IBD's Best HSA Accounts For 2025: How To Find The Right One For Your Retirement Goals

Exceptional tax advantages and a vibrant bull market have combined to fuel outstanding growth for Health Savings Accounts, or HSAs. Plus, investment options are improving, and fees are falling for both spending accounts and investment accounts.

Those are just a few of the reasons for the growth in both the number of HSAs and the assets held in them. According to Devenir Research's midyear HSA report for 2024, Americans held $137 billion in HSA assets in 38 million accounts. That's a year-over-year increase of 18% for assets and 5% for accounts.

HSAs have the so-called "triple-tax advantage," meaning HSA contributions are tax-deductible, while growth, dividends and interest are tax-exempt. Plus, withdrawals for qualified medical expenses incurred are tax-free at any time.

Read Our Full Report On The Best HSAs for 2025. Plus: Investing Gains Clout With HSA Account Holders. Also, With Triple The Tax Benefits, HSAs Deliver For Smart Savers

Health Savings Accounts: What To Watch Out For

 

Yet there's room for improvement in HSA offerings. Morningstar, in its 2024 Health Savings Account Landscape research report, says, "HSA transparency and ease of use could still improve ... , and costs — particularly investing and custodial fees — could drop further." And the process of researching and signing up for HSAs remains complicated.

The Consumer Financial Protection Bureau warned earlier this year that consumers "could incur significantly more in fees than they earn in interest" with some HSAs. The agency called out a "costly, complex and captive junk fee structure." The CFPB also said that despite the recent increase in interest rates, "most providers offer consistently low interest rates."

Still, the long-term benefits of using HSAs and investing HSA funds provide powerful growth opportunities for retirement savers.

Finding The Best HSA Account

To help consumers find accounts that can help them make the most of their contributions, IBD presents its eighth annual special report on HSAs. Twelve HSA providers made our list for 2025 by combining account features, investment options and low fees. We've combined research and insights from Devenir, Morningstar and hundreds of HSA providers to create this list.

As you look ahead to your personal finance plan for 2025, use our list to evaluate the fees, account features, investing options and savings rates of the best HSA account providers.

To identify the best companies, we first sought out those that offer investment options. We also analyzed fees, account features, advisor input and fund ratings.

Our final list highlights HSAs that offer a winning combination of low fees, account features, quality investment options and low minimum investment requirements. We also spotlight the companies that rank highly in the categories of widest investment options, low fees, best rates, and zero investment threshold.

We did not rank the listed companies overall, but they are listed in order of the number of category wins. And, please note: Our list only includes HSA account providers that offer HSAs to individuals, not ones that work exclusively with employers.

This year, Fidelity again tops the list, with a win in each category. The health savings account platform Lively, begun in 2016, also ranks highly, with wins in four categories. Then we list the HSA account providers that won in two categories, then one-category winners and then the rest.

To see if you qualify for a health savings account and to read more about the tax advantages, read this IRS publication.

IBD's 2025 Best HSA Accounts List

Fidelity Investments
	Category Awards: Widest Investment Options, Low Fees, Best Savings Rates, Zero Investment Threshold
	Fees* No fees for monthly maintenance, account opening, or account closing. There are no account fees and no account minimums for Fidelity HSAs offered through Fidelity.com to individuals and employers. There may be commissions, interest charges and other expenses associated with transacting or holding specific investments (e.g., mutual funds), or selecting certain account features or types (e.g., managed accounts).
	Investment options Fidelity's HSA investment options include mutual funds, ETFs, stocks, bonds and U.S. Treasuries, FDIC-insured CDs, options. Fidelity's standard brokerage commission schedule applies. While Fidelity's HSA investment option is a brokerage account, it also offers mutual funds: Personal Fidelity HSA Funds To Consider.
	Minimum balance $0
	Features Debit card, checks, online banking, investment options
	FDIC or NCUA insured** Yes
	Investment threshold $0
	Savings rate FDIC-insured deposit sweep, up to 2.47%

 

Lively
	Category Awards: Widest Investment Options, Low Fees, Best Savings Rates, Zero Investment Threshold
	Fees* No fees for monthly maintenance, account opening or account closing.
	Investment options Lively's HSA platform offers mutual funds and a self-directed brokerage. Investment options include stocks, bonds, CDs and commission-free ETFs. HSA holders can access investment options through the Schwab Health Savings Brokerage Account (HSBA) integration.
	Minimum balance $0
	Features Debit card, online banking, investment options
	FDIC or NCUA insured** Yes
	Investment threshold $0
	Savings rate Interest rates for various balance tiers, up to 0.525% APY

 

New Direction Trust
	Category Awards: Widest Investment Options, Zero Investment Threshold
	Fees* Monthly maintenance, $16.95 (annual fee $195+); account opening, $50; account closing, $75 to $250.
	Investment options New Direction Trust Company is a custodian for self-directed HSAs. An HSA with New Direction Trust can invest in a wide array of assets including private equity, real estate, private loans, precious metals and more. The company is commonly used in a 2 HSA system (an HSA at a bank for convenience and an HSA at New Direction Trust) to maximize the tax benefits of this account type.
	Minimum balance $0
	Features Online banking, investment options
	FDIC or NCUA insured** Yes
	Investment threshold $0
	Savings rate Not available

 

Saturna Capital
	Category Awards: Widest Investment Options, Low Fees
	Fees* Monthly maintenance, $0; account opening, $0; account closing, $25
	Investment options Customers may invest their HSA via Saturna Brokerage, with investment options including non-Saturna mutual funds, stocks, covered call options and money funds. The permitted investments are the same as those in Saturna IRAs. Trades using self-directed brokerage HSAs are subject to the Saturna Brokerage Services commission schedule. Saturna does not charge custodial fees on brokerage accounts.
	Minimum balance $100
	Features Investment options
	FDIC or NCUA insured** No
	Investment threshold $500
	Savings rate Not available

