The Best HSA (Health Savings Accounts) Provider in 2024

Health Savings Accounts (HSAs) are powerful tools for anyone, especially those nearing or in retirement.

They offer the best tax status of any type of account, and savvy financial advisors often recommend maxing out your HSA contributions each year. But to truly benefit, it’s crucial to choose the right HSA provider. Here’s a rundown of the biggest four HSA providers, ranked from lowest to highest, and a clear winner that could significantly boost your retirement savings.

The Importance of HSAs in Retirement Planning

Before diving into the rankings, let’s understand why HSAs are so valuable. Contributions to an HSA are tax-deductible, the funds grow tax-free, and withdrawals for qualified medical expenses are also tax-free. By growing your HSA rather than spending it annually, you can amass a substantial sum for medical expenses in retirement, all while enjoying these tax advantages.

The Biggest Four HSA Providers by Size

The biggest four HSA providers by size, in order, are HealthEquity, Optum, Fidelity, and HSA Bank.¹ Nearly 2/3 of HSA assets are in one of these four providers.²

You’ll soon see that there are vast differences in fees, and interest rates with each provider.

4th Place HSA provider: HSA Bank

• Interest Rates start at 0.05% and can reach up to 0.5% for balances over $50,000.³

• Fees: $1.50 per month for paper statements and a $25 closeout fee.⁴

Reason for #4 ranking:

HSA Bank offers the lowest interest rates among the four providers, with high thresholds to reach their top rates. This makes it less attractive for maximizing your HSA growth.

3rd Place HSA provider: Health Equity

• Interest Rates start at 0.05%, rising to 0.4% for balances over $10,000.⁵

• Fees: $1 per month for paper statements and a $25 closeout fee.⁶

Reason for #3 ranking: Health Equity is slightly better than HSA Bank due to quicker access to higher interest rates. For an average HSA balance of $3,000, you’d earn 0.1% interest, twice that of HSA Bank.

2nd Place HSA provider: Optum

• Interest Rates start at 0.05%, reaching up to 1% for balances over $15,000.⁷

• Fees: $1.50 per month for paper statements and a $20 transfer fee to switch providers.⁸

Reason for #2 ranking: Optum offers better rates at lower balances compared to the previous two providers. At the average HSA balance of $3,000, you’d earn 0.25% interest, making it a more appealing option.

1st Place HSA provider: Fidelity

• Interest Rates are currently 4.98% for all balances.⁹

• Fees: none.¹⁰

Reason for #1 ranking: Fidelity stands out as the best HSA provider by a wide margin. There are no fees, and the interest rate is significantly higher than the others, regardless of your balance. You start earning the highest rate immediately, whether you have $1 or $100,000 in your account.

Why Fidelity is the Best Choice

Morningstar Research consistently ranks Fidelity as the top HSA provider, and it’s easy to see why. With no fees and a highly competitive interest rate, Fidelity helps you maximize the growth of your HSA funds. For someone with an average HSA balance of $3,000, moving from a lower-ranked provider to Fidelity could mean earning significantly more interest.

How to switch your HSA to Fidelity

If you’re considering switching to Fidelity, the process is straightforward. Evaluate your current provider’s interest rates and fees, and compare them to what Fidelity offers. The potential increase in interest earnings could make a substantial difference in your retirement savings.

The Ultimate Guide to HSAs (Health Savings Accounts)

Choosing the right HSA provider is essential for maximizing your retirement savings. Before you switch providers, learn even more about HSAs and how to get the most out of your HSA contributions: The Ultimate Guide to HSAs (Health Savings Accounts).

—
Jeremy Keil is the owner of Keil Financial Partners. He specializes in helping clients increase their income, reduce taxes, and avoid significant retirement mistakes.

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1. 2023 Health Savings Account Landscape. Morningstar. 2023 October 26 ↩︎
2. 2023 Health Savings Account Landscape. Morningstar. 2023 October 26 ↩︎
3. HSA Bank Fee & Interest Rate Schedule. 2024 May 10 ↩︎
4. HSA Bank Fee & Interest Rate Schedule. 2024 May 10 ↩︎
5. Health Equity Interest Rates. 2024 May 10 ↩︎
6. Health Equity Fee Schedule. 2024 May 10 ↩︎
7. Optum Interest Rates. 2024 May 10 ↩︎
8. Optum Fee Schedule. 2024 May 10 ↩︎
9. Fidelity Interest Rates & Fee Schedule. 2024 May 10 ↩︎
10. Fidelity Interest Rates & Fee Schedule. 2024 May 10 ↩︎