The Best Health Savings Account Administrators in 2025

The Best HSA Administrators in 2025

There are many HSA administrators to choose from, each with different fee structures and services. It’s important to compare and contrast each TPA to find the one that meets your specific needs.

Here are a few of the best options to consider:

BEST FOR NEW HSA INVESTORS: HSA Bank

With over 3 million HSA accounts and $10.7 billion in HSA assets, HSA bank is a leader and long-time innovator in the HSA and consumer directed health care industry.

HSA Bank is also known for its excellent customer service. So it makes a solid choice for people who are new to HSAs and to self-directed investing, or who are active users and frequent health care consumers.

On top of its best-in-class customer service team. HSA Bank offers a window to a full discount brokerage service via TD Ameritrade.  This allows people who want to self-direct their investments within their HSA  to purchase mutual funds, exchange traded funds (ETFs), stocks, bonds, and mutual funds.

The investment options are solid, and the fee structure is competitive.

If good customer service is important to you, or you’re worried about getting your questions answered, you can satisfy these concerns and still be confident you’re getting a solid all around value with HSA Bank and its TD Ameritrade broker partners.

BEST FOR FREQUENT HEALTHCARE CONSUMERS: Health Equity

If you go to the doctor a lot, or otherwise spend regularly on qualified medical expenses, Health Equity may be a good choice for you.

What sets Health Equity apart in this regard is the best-in-class functionality of its expense tracking features. Health Equity makes it easy to track your spending and check to see exactly how much you have in your HSA to spend at any moment.

Health Equity account holders receive a free debit card. You also have the option of writing checks against the account, and using their excellent, intuitive mobile app.

Health Equity’s fees are reasonable, with a 0.36% investment fee, which is capped at $10 per month.

For self-directed HSA investors, Health Equity offers a menu of mutual fund and ETF products from Vanguard funds, which is a month the leading investment companies in the world when it comes to low-cost, efficient mutual funds.

BEST FOR SAVERS AND CONSERVATIVE INVESTORS:  Fidelity

We give Fidelity the top slot for cash savings because of the combination of no annual fees and a very solid money market investment option, which combines safety of capital with rates of return that are far superior to the basic cash rates available at most other HSA administrators.

As of this writing in late May, 2023, Fidelity HSA investors’ cash savings are earning 4.54% APR in a government money market fund. Many other competing HSA administrators are showing APRs of just 0.10% APR on cash savings. Which is just a passbook savings-level interest rate.

This isn’t a perfect apples-to-apples comparison: Money markets are considered extremely safe, but are not backed by the FDIC. Still the rates aren’t even close. The higher rate more than compensates for the lack of FDIC protection.

BEST FOR SMALL ACCOUNTS – Fidelity

We also give Fidelity the top slot for people with small accounts and new investors. Why? No annual fee, a great option for cash savings as mentioned above, and no account minimum. You can take advantage of the full range of Fidelity features even if you’ve just made your first monthly contribution to an HSA.

On top of those advantages, Fidelity provides people interested in investing for greater returns with full access to one of the best fund lineups in the world – including four index funds with a zero expense ratio.

For those who want to invest in individual stocks via a self-directed account, Fidelity offers fractional shares. That means if you want to buy a higher-priced stock, you don’t have to pay the full price for an entire share of common stock. You can buy a fraction of a share for your account.

This is important for people who make small, regular monthly contributions.

BEST FOR SMALL BUSINESSES – Fidelity

Fidelity has been a leader in employee benefits for generations. In addition to having an excellent HSA product, Fidelity also offers an outstanding 401(k) custodian service, and provides great support for small and large groups, solo 401(k)s, and many other business products and services.

Fidelity provides access to a great array of quality mutual funds including low-cost index funds for HSAs as well as 401(k)s, 403(b)s, SIMPLE IRAs, SEP IRAs, and much more.

They also have a sophisticated web portal that can provide employees with a seamless experience managing all these benefits with a single login.

What’s more, Fidelity has the resources to easily scale their services for employers of any size.

BEST ALL AROUND: Lively

Lively combines very low fees, a wide choice of investment options, and an easy-to-use, intuitive website and portal, which makes it a great all-around choice for any HSA user who wants to take things to the next level.

Lively prides itself on having no hidden fees: Everything is up front. As of this writing in late May 2023, individuals pay no fees to open and keep an HSA account open with Lively.

Customers receive a free debit card they can use to pay qualified medical expenses.

Customers receive access to over 13,000 different mutual funds, stocks, bonds, CDs, and other investment products through Schwab, which is known for its low fees and efficiency.

There’s an annual fee of $24 to use the Schwab brokerage window, but this fee is waived if your balance is $3,000 or more.

There are commissions to pay for trading some investment products. Not huge, but big enough to cause drag for frequent traders.

But it’s an excellent choice if you concentrate on the Exchange Traded Funds (ETFs), which provide rock bottom expenses, instant diversification, and zero commissions or fees to transact.

Plus, unlike most other HSA administrators, Lively has no minimum account size to get started investing. You can start right away… though you should try to get your balance to $3,000 or more as soon as you can to make the $24 annual fee go away.

Cash holdings are held in an FDIC-insured, interest-bearing savings account. The rate is low, but your money is safe. Lively pays interest based on how much money you keep in your account. But even very small accounts receive interest, and you can maximize the interest you earF with just $10,000 in your account.

That’s less than two years’ worth of contributions for a family plan.

Those who want access to Lively’s “Guided Portfolio” service pay 0.50 percent per year. 

Lively for Small Businesses

Lively is an excellent choice for individuals and families. They are also a good choice for small businesses with at least 16 employees. Businesses pay $2.95 per month per employee to maintain an HSA.

Lively is less competitive for smaller employers because they charge a minimum fee of $50. So if you have five employees, your effective monthly cost is $10 per employee. So very small businesses may be better off with a no-fee approach, such as Avidia Health.