 

HSA Bank
	Category Awards: Widest Investment Options, Low Fees
	Fees* Monthly maintenance, $0; account opening, $0; account closing, $25
	Investment options HSA Bank, a division of Webster Bank, offers a self-directed brokerage program with stocks, bonds, ETFs, and mutual funds, one-click integrated trading and an HSA Guided Portfolio tool to select investment elections and realign the portfolio, along with other planning features.
	Minimum balance $0
	Features Debit card, checks, online banking, investment options
	FDIC or NCUA insured** Yes
	Investment threshold $1,000
	Savings rate Not available

 

First American Bank
	Category Awards: Low Fees
	Fees* Monthly maintenance, $0; account opening, $0; account closing, $25
	Investment options First American Bank offers a selection of low-cost, competitive mutual funds, a self-directed brokerage, and CDs. Once customers reach the target cash balance of $1,000 in the checking account portion of their HSA, they can then perform an account sweep and move any additional funds into an array of investment options made available.
	Minimum balance $0
	Features Debit card, checks, online banking, investment options
	FDIC or NCUA insured** Yes
	Investment threshold $1,000. Investment fee: 0.075% per quarter or equal to an annual fee of 0.30% on balances invested in mutual funds.
	Savings rate Not available

 

HSA Central
	Category Awards: Low Fees
	Fees* Monthly maintenance, $2.50; account opening, $0; account closing, $25
	Investment options HSA Central offers participants a mutual fund platform and self-directed option, managed online within the HSA Central Consumer portal and mobile app. Participants also can work with a Central Investments Advisor to help customize an investment plan, coordinating with their health care and retirement goals.
	Minimum balance $0
	Features Debit card, checks, online banking, investment options
	FDIC or NCUA insured** Yes
	Investment threshold $3,000; investment fee: $1/month.
	Savings rate Not available

 

Equity Bank
	Category Awards: Low Fees
	Fees* Monthly maintenance, $3; account opening, $0; account closing, $25
	Investment options Equity Bank's HSA provides mutual funds. Cash, invested balances, and transaction activity are integrated into the platform for a consolidated view of the total account value. Features include online access to trading, auto-transfers, and auto-rebalance capabilities.
	Minimum balance $0
	Features Debit card, online banking, investment options
	FDIC or NCUA insured** Yes
	Investment threshold $1,000; investment fee: 0.0005% of investment balance charged quarterly
	Savings rate Interest rates for various balance tiers: up to 0.05% APY

 

UMB Bank
	Category Awards:
	Fees* Monthly maintenance, $2.95; account opening, $0; account closing, $15
	Investment options The UMB Health Savings Account gives customers the opportunity to select and manage investments through UMB HSA Saver, an online investment account.
	Minimum balance Not available
	Features Debit card, online banking, investment options
	FDIC or NCUA insured** Yes
	Investment threshold $1,000; investment fee: $3/month.
	Savings rate Not available

 

Inspira Financial
	Category Awards:
	Fees* Monthly maintenance, $2; account opening, $0; account closing, $25
	Investment options Inspira Financial HSA customers can invest their HSA funds in a curated menu of SEC-registered mutual funds and an institutional stable value option with no transaction fees for trading.
	Minimum balance $0
	Features Debit card, online banking, investment options
	FDIC or NCUA insured** Yes
	Investment threshold $1,000; investment fee: 0.03% of prior month's average invested balance, only on first $33,333.33 of invested assets
	Savings rate Interest rates for various balance tiers range from 0.01% to 0.50% APY

 

Mercantile Bank
	Category Awards:
	Fees* Monthly maintenance, $5; account opening, n.a.; account closing, $25
	Investment options Through a partnership with Devenir, Mercantile Bank offers HSA account holders the option of investing in mutual funds covering a variety of nationally recognized fund families and asset classes, self-managed by the HSA account holder.
	Minimum balance $0
	Features Debit card, checks, online banking, investment options
	FDIC or NCUA insured** Yes
	Investment threshold $2,500; investment fee: $4.25/month.
	Savings rate Interest rates for various balance tiers range from 0.10% to 0.30% APY

 

Everence Federal Credit Union
	Category Awards:
	Fees* Monthly maintenance, $3; account opening, n.a.; account closing, $25
	Investment options Everence Federal Credit Union HSAs are administered by Everence Insurance Co. and offer mutual funds and CDs. All transactions, including changing funds, rebalancing or moving money, are done through a web portal and are record-kept through partner Devenir.
	Minimum balance $5
	Features Debit card, checks, investment options
	FDIC or NCUA insured** Yes
	Investment threshold $1,000; investment fee: 0.125% quarterly investment asset management fee
	Savings rate Interest rates for various balance tiers up to 0.50% APY

Sources: Devenir, company websites. Fees, interest rates and offering details may change. Please check the provider's website for the latest information. All data is as of Nov. 7, 2024. Compare this year's best HSA account providers to our Best HSAs list for last year.

Best HSA Accounts Licensing: The 2025 Best HSAs logo and accolades are available for licensing through Investor's Business Daily's partner, The YGS Group, at IBDlicensing@theYGSgroup.com or 800 290-5460.

* Fees: Employers' HSAs and plans may have different fee schedules. The criteria for our low fees rating is no monthly maintenance fee, and no other fees, other than an account closing fee (which means no fees while you have an account open). Not all investment-related fees are included in our rating.

** FDIC insured: Applies only to savings/checking accounts. Investments are not FDIC insured. NCUA is the National Credit Union Administration, which insures savings/checking accounts at credit unions.