Best HSA Account Custodians in 2025

According to Devenir Research’s 2024 mid-year report, HSA assets reached $137 billion across 38 million accounts, reflecting an 18% increase in assets and a 5% rise in accounts.

This growth highlights the increasing recognition of HSAs as both a healthcare and retirement planning tool.

A Health Savings Account (HSA) can do more than just cover medical costs—it can also be a powerful way to build retirement savings, thanks to its unique tax advantages.

But to get the most out of your HSA, you need to choose the right custodian.

All HSAs offer the same basic tax benefits. However, the quality of service, investment choices, fees, and tools can vary widely depending on the provider. If you want to grow your HSA savings and invest with confidence, it’s worth taking the time to compare your options.

We reviewed top HSA custodians across the country to find the best ones for individuals and small businesses. We focused on low fees, strong investment choices, easy-to-use online tools, and helpful education resources.

After comparing these features, we narrowed down the best HSA providers for 2025 to a few standout options that offer the most value.

This growth highlights the increasing recognition of HSAs as both a healthcare and retirement planning tool.

How HSAs Work

If you have a high-deductible health plan (HDHP), a Health Savings Account (HSA) lets you save money for medical costs without paying taxes on it.

HSAs offer a unique triple tax advantage that no other account type currently matches:

HSA benefits aren’t limited to paying direct healthcare costs. After age 65, you can withdraw money for any reason without penalty—just like a traditional IRA.

You’ll pay regular income tax, but no penalty, making it a smart way to boost your retirement savings.

That’s why it’s important to choose the right HSA custodian. The best ones let you invest your money in a range of assets, giving you the chance to earn more over time.

Use Your HSA As a Strategic Retirement Asset

Furthermore, HSA benefits aren’t limited to just paying for direct health care costs.

Used properly, your health savings account can also be a strategic, long-term financial asset with a variety of uses. Here’s why:

Any amounts you leave in the HSA continue to accumulate tax-deferred – again, just like a traditional IRA or 401(k) account. No taxes on dividends or capital gains, as long as the money remains in your HSA.

Once you turn 65, the usual 20% penalty for nonqualified withdrawals goes away. At that point, non-qualified withdrawals from your HSA are simply taxed the same way as a traditional IRA distribution: You just pay ordinary income taxes on the amount you take out.

Any amounts you leave in the account continue to accumulate tax-deferred – again, just like a traditional IRA or 401(k) account. No taxes on dividends or capital gains, as long as the money remains in your HSA.

Meanwhile, you can still tap your HSA tax free to pay healthcare costs, and even to pay qualified long-term care insurance premiums.

So your health savings account benefits can get sweeter with time.

And this is where choosing a good HSA account custodian can really pay off: The best HSA account custodians don’t limit you to money-market-type returns. Instead, the best HSA custodians empower you to invest your money in a variety of assets––including stocks, bonds, ETFs, and mutual funds––in the expectation of higher returns.

What Do The Best HSA Custodians Do?

Not all HSA custodians are created equal. Their account features, capabilities, benefits, minimum investment thresholds, and fee structures can vary significantly. These differences become more and more significant as your account size grows.

A great HSA custodian does more than just hold your money for you––it helps you grow it. The best custodians offer low fees, solid investment options, user-friendly interfaces, and clear communication. They make it easier for you to save for healthcare expenses now—and potentially build a tax-efficient nest egg for the future.

In today’s market, Here’s what you can expect of the best-in-class HSA custodians.

• Day-to-Day Management and Reporting

HSA Custodians are responsible for holding your funds in a secure, FDIC-insured account or a similarly protected trust. They handle basic tasks like processing contributions, tracking your balance, issuing debit cards, and keeping records for tax reporting. Custodians also ensure your account complies with IRS rules, making sure withdrawals are properly categorized and reported.

• Provide User Account Management Tools

These tools often include online dashboards, mobile apps, expense tracking features, and options to upload and store receipts. Some custodians go further by offering tax calculators, alerts for approaching contribution limits, and integration with employer payroll systems. These features are especially valuable for individuals who want to take full control of their healthcare spending and savings strategy.

• Manage Outside Investment Options

Once your HSA balance reaches a certain threshold—often $1,000 or $2,000—you can move funds into investment accounts.

Depending on the custodian, you may be able to invest in mutual funds, ETFs, stocks, or even managed portfolios. These investment options turn your HSA into a long-term growth tool, much like a retirement account, with the added benefit of tax-free withdrawals for medical expenses.

Note: Self-Directed Investments Can Be Risky

Unlike the cash portion of your HSA, which is stable, may be protected by FDIC, and often earns interest, other investment asset classes can lose value. Market volatility will affect your returns. And underlying investment fees may apply, depending on the platform or brokerage partner the custodian uses. These fees will ultimately come out of your returns.

