Most people treat their HSA like a basic savings account — but the real power comes from investing. We compare the top HSAs for investing, led by Fidelity's zero-fee, no-minimum approach, and break down what actually matters: fees, investment options, and minimums to start.
A health savings account (HSA) comes with something no other account offers: the triple tax advantage. Contributions are pre-tax, growth is tax-deferred (and tax-free if used for qualified medical expenses), and withdrawals for those expenses are tax-free. It's the only account where you can get a deduction on the way in, tax-free growth, and tax-free spending on the way out.
The problem? Most people park their HSA cash in a 0.01% savings account and call it a day. If you're treating your HSA like a checking account, you're leaving thousands — maybe hundreds of thousands — on the table. Here's the better play: invest it.
We looked at the major HSA providers to find the ones that actually let you invest without friction, hidden fees, or arbitrary minimums.1
| Pick | Best for | Minimum to invest | Monthly fees | Investment options |
|---|---|---|---|---|
| Fidelity HSA | Overall / self-directed investing | $0 | $0 | Stocks, ETFs, mutual funds, bonds |
| Fidelity Go HSA | Managed / hands-off investors | $0 | $0 (under $25k) | Managed ETF portfolios |
Fidelity's HSA is widely considered the gold standard — and for good reason. It's the only major HSA provider that charges zero monthly maintenance fees and has no minimum balance requirement to start investing.1
Most HSA providers force you to keep the first $1,000–$2,000 in cash before you can invest a single dollar. Fidelity doesn't. Every dollar you contribute can go straight into the market.
You get access to the full Fidelity catalog: commission-free stocks, ETFs, mutual funds, bonds, and even fractional shares. That's rare in the HSA world, where most providers limit you to a short menu of proprietary mutual funds.2
The bottom line: If you want full control over your investments and don't want to deal with minimums or fees, this is the one.
If you'd rather set it and forget it, Fidelity Go is the managed version of the same HSA. It uses a robo-advisor to build and rebalance a diversified portfolio of Fidelity ETFs based on your timeline and risk tolerance.
There's no advisory fee for balances under $25,000 — which covers most people in the early years of building their HSA. After that, the fee is 0.35% annually, which is competitive for a managed account.1
The bottom line: A solid choice if you want a professionally managed HSA without paying for a human advisor.
Not all HSAs are built for investors. Here's what separates the good ones from the also-rans:
No minimum to invest. Many providers (including HealthEquity and Optum) require you to keep $1,000–$2,000 in cash before you can invest anything. That's $1,000–$2,000 that isn't growing. Fidelity doesn't do this.1
Low or zero fees. Monthly maintenance fees eat into returns. So do high expense ratios on the limited fund options some providers offer. Fidelity charges $0 for both.2
Real investment options. Some HSAs give you a choice of 5 mutual funds and nothing else. A good HSA for investing gives you stocks, ETFs, and bonds — the same range you'd expect from a brokerage.
We recommend products based on publicly available information, expert reviews, and provider documentation. We participate in affiliate programs, which means we may earn a commission if you open an account through one of our links — at no extra cost to you. We only recommend what we'd use ourselves.
This page was written by the engine and the engine is still on the line. The conversation below picks up where the article stops.
Yes — the picks above are the engine's current verdicts. Ask a sharper version of this question below and you'll get a custom answer with the latest pricing.