Banks that offer HSAs and where to open one

Most major banks do not offer HSAs directly. Instead, HSAs are typically run by dedicated HSA administrators—companies that specialize in these accounts—or by health insurance companies as part of their coverage. The banks you use for checking and savings are unlikely to be your HSA provider.

Common HSA administrators include Lively, HealthEquity, Fidelity, Optum Bank, and Conduent. Some regional and online banks partner with these administrators to offer HSAs to their customers, but the account itself is managed by the administrator, not the bank. If your employer offers an HSA through payroll deduction, the administrator is usually chosen by your employer's benefits team, and you have limited say in which one you use.

If you are buying an HSA on your own—because you have a high-deductible health plan but no employer plan—you can open an account directly with any major HSA administrator. You do not need to use your primary bank.

Key Takeaways

  • HSAs are managed by specialized administrators like Lively, HealthEquity, and Fidelity, not by traditional banks like Chase or Bank of America.
  • If your employer offers an HSA, the administrator is chosen by your employer and contributions come straight from your paycheck.
  • If you buy an HSA independently, you can open one with any major administrator regardless of which bank holds your checking account.
  • Some health insurance companies run their own HSA programs, so check your insurance documents to see if one is already available to you.
  • HSA fees, investment options, and debit card features vary by administrator, so comparing a few before opening is worth the time.

HSA administrators and what they offer

Lively (owned by Deseret Mutual Benefit Administrators) offers HSAs with no monthly fees, a debit card for medical purchases, and the ability to invest unused funds in stocks and bonds. You can open an account online in minutes if you have a high-deductible health plan.

HealthEquity is one of the largest HSA administrators and is used by many employers. It offers investment options, a debit card, and mobile banking. Monthly fees vary depending on the plan you choose, typically ranging from $0 to $3 per month. HealthEquity also allows you to connect your HSA to a linked bank account for transfers.

Fidelity offers HSAs with no monthly maintenance fees and full investment options through their brokerage platform. If you already use Fidelity for retirement accounts or investing, adding an HSA there keeps everything in one place. Fidelity's HSA debit card works at pharmacies and medical providers.

Optum Bank (part of UnitedHealth Group) runs HSAs for many employer plans and also sells individual accounts. It includes a debit card, online bill pay, and investment options. Some employer plans through Optum have no monthly fees; individual accounts may charge a small monthly fee depending on your balance.

How to find out which HSA your employer offers

If you are enrolled in a high-deductible health plan through your employer, your benefits materials or employee portal will name the HSA administrator. Look for a document called "Summary of Benefits and Coverage," "Plan Documents," or "Benefits Guide." The HSA administrator's name and website will be listed there.

You can also ask your HR or benefits department directly. They can tell you the administrator's name, whether contributions are taken from your paycheck, and what the annual contribution limit is for the current year. If your employer offers multiple HSA options, they will tell you which ones are available and how to choose between them.

Once you know the administrator, you log in through their website or app to set up your account and link it to your bank account for transfers. Most employer HSAs are already set up for you—you just need to activate them and choose your investment options if the plan offers them.

Opening an HSA on your own

If you have a high-deductible health plan but no employer HSA, you can open one independently with any major administrator. You will need to provide proof that you have a may have access to health plan—usually a copy of your insurance card or a letter from your insurance company stating your deductible amount.

Visit the administrator's website, click "Open an Account," and follow the steps. Most take 10 to 15 minutes. You will need your Social Security number, a valid ID, and a bank account to link for transfers. Some administrators let you fund your account immediately; others require you to wait a few business days for verification.

Once your account is open, you can contribute up to the annual limit set by the IRS. For 2024, that limit is $4,150 for individual coverage and $8,300 for family coverage, though these amounts change each year. You can contribute all at once or spread contributions throughout the year.

Comparing HSA features that matter

Not all HSA administrators are identical. Before opening an account, compare these features:

  • Monthly fees: Some charge nothing; others charge $2 to $5 per month. Over a year, this adds up.
  • Investment options: If you plan to invest your HSA balance rather than spend it immediately, check whether the administrator offers mutual funds, ETFs, or stocks. Some offer only savings accounts.
  • Debit card: Most administrators issue a debit card that works at pharmacies and medical providers. Some cards work everywhere; others are restricted to medical merchants.
  • Mobile app: If you manage money on your phone, check whether the administrator's app lets you view balances, transfer money, and track spending.
  • Customer support: Read reviews about how easy it is to reach support by phone or chat if you have questions.

If your employer chose your HSA administrator, you cannot change it while you work there—but you can roll your balance to a different administrator when you leave the job. Most administrators make this process straightforward and do not charge a fee.

What happens to your HSA when you change jobs

Your HSA belongs to you, not your employer. When you leave a job, your HSA account stays open and the money stays yours. You can keep the account with the same administrator, or you can roll the balance to a new administrator at your next job or to one you choose independently.

If your new employer offers an HSA through a different administrator, you can request a rollover (also called a trustee-to-trustee transfer). The old administrator sends your balance directly to the new one, and there are no tax consequences. This usually takes 5 to 10 business days.

You can also leave your HSA where it is and open a new one with your new employer's administrator. Some people maintain multiple HSA accounts, though this complicates tracking your total balance against the annual contribution limit. Most people consolidate into one account eventually.

Frequently Asked Questions

Can I open an HSA with my regular bank?

No. Chase, Bank of America, Wells Fargo, and other traditional banks do not run HSA programs. You must open an HSA with a specialized administrator like Lively, HealthEquity, or Fidelity. Some banks partner with these administrators to offer HSAs to customers, but the account is still managed by the administrator.

What if I do not know which HSA my employer offers?

Check your benefits materials or employee portal for the administrator's name. If you cannot find it, email your HR or benefits department and ask for the HSA administrator's name and website. They can also tell you whether contributions are automatic through payroll.

Can I switch HSA administrators if I do not like mine?

Yes, but it depends on whether you have an employer plan. If your employer chose your administrator, you cannot switch while you work there. When you leave the job or change health plans, you can roll your balance to a different administrator at no cost. If you opened an HSA independently, you can roll it to a new administrator anytime.

Do I lose my HSA money if I change jobs?

No. Your HSA balance is yours to keep. When you leave a job, the account stays open and the money remains available. You can keep it with the same administrator, roll it to your new employer's HSA, or move it to an independent HSA administrator.

What is the difference between an HSA and a savings account at a bank?

An HSA is a tax-advantaged account specifically for medical expenses—contributions are tax-deductible, growth is tax-free, and withdrawals for medical costs are tax-free. A regular savings account at a bank has no tax advantages and is not restricted to medical use. HSAs are managed by specialized administrators, not banks.