Most banks offer HSA accounts, but not all—and the ones that do vary widely on fees, investment options, and customer service
You can open an HSA through your health insurance company, a bank, a credit union, or a dedicated HSA custodian. The bank or custodian you choose matters because they control what you pay in fees, whether you can invest the money or only hold it in cash, and how straightforward it is to withdraw funds when you need them. Some banks bundle HSAs with checking accounts and charge nothing. Others charge monthly maintenance fees or require minimum balances. A few don't offer HSAs at all, even though they're large institutions.
The best choice depends on whether you plan to spend the HSA money this year or let it grow. If you're spending it soon, a low-fee bank account with a debit card matters most. If you're investing it for retirement, you need a custodian that offers mutual funds or brokerage options and keeps fees low on those investments.
Key Takeaways
- Major banks like Fidelity, Lively, and HealthEquity offer HSAs with different fee structures—some charge nothing, others charge monthly maintenance or per-transaction fees.
- Your health insurance company may offer an HSA directly, which is often free but may have fewer investment options than a standalone custodian.
- Credit unions sometimes offer HSAs at lower cost than banks, though availability varies by location and membership.
- If you plan to invest HSA funds rather than spend them when ready, choose a custodian that offers mutual funds or brokerage access and discloses all fees upfront.
- Switching HSA custodians is possible but takes time—your old custodian must transfer funds to the new one, which can take weeks.
Large banks and what they charge
Fidelity offers HSAs with no monthly maintenance fee, no minimum balance, and access to mutual funds and brokerage options. You get a debit card for spending and can invest unused funds. Fidelity is one of the most common choices for people who want investment options without paying for them.
HealthEquity is a dedicated HSA custodian (not a traditional bank) that charges no monthly fee and offers investment options through a brokerage account. They also offer a debit card and mobile app. HealthEquity is frequently offered as the default HSA through employer health plans.
Lively (owned by Descartes Labs) is another dedicated HSA custodian with no monthly fees, no minimum balance, and brokerage investment options. Lively emphasizes low costs and transparency about fees.
Chase does not currently offer standalone HSAs. If you have a Chase checking account, you cannot open an HSA through Chase directly.
Bank of America does not offer HSAs as a standalone product. Some employer plans may have partnered with Bank of America in the past, but this is not a current standard offering.
Wells Fargo does not offer HSAs through its consumer banking division.
Optum Bank (part of UnitedHealth Group) offers HSAs, often as the default option through United Healthcare plans. Fees and investment options vary depending on your plan.
How to learn about your health insurance plan offers an HSA
Your health insurance company may have already chosen an HSA custodian for you. Check your plan documents or call the customer service number on your insurance card and ask: "Does this plan come with a default HSA, and if so, which custodian holds it?" If your plan does offer one, you can use it when ready—no separate process needed.
If your plan does not offer a default HSA, or if you want to use a different custodian, you can open an HSA independently. You'll need to provide proof that you're enrolled in an HSA-may be able to access health plan (usually a copy of your plan documents or a letter from your insurance company). The custodian will verify this before opening your account.
Credit unions and regional options
Some credit unions offer HSAs, though availability depends on your location and membership. Credit unions often charge lower fees than banks because they're member-owned nonprofits. Call your credit union directly and ask whether they offer HSAs and what the fees are.
Regional banks in your state may also offer HSAs. Search "[your state] bank HSA" or call your current bank and ask. Smaller institutions sometimes have lower fees than national chains, but they may have fewer investment options or less robust mobile apps.
What to compare when choosing an HSA custodian
| Feature | Why it matters | What to ask |
|---|---|---|
| Monthly maintenance fee | Fees reduce your balance every month, especially if you carry a small balance. | Is there a monthly fee? Does it explore if your balance is below a certain amount? |
| Minimum balance requirement | Some custodians waive fees only if you keep a certain amount in the account. | What's the minimum balance, and what happens if I fall below it? |
| Debit card | A debit card lets you pay for may be able to access medical expenses directly without filing a claim later. | Does the account come with a debit card? Are there per-transaction fees? |
| Investment options | If you don't spend the HSA this year, you can invest it. More options mean more control over growth. | Can I invest in mutual funds, ETFs, or individual stocks? What's the minimum to start investing? |
| Investment fees | Some custodians charge a percentage of assets under management or per-fund fees. | Are there fees to buy or sell investments? Does the custodian charge a percentage of my balance? |
| Mobile app and customer service | You'll need to check your balance, file claims, or get help. Slow service costs time. | Can I manage the account on my phone? Is customer service available by phone or chat? |
How to switch HSA custodians if you're not satisfied
You can move your HSA to a different custodian, but the process takes time. Contact your new custodian and ask them to initiate a direct transfer (sometimes called a trustee-to-trustee transfer). The new custodian will request your funds from the old one. This usually takes two to four weeks.
Do not withdraw the money yourself and deposit it into a new HSA—that counts as a distribution and may trigger taxes and penalties. Always ask the new custodian to handle the transfer directly.
If your HSA holds investments, the old custodian will liquidate them (sell them) before transferring the cash. This can lock in losses if the market is down, so timing matters. Plan the transfer during a time when you're comfortable with the current value of your investments.
Frequently Asked Questions
Can I open an HSA with any bank, or does it have to be a specific one?
You can open an HSA with most major custodians—Fidelity, HealthEquity, Lively, and others—but not every bank offers them. Your health insurance company may have already chosen one for you. If you want to use a different custodian, you can, as long as you're enrolled in an HSA-may be able to access health plan.
What if my bank doesn't offer an HSA?
Open one with a dedicated HSA custodian like Fidelity or HealthEquity instead. You don't have to use your primary bank. Many people keep their HSA separate from their checking account anyway, since HSA funds are meant for medical expenses.
Do I have to use the HSA my insurance company offers?
No. Your insurance company's default HSA is convenient, but you can open an HSA with a different custodian if you prefer. You'll need to provide proof of your HSA-may be able to access health plan enrollment. Some people switch because they want lower fees or better investment options.
Are there fees if I don't use my HSA this year?
It depends on the custodian. Some charge a monthly maintenance fee regardless of whether you spend money. Others charge nothing as long as you maintain a minimum balance. Check the fee schedule before opening an account, especially if you plan to let the money grow.
What happens to my HSA if I change jobs or health insurance?
Your HSA stays yours. It's not tied to your employer or insurance plan. You keep the account and the money in it, even if you switch jobs or change health plans. You can continue to use it as long as you stay enrolled in an HSA-may be able to access plan.