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Erin Gobler is personal finance coach and a writer with over decade of experience. She specializes in writing about investing, cryptocurrency, stocks, and more. Her work has been published on major financial websites including Bankrate, Fox Business, Credit Karma, The Simple Dollar, and more.
Updated August 23, 2024 Fact checked by Fact checked by Betsy PetrickBetsy began her career in international finance and it has since grown into a comprehensive approach to journalism as she's been able to tap into that experience along with her time spent in academia and professional services.
Fidelity is our overall top pick for health savings account (HSA) providers, excelling at most of the things that make a great account provider: no fees nor minimum balance requirements, a vast array of investment choices, and a stellar interest rate. For those reasons, it also sweeps our awards for the best fees, investment options, minimum balance requirements, and spending accounts.
When choosing the best health savings account providers, we considered various factors, including interest rates, minimum deposit requirements, investment choices, fees, and customer experience ratings. We narrowed the list of HSA providers to a few clear winners using that information.
Fidelity dominates the best HSAs field, offering superior services overall, and specifically ruling four important criteria.
Fidelity doesn’t charge any fees on its HSAs, including the monthly maintenance fees, account rollover fees, excess contribution return fees, card replacement fees, and paper statement fees that many other providers charge.
The only potential fees you could pay in your HSA are:
If you select a Fidelity Go HSA, a type of managed account, it charges a fee once your HSA account balance reaches $25,000 or more.
Fidelity has more investment options than any other HSA provider we found. When you have a Fidelity Brokerage HSA, you can choose from Fidelity’s wide variety of stocks (including fractional shares), bonds, mutual funds, ETFs, and short-term investments. Fidelity even offers index funds with no expense ratio. In all, it has more than 10,000 funds to choose from.
In addition to its broad range of investment options, Fidelity offers two dedicated HSA funds: the Fidelity Health Savings Fund—a mix of active and index funds—and the Fidelity Health Savings Index Fund. However, these both come with management fees.
Most HSA providers have a minimum balance you must reach before you can start investing. This HSA minimum typically is $500 or $1,000 but can go as high as $3,000. You have to keep that balance in the account without investing it; you can only invest amounts above that minimum. Some providers waive balance requirements if you’re willing to pay a fee.
Fidelity has no minimum balance requirement to start investing money in a self-directed HSA, and no fee. That means you can start investing as soon as you have money in your account, whether in a low-risk, short-term investment or directly in the stock market.
If you want to let Fidelity help you manage your HSA funds, there is an extremely low $10 minimum requirement for the Fidelity Go HSA.
In addition to the option to invest your HSA balance, providers offer an interest return on the money you choose not to invest. Fidelity offers a far higher interest rate than any of its HSA competitors. While its rate isn’t competitive with top high-yield savings accounts, it allows your cash to earn more than you could with any other HSA account provider.
In addition to its high interest rates, Fidelity’s HSA offers other benefits, making it an excellent spending account. You’ll get an HSA debit card, which is standard for most HSAs. You can also pay medical bills directly with Fidelity Bill Pay or reimburse yourself for expenses you’ve covered.
Pros & ConsFidelity is among the best overall online brokerage firms, offering a wide variety of investment options with low fees and a powerful trading platform. The company serves more than 50 million individual investors, with $13.7 trillion in assets under administration.
Fidelity offers a wide variety of financial services for investors, including financial planning, advice, and education. Customers can get help through more than 200 investor centers throughout the U.S., including at the Boston headquarters.
Fidelity's advantages include no or limited account fees, no account minimums for retail brokerage accounts, and commission-free trading. Regarding fees, Fidelity revolutionized the financial industry by introducing zero-expense-ratio funds available to all investors, including HSA investors.
In 2024, Fidelity had $24 billion in total HSA assets; HSAs are just one aspect of the firm’s overall health-related business, which includes flexible spending account (FSA) management and Medicare services. According to the company, nearly half of the Fidelity platform assets are invested.