It’s important to review each custodian’s investment offerings, expense ratios, and access to support before moving funds into higher-risk assets.

Be Aware of Account and Investment Fees

Always compare fee structures when comparing HSA custodians.

Some HSA custodians charge monthly maintenance fees. Others waive them if you maintain a minimum balance or go through an employer.

Investment fees may include trading costs, account service fees, or fund management fees. Low-cost custodians with transparent pricing help you keep more of your savings over time.

How to Choose the Best HSA Custodian

When comparing the best HSA custodian firms, look for the following features and benefits:

1. Low Fees

High fees can eat into your savings, especially over many years. Even a small monthly maintenance fee or slightly higher investment cost can add up over time, and reduce your overall return.

Remember, returns compound over time. But so do fees and expenses. Choosing a low-cost custodian helps you preserve more of your tax-free growth over time.

Look for custodians that offer no-fee or low-fee accounts, especially if you plan to maintain a modest balance.

If you intend to invest your HSA funds, pay close attention to fund and ETF expense ratios, transaction fees, and any monthly or annual account service charges. Note that some firms will waive monthly fees if your account is above a certain balance.

Choosing a low-cost custodian helps you preserve more of your tax-free growth over time.

2. A Broad Range of Investment Options

The best HSA custodians offer a diverse selection of investment options across multiple asset classes.

Examples include U.S. stocks, international equities, bonds, and cash equivalents.

A wide selection of investment choices makes it much easier to build a diversified portfolio, and preserves your ability to rebalance as needed—all within your HSA, so you don’t have to incur tax and transaction costs as you shift money around.

Custodians that partner with platforms like TD Ameritrade, Schwab, or Betterment often offer broader and more flexible options. Fidelity also has a very broad selection of investment options in multiple asset classes.

3. A User-Friendly Interface

A simple, intuitive online experience helps you make the most of your HSA. Look for custodians with a clean, well-organized website and a mobile app that lets you manage your account on the go.

Useful features to watch for include:

A good platform saves time and gives you the tools to stay engaged with your health savings strategy.

4. Tools for Employers

If you own a business or manage employee benefits, choose a custodian that makes it easy to set up and administer HSAs for your team.

Key employer features include:

Note: The best custodians will offer tools that integrate smoothly with your benefits software or payroll provider. This helps reduce administrative headaches and ensures accuracy in employee benefits.

5. Additional Benefits

Some custodians go above and beyond by offering extra tools and support. These might include:

These added services can make a big difference, especially if you’re new to HSAs or want to use your account for long-term planning. Look for benefits that match your specific needs—whether you’re managing your own healthcare finances or supporting a team of employees.

By comparing custodians based on these features, you can choose one that not only protects your savings but also helps you grow them efficiently.

The Best HSA Custodians in 2025

Fidelity

Fidelity is one of the most well-known names in the investment world—and their HSA offering lives up to that reputation.

With ultra-low fees and access to a wide range of investment options through a brokerage window, Fidelity stands out as a smart choice for people who want to grow their HSA over time.

As a leader in the retirement space and one of the largest 401(k) custodians in the country, Fidelity also brings deep experience to the employer side. Its HSA platform integrates smoothly with its 401(k) systems, giving businesses a streamlined, all-in-one solution for managing both healthcare and retirement benefits.

Why Fidelity Stands Out

No Monthly Fees or Minimums
Fidelity doesn’t charge any maintenance fees and doesn’t require a minimum balance to open an HSA. That’s a big advantage for lower-income workers who want to start saving for medical expenses without extra barriers.

Flexible Investment Access
Once your HSA balance hits the investment threshold, you can start using Fidelity’s self-directed brokerage window. The platform includes a wide range of no-load mutual funds and ETFs, including low-cost index funds. Their expense ratios are among the lowest in the industry, which helps maximize your long-term returns.

Great Cash Savings Rates
Prefer to keep your HSA in cash instead of investing? Fidelity offers some of the best interest rates available on FDIC-insured HSA cash accounts, making it a strong option even for conservative savers.

Powerful Digital Experience
Fidelity provides a top-tier mobile app and web dashboard that lets you easily manage contributions, track expenses, view investment performance, and access tax documents. The platform works just as well for individuals as it does for employers managing multiple employee accounts.

Whether you’re looking to use your HSA for immediate medical costs or long-term investment growth, Fidelity offers a strong combination of low costs, quality tools, and trusted service that’s hard to beat.

Best HSA Custodians 2025

Lively

Lively may be much smaller than investment giants like Fidelity, but it has quickly built a reputation as one of the best HSA custodians in the U.S.

Since launching in 2016, this San Francisco–based company has focused on delivering a seamless experience for both individuals and employers. Its modern platform, strong customer service, and commitment to transparency have helped it grow rapidly—managing over $500 million in HSA assets in under a decade.

