Banks that offer HSAs and how to find them
Most major banks do not offer HSAs directly. Instead, HSAs are typically held through standalone HSA custodians, insurance companies, or payroll administrators. If your employer offers health insurance with an HSA option, they usually contract with a specific HSA provider—you do not choose the bank yourself in that scenario.
If you are buying your own health insurance or need to open an HSA outside your employer's plan, you can open an account with dedicated HSA providers like HealthEquity, Lively, Fidelity, Optum Bank, or Conexus. Some credit unions and regional banks also offer HSAs, but availability varies by state and membership status. The fastest way to find options is to search "HSA providers near me" or call your health insurance company to ask which custodians they work with.
The provider you choose matters because they set the fees, investment options, and ease of access to your money. Some charge monthly maintenance fees; others charge only when you invest funds. Some let you invest your balance in stocks and mutual funds; others keep money in a savings account only.
Key Takeaways
- Your employer's health plan usually determines which HSA provider you use, so you typically do not have a choice if coverage is offered through work.
- If you buy your own health insurance or need an HSA outside your employer's plan, dedicated HSA custodians like HealthEquity, Fidelity, and Optum Bank are common options.
- Traditional banks rarely offer HSAs; credit unions and regional banks may offer them, but you need to contact them directly to confirm.
- Monthly fees, investment options, and withdrawal restrictions vary by provider, so comparing terms before opening an account can save you money over time.
- Your health insurance company can tell you which HSA providers they work with, which narrows your search if you are choosing independently.
HSAs through your employer's health plan
When your employer offers a high-deductible health plan (HDHP) with an HSA option, they contract with a specific HSA custodian or administrator. Common choices include Optum Bank, HealthEquity, Fidelity, Conexus, and Lively. Your employer may also use a smaller regional provider. You receive enrollment materials that explain which provider holds the account and how to set it up.
In most cases, you do not choose the provider—your employer has already made that decision. However, some larger employers offer employees a choice between two or three providers. If your employer gives you options, compare the fee structure, investment choices, and customer service before enrolling. Once you enroll, you can usually switch providers later, though the process takes time and you may face a waiting period.
Employer-sponsored HSAs often have lower fees because the employer negotiates rates with the provider. Some employers even cover the monthly maintenance fee as a benefit. Ask your benefits department whether they subsidize any costs.
Standalone HSA providers and what they offer
HealthEquity is one of the largest HSA custodians in the United States. They offer HSAs to individuals and employers, charge no monthly maintenance fee if your balance stays above a certain threshold (typically $1,000 to $2,500), and allow you to invest funds in stocks, bonds, and mutual funds. They also offer a debit card for easy access to your money.
Fidelity offers HSAs with no monthly fee and no minimum balance requirement. You can invest your balance in Fidelity's mutual funds and brokerage options, or keep money in a cash management account. Fidelity is known for low investment fees and straightforward account management.
Optum Bank is owned by UnitedHealth Group and is commonly offered through employer plans. They charge no monthly fee and offer both savings and investment options. If you have UnitedHealth insurance, Optum may be your default provider.
Lively (formerly Connective) partners with Optum Bank for custody and offers no monthly fees. They focus on a simple user experience and provide a debit card for spending HSA funds. Lively is available to individuals and self-employed people.
Conexus is a smaller provider that offers HSAs with no monthly fee and investment options through a brokerage partner. They are less widely known but serve individuals and employers in most states.
Credit unions and regional banks offering HSAs
Some credit unions and regional banks offer HSAs, but availability is limited and varies by location. Larger credit unions like Navy Federal Credit Union and Connexus Credit Union have offered HSA products in the past, though you must be a member to open an account. Availability changes, so you need to contact your credit union directly to ask whether they currently offer HSAs.
Regional banks occasionally offer HSAs as well, particularly in states with strong health insurance markets. However, most regional banks do not actively market HSA products, so you may need to call and ask specifically. If your bank does offer an HSA, compare their fees and investment options to standalone providers before opening an account—regional banks sometimes charge higher maintenance fees or offer limited investment choices.
