Banks and brokers that offer HSA accounts

Most major banks do not offer HSA accounts directly. Instead, HSAs are typically held through HSA custodians—specialized financial companies that manage the accounts to meet IRS rules. The largest custodians include Fidelity, HealthEquity, Lively, Optum Bank, and Betterment HSA. Some regional banks and credit unions partner with custodians to offer HSA products under their own names, but the underlying account structure remains the same.

Your employer's health plan often selects the HSA custodian for you. If your employer does not offer an HSA, or if you are self-employed or uninsured, you can open an HSA with any custodian that accepts individual accounts. The custodian you choose determines what investment options you have, what fees you pay, and how easily you can move money in and out.

Not all custodians are equal. Some charge monthly maintenance fees; others waive them if you maintain a minimum balance. Some offer only savings; others let you invest in mutual funds or stocks. Some have strong mobile apps; others require phone calls or mail. The right choice depends on whether you plan to spend the money soon or invest it for retirement.

Key Takeaways

  • Your employer's health plan usually selects your HSA custodian, but you can open your own account with any custodian if your employer does not offer one.
  • Major custodians include Fidelity, HealthEquity, Lively, Optum Bank, and Betterment HSA, each with different fee structures and investment options.
  • Monthly maintenance fees range from zero to around $3 per month, and some custodians waive fees if you keep a minimum balance.
  • You can move your HSA to a different custodian at any time, though the process typically takes one to two weeks.
  • Some custodians focus on near-term spending (savings-only accounts); others are designed for long-term investing with mutual fund options.

How to find which custodian holds your HSA

If your employer offers an HSA, your benefits administrator or HR department can tell you which custodian manages it. You can also check your pay stub or benefits portal—the custodian name usually appears on statements or in the enrollment materials you received when you chose your health plan.

If you have already opened an HSA, log into your account online or call the customer service number on your debit card or statement. The website and phone number will tell you the custodian name immediately.

Once you know your custodian, visit their website to review their fee schedule, investment options, and mobile app features. Many custodians offer a comparison tool that shows what you would pay in fees over a year based on your account balance.

Custodians that accept individual accounts

Fidelity is the largest HSA custodian by account count. It charges no monthly maintenance fee, offers investment options including mutual funds and individual stocks, and has a strong mobile app. Fidelity requires a $0 minimum balance to open an account.

HealthEquity is the second-largest custodian and focuses on both spending and investing. It charges $2.50 per month for accounts under $5,000 and waives the fee for accounts above that threshold. HealthEquity offers investment options and a debit card for spending.

Lively (owned by Deseret Mutual Benefit Administrators) charges no monthly fee and offers investment options through a partnership with Morningstar. It is known for a simple mobile app and fast transfers.

Optum Bank is owned by UnitedHealth Group and is often the default custodian for people with UnitedHealthcare insurance. It charges no monthly fee and offers both savings and investment options, though investment choices are more limited than Fidelity or HealthEquity.

Betterment HSA is newer and targets people who want to invest their HSA balance. It charges no monthly fee and automatically invests your money based on your age and risk tolerance. It has fewer spending features than other custodians.

Catch and Vivli are smaller custodians that also accept individual accounts. Both charge no monthly fee and offer investment options. Vivli is particularly focused on spending and has partnerships with health care providers.

What to compare when choosing a custodian

If you are opening your own HSA (not through an employer), compare custodians on these factors: monthly maintenance fees, minimum balance requirements, investment options, debit card availability, and mobile app quality. If you plan to spend the money within a year or two, prioritize low fees and easy spending features. If you plan to invest for retirement, prioritize low investment fees and a wide range of fund options.

Check whether the custodian charges transaction fees for moving money between your savings and investment accounts, or for transferring money out to pay a provider. Some custodians charge $15 to $25 per outgoing wire transfer; others do not charge at all. These small fees add up if you move money frequently.

Read reviews on Trustpilot, the Better Business Bureau, or Reddit's personal finance communities. Pay attention to complaints about customer service response time and whether the mobile app works reliably. A custodian with slightly higher fees but responsive support may be worth the cost if you need help.

Moving your HSA to a different custodian

You can move your HSA balance to a different custodian at any time. The process is called a trustee-to-trustee transfer. You contact the new custodian, provide them with your old custodian's account details, and they handle the transfer directly. No money passes through your hands, and the transfer is not taxed.

Trustee-to-trustee transfers typically take one to two weeks. During that time, your money sits in transit and you cannot spend it. Some custodians charge a transfer fee ($25 to $50); others do not. Ask both custodians about their fees before you start the process.

If your employer selects your custodian, you may not be able to move your account until the end of the plan year or during open enrollment. Check your plan documents or ask HR. If you are self-employed or have an individual HSA, you can move it whenever you want.

HSAs through banks and credit unions

Some regional banks and credit unions offer HSA products, but they typically partner with a custodian behind the scenes. For example, a bank might advertise an "HSA savings account" but the actual custodian is HealthEquity or another third party. The bank provides the branding and customer service, but the custodian manages the account structure and compliance.

If your bank or credit union offers an HSA, ask them which custodian they use. Then compare that custodian's fees and features to other options. You may find that opening an account directly with the custodian gives you better rates or more features than going through the bank.

Some credit unions offer HSA accounts only to members, and membership may require living or working in a specific geographic area. If you are a member, it is worth asking whether their HSA product is competitive. If not, you can open an account with a national custodian instead.

Frequently Asked Questions

Can I have an HSA with more than one custodian?

Yes, you can have multiple HSA accounts as long as your total contributions across all accounts do not exceed the annual limit set by the IRS. However, most people keep one account because managing multiple accounts is complicated and custodians charge separate fees for each account.

What happens to my HSA if I change jobs?

Your HSA stays with you and belongs to you, not your employer. If your new employer offers an HSA with a different custodian, you can keep your old account open or move the balance to the new custodian. You are not required to use your employer's custodian.

Do I have to use my employer's HSA custodian?

If your employer offers an HSA, they select the custodian for payroll deductions. However, you can open a separate HSA with a different custodian and contribute to it yourself outside of payroll. You cannot contribute to two HSAs through payroll at the same time, but you can maintain multiple accounts.

Are there HSA custodians that do not charge any fees?

Yes. Fidelity, Lively, Optum Bank, and Betterment HSA all charge zero monthly maintenance fees. Some charge transaction fees for specific actions (like wire transfers), so read the fee schedule carefully. Fees vary based on your account balance and activity level.

Can I invest my HSA money in stocks or crypto?

Most major custodians let you invest in mutual funds and exchange-traded funds (ETFs). Some, like Fidelity, also allow individual stocks. Cryptocurrency is not offered by mainstream custodians because the IRS does not treat it as a may have access to HSA investment. Stick with stocks, bonds, and mutual funds.