As for the investment threshold for the HSA Saver, it’s $1,000.
- Integration strong with the employer with interest rates of various tiers.
8. Associated Bank
HSA with Associated Bank allows clients to open FDIC-insured accounts with no monthly maintenance fees. Interest rates are around 0.25 percent and vary with tier levels.
Relatively, Associated Bank is highly recommended for investing and saving on health expenses due to their reliability and local service in the Midwest.
Investment and healthcare savings mutual funds are available with no fees. Investment thresholds are typically $1,000.
Associated Bank Features
- Monthly maintenance fees do not apply.
- Investment threshold gets surpassed once $1,000 is reached with mutual funds.
- Personalized customer service while debit cards become accessible.
9. Nuesynergy
A $1,000 investment threshold is also required by NueSynergy, and is recommended by clients for seamless integration of health, dental and vision expenses through a mobile app with no fees and lower maintenance fees covered by employers.
As opposed to Associated Bank, Nuesynergy is known for self-directed accounts available for investment as well as a cash balance to earn competitive interest that is also flexible.
Nuesynergy also streamlines the process by allowing clients to request multiple benefit plans at once to improve efficiency for both clients and businesses.
NueSynergy Features
- Having flexible pricing with minimal fees is accepted.
- Investment threshold can be determined to be around $1,000.
- The menu aligns with HSA, FSA, HRA being on a single platform.
- Interest rates are competitive while a mobile application provides access.
10. Optum Bank
Optum Bank HSA has FDIC-insured accounts and you can maintain zero balances as there are no monthly maintenance fees, and you can start investing at $2,000. The pricing menu is straightforward, and debit cards, online banking, and employer mediation are offered.
Interest is accumulated on cash balances with moderated yields. Investments can also be directed to mutual funds within Optum.
Optum is one of the most popular and preffered HSA services as they provide digital and other tools to assist people save and spend on healthcare expenses by offering discounts through pre-tax savings.
Optum Features
- Monthly maintenance fees do not apply.
- Investment threshold reaches $2,000 for mutual funds.
- Having interest rates in tiers is something digital tools can improve.
Conclusion
Evaluating all major HSA providers such as Fidelity, First American Bank, HealthEquity, HSA Bank, Lively, Saturna, UMB, Associated Bank, NueSynergy, Optum, and Bank of America, you can see that each has their own particular area of expertise.
For example, Fidelity and Saturna are the best choices for long-term investors as they offer the ability invest as soon as funds are available and offer a wider variety of investment options. If a user is more tech-savvy and is looking for workplace integrations, they may prefer Lively and HealthEquity for their excellent digital products.
If security and customer service is a priority, traditional banks such as First America, UMB, Bank of America and Associated Bank all offer FDIC insured accounts with decent interest rates and very good customer service. For fast and effective user experience, Optum and NueSynergy are very good for digital features and various integrations that help with multi-benefit accounts.
FAQ
What is a Health Savings Account (HSA)?
An HSA is a tax‑advantaged savings account for individuals with high‑deductible health plans (HDHPs). Contributions are pre‑tax, growth is tax‑free, and withdrawals for qualified medical expenses are also tax‑free.
Which HSA providers charge no monthly maintenance fees?
Providers like Fidelity, Lively, Saturna, and HealthEquity typically have no monthly account fees, making them cost‑effective for long‑term savers.
Which providers excel in digital tools and mobile apps?
Lively, HealthEquity, Optum, and NueSynergy stand out with modern apps, paperless account management, and employer integration.
Which providers are best for long‑term investing?
Fidelity and Saturna are top choices due to their $0 investment thresholds and broad menus, making them ideal for treating HSAs like retirement accounts.
Are all HSAs FDIC‑insured?
Yes. Providers like First American Bank, UMB, Associated Bank, Optum, and Bank of America offer FDIC insurance on cash balances, ensuring deposit safety.
Which providers are best for employer integration?
HealthEquity, Optum, NueSynergy, and UMB specialize in employer‑linked HSAs, offering seamless payroll contributions and benefit administration.
