The HSA Report Card


The Top 10 Investor HSAs

Criteria for Evaluating HSA Plans

as an Investment Vehicle


In evaluating the best investment HSAs, we focused primarily on fees, investments, investment thresholds, and investor-friendly features.


When you open an HSA, you are subject to a long list of potential fees. However, in this study we concentrate on the fees investor’s are most likely to encounter:

  • Maintenance / Administrative

  • Investment

  • Custodial (asset based fees)

  • Commissions

The best investment HSAs:

  1. have transparent fee disclosures.

  2. have low maintenance fees (less than $3.00 per month).

  3. charge low flat/fixed/static investment fees.


At The HSA Report Card we are big believers in passive index investing. Thus, we believe the best investment lineups, at a minimum, should allow participants to build globally diversified, low cost indexed portfolios . When examining the investment lineups of HSA plans we graded them on the following:

  • Expense ratios

    • In the wacky investment world you don't always get what you pay for. Expensive funds are not guaranteed to outperform their less expensive peers. Lineups with low overall expense ratios received favorable grades, while those with high overall expense ratios received poor grades.

  • Lineup diversification

    • We believe each investment lineup should offer the following:

      • At least 1 low-cost domestic index fund

      • At least 1 low-cost foreign developed markets index fund

      • At least 1 low-cost emerging markets index fund

      • At least 1 low-cost short-term or intermediate term index fund

      • 4-6 low-cost allocation/target date funds

  • Performance

    • Predicting which asset class or mutual fund is going to outperform in a particular year is simply impossible. For that reason we don't care about past performance. We don't factor past performance into our grades.

Investment Thresholds

Some HSA administrators require account holders to keep a certain amount of money in a (usually) low paying checking account before they can invest their funds. Keeping funds in a low-interest cash account means accountholders miss out on those funds’ potential investment returns; this is known as opportunity cost.

The best investment HSAs offer first dollar investing. In other words, the best investment HSAs let their account holders invest right away without having to leave any money in the checking account. Thus, administrators with low investment thresholds received the best grades, while those holding HSA dollars hostage, received poor grades.


Lastly, we scoured the universe for HSA plans that spoiled investors with great features. The best investment HSAs offer:

  • Intuitive websites/apps with hassle-free investment management capabilities

  • Automatic recurring account to account transfers (external and internal)

  • Receipt storage tool for "shoeboxers"


The Top 10 Investor HSAs

Standard Plan (Non-Employer Group)

Administrator Fees Threshold Investments Features Overall
A A A B A-
A A A B A-
A B A B A-
A A A D B+
A- A- A C B+
B B A B B+
C C B+ A B-

Disclosure: The HSA Report Card rankings are not recommendations to enroll in a particular HSA plan. Your unique HSA needs cannot be summed up by any rating or score. Instead, The HSA Report Card offers an easy to use snapshot of expert opinion and information to make analyzing and understanding your HSA plan options a simpler, more informed experience.

In Depth Reviews


  • Reasonable fees, the ability to automate investments with guided portfolios, and access to a TD Ameritrade self-directed brokerage account make this administrator an attractive option for a wide variety of investors.

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  • HealthEquity offers a solution for every kind of investor, from the experienced to the novice. This administrator also hit the ball out of the ballpark with its all Vanguard investment lineup.

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  • HealthSavings Administrators offers first dollar investing in high-quality funds from Vanguard, Dimensional Funds, and T. Rowe Price.

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  • This upstart is catching the eye of many with its low fees, a TD Ameritrade self-directed brokerage account, and its slick user friendly-website.

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  • This behemoth services close to 4 million accounts and holds approximately $9 billion in HSA assets. Optum’s offering is characterized by reasonable fees, decent investment options and an integrated platform with investor friendly features.

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  • For the experienced fee dodgers and disciplined investors, Saturna's self-directed brokerage account might fit the bill.

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  • Further features exceptionally low fees, access to a Schwab self-directed brokerage account, and superior customer service. 

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  • This arm of Old National Bank is a bit old school in its practices, but features exceptionally low fees and a nice suite of investment options. 

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  • UMB's HSA Saver Program is an easy to use investing platform ideal for index investor’s looking to automate their investments. 

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  • Fidelity recently made a grand entrance into the individual/family HSA space with an incredible offering that includes first dollar investing, a brokerage account, no maintenance fees and zero expense ratio funds. 

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