The advantage of using a credit union or regional bank is convenience if you already bank there and want all your accounts in one place. The disadvantage is that smaller institutions often have fewer investment options and may charge higher fees than dedicated HSA providers.
Comparing fees and features across providers
Monthly maintenance fees are the most visible cost difference. Some providers charge $0 to $5 per month; others charge $10 or more. A few waive the fee if your balance exceeds a threshold or if you set up automatic contributions. Over a year, a $5 monthly fee costs $60; over 20 years, it costs $1,200. Even small differences add up, especially if you plan to keep the account long-term.
Investment options matter if you want to grow your HSA balance beyond what you spend each year. Providers that offer stocks, mutual funds, and ETFs let you invest like a retirement account. Providers that offer only savings accounts keep your money liquid but earn minimal interest. If you are young and do not plan to use your HSA for medical expenses immediately, investment options can significantly increase your balance over time.
Debit card access and ease of withdrawal vary. Some providers issue a debit card that works at pharmacies and medical providers; others require you to request a reimbursement or transfer funds to your bank account. If you use your HSA frequently for out-of-pocket medical costs, a debit card is more convenient than filing reimbursement requests.
Customer service quality and app usability are harder to compare but matter in practice. Read recent reviews on Trustpilot or the Better Business Bureau to see whether customers report long wait times, confusing interfaces, or difficulty resolving disputes.
How to open an HSA if your employer does not offer one
If your employer does not offer an HSA or you are self-employed, you can open one independently as long as you are enrolled in a high-deductible health plan. You do not need your employer's permission. Visit the website of any HSA provider listed above and follow their enrollment process. You will need to provide proof of HDHP coverage, usually by uploading a copy of your insurance card or plan documents.
You can open an HSA with any provider that serves your state. Some providers are available nationwide; others operate in specific regions. Check the provider's website to confirm they serve your location before starting the application.
Once your account is open, you can contribute up to the annual limit set by the IRS (the limit varies by year and whether you have individual or family coverage). You can contribute through payroll deduction if your employer allows it, or you can make direct contributions to your HSA provider's bank account.
Moving your HSA to a different provider
You can move your HSA balance from one provider to another, though the process takes time. This is called a trustee-to-trustee transfer. Contact your new provider and ask them to initiate the transfer. They will request your account information from your current provider and move the funds directly. The transfer usually takes two to four weeks.
You can also do a rollover, where you withdraw funds from your current provider and deposit them into a new one within 60 days. This method is riskier because if you miss the 60-day window, the withdrawal counts as taxable income and you may owe penalties. A trustee-to-trustee transfer is safer and avoids this risk.
Some providers charge a transfer fee or require a minimum balance to remain open. Ask about these costs before initiating a move. If you are switching because of high fees, make sure the new provider's fees are low enough to justify the transfer hassle.
Frequently Asked Questions
Can I use any bank for my HSA?
No. HSAs must be held by an IRS-approved custodian, which is usually a dedicated HSA provider, insurance company, or bank that specializes in HSAs. Most traditional banks do not offer HSAs. If your employer offers an HSA through their health plan, you must use their designated provider.
What happens to my HSA if I change jobs?
Your HSA stays with you and belongs to you, not your employer. You can keep the account open at your current provider even after you leave the job, or you can transfer it to a new provider. You can continue to use the funds for medical expenses or let the balance grow as a long-term savings account.
Do I have to invest my HSA money, or can I keep it in savings?
You can choose. Most providers let you keep your balance in a savings account earning minimal interest, or you can invest part or all of it in stocks and mutual funds. If you plan to use your HSA for near-term medical costs, a savings account makes sense. If you want to let it grow for retirement, investing is an option.
Are there HSA providers that charge no fees at all?
Some providers charge no monthly maintenance fee, but most charge fees for certain services like investment management or account transfers. Fidelity and HealthEquity (above certain balance thresholds) are known for low or no monthly fees. Always read the fee schedule before opening an account, as fees vary by provider and account type.
What if my employer's HSA provider charges high fees?
You can transfer your balance to a different provider using a trustee-to-trustee transfer, which usually takes two to four weeks. You do not need your employer's permission to move the account. However, check whether your employer's plan allows you to switch providers while still employed, as some plans restrict this.