Why Lively Stands Out

Top-Tier Customer Satisfaction
Lively earns Net Promoter Scores (NPS) nearly three times higher than the industry average, showing that users—both individuals and business clients—are very satisfied with the service they receive.

Clear, Upfront Pricing
Lively is known for its transparent fee structure. There are no hidden costs or surprise charges, especially for employers who want an affordable HSA benefit solution.

No-Cost HSAs for Individuals
Lively offers free HSA accounts for individuals and families. There are no monthly maintenance fees, making it easy to start saving—even with a small balance.

Strong Investment Options
Users can invest their HSA funds through TD Ameritrade, with no minimum balance required to get started. This gives you full access to a broad selection of ETFs, mutual funds, and stocks.

User-Friendly Interface
Lively’s platform is built for modern users. Its mobile-friendly tools make it easy to check your balance, pay medical bills, or adjust contributions—even while you’re sitting in a doctor’s office.

If you want a simple, affordable, and highly-rated HSA experience—with strong investment flexibility and no hidden fees—Lively is an excellent option. It’s especially appealing to people who want full control over their healthcare dollars.

HealthEquity: The Best HSA Custodian for Employers and Groups

HealthEquity, founded in Draper, Utah, in 2002, has become one of the leading non-bank HSA custodians in the U.S.—especially for businesses.

The company focuses on delivering flexible, employer-friendly solutions for managing healthcare savings and related benefits.

Why Employers Choose HealthEquity

Built for the Workplace
HealthEquity specializes in HSA services designed for employers. In addition to handling HSAs, the company supports other tax-advantaged benefits like dependent care FSAs and health reimbursement arrangements (HRAs). These offerings help companies create a more complete and competitive benefits package.

Trusted Investment Options
For users looking to grow their HSA funds, HealthEquity offers access to self-directed investments through Vanguard—a firm known for its low-cost, high-quality index funds. This makes it easy for employees to invest wisely while keeping expenses low.

24/7 Customer Support
HealthEquity provides round-the-clock customer service, so users can get help anytime they need it. That’s a big plus for employers and employees who need fast answers and reliable support.

If you’re an employer looking to add HSAs and other health benefits to your plan, HealthEquity is a strong partner. With its workplace focus, investment access, and 24/7 support, it helps businesses offer better care—and better savings—for their teams.

Based in Sheboygan, Wisconsin, HSA Bank is a solid pick for individuals who have at least $1,000 to invest and want the freedom to manage their own portfolio. It’s also well-suited for employers looking to offer a broader range of family-friendly benefits beyond just health savings accounts.

HSA Bank

Based in Sheboygan, Wisconsin, HSA Bank is known for providing clients with the ability to take full control of their self-directed HSA investments. 

Through its partnership with TD Ameritrade, HSA Bank facilitates access to a broad selection of mutual funds, ETFs, and even the ability to transact in individual stocks. This makes HSA Bank one of the more flexible options on the market.

Creative Benefit Solutions for Employers
HSA Bank isn’t just about HSAs. Employers can use the platform to offer other valuable benefits, too, including:

These options make HSA Bank an appealing choice for businesses that want to support employees with a more comprehensive benefits package.

$1,000 Investment Threshold
To access the self-directed investment platform, you’ll need a minimum HSA balance of $1,000. So HSA Bank is a better fit for people with larger accounts or those who plan to build up savings quickly.

The bottom line: With strong investment tools and broad employer benefits, HSA Bank is a great option for account holders who want more control—and for companies that want to offer more than just the basics.

Optum Bank

Founded in 2002 and based in Salt Lake City, Utah, Optum Bank is a subsidiary of UnitedHealthcare. It’s built to serve individuals and businesses that want to closely align their HSA with healthcare spending and insurance benefits.

What Sets Optum Bank Apart

Seamless Healthcare Integration
Optum Bank connects directly with both Optum’s healthcare management tools and UnitedHealthcare’s insurance benefits. That integration creates a smoother experience for users who want everything—from claims to savings—under one umbrella.

Strong Investment Options
For account holders who want to grow their savings, Optum Bank offers a solid range of investment choices, including mutual funds and brokerage options. These tools give you the flexibility to tailor your strategy based on your health and financial goals.

Robust Support Resources
Optum Bank has built an impressive library of educational guides, planning tools, and employer resources. These help individuals make smarter financial decisions and help businesses manage their benefits more effectively.

Exclusive Savings with OptumNow
One standout feature is OptumNow—a network of providers and suppliers offering discounts on healthcare-related products and services. If you spend regularly on prescriptions, medical devices, or wellness services, OptumNow can lead to meaningful savings.

Bottom Line: Optum Bank is a great choice for people who frequently use healthcare services and want extra savings opportunities. It also works well for employers who already use—or plan to use—UnitedHealthcare for group coverage, thanks to its tight integration with existing benefits.