If you're self-employed with an HDHP, an HSA's triple tax advantage is a game-changer. We compared Fidelity, HealthEquity, and HSA Bank across fees, investment minimums, and interest rates. Fidelity wins overall with zero fees, no minimums, and 2.19% APY on cash.
If you're self-employed and enrolled in a high-deductible health plan (HDHP), a Health Savings Account (HSA) is one of the most powerful tools you can use. HSAs offer a triple tax advantage: contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are tax-free1. Unlike FSAs, the money rolls over year after year, and after age 65 you can withdraw for any purpose (ordinary income tax applies for non-medical withdrawals).
For the self-employed, an HSA can also serve as a supplemental retirement vehicle — you're covering your own healthcare costs now while building a tax-advantaged nest egg for the future. The key is choosing a provider that pairs low (or zero) fees with strong investment options.
We evaluated the top HSA providers across four dimensions: fees & minimums, investment menu, user experience, and customer support. Here are our picks.
| Provider | Best For | Fees | Investment Minimum | Cash Interest |
|---|---|---|---|---|
| Fidelity | Overall | $0 | $0 | 2.19% APY2 |
| HealthEquity | Guided Investing | $0–$3/mo | $0 | ~0.05% APY |
| HSA Bank | Specialized Support | $0–$2.50/mo | $0 | ~0.01% APY |
Fidelity's HSA is the clear winner for self-employed individuals. There are zero account fees, zero minimum balance requirements, and zero investment minimums2. The cash portion earns 2.19% APY as of early 2025 — far higher than any competitor2. Once your cash balance exceeds $0, you can invest in a wide range of Fidelity mutual funds, ETFs, and individual securities. The user interface is robust, and customer support is available 24/7. For the self-employed person who wants maximum flexibility and minimum friction, this is the pick.
HealthEquity is a strong choice if you prefer a more hands-off approach. Its guided investment portfolios use a target-date or risk-based allocation model, rebalanced automatically. There are no investment minimums, and the platform integrates well with employer-sponsored plans (useful if you later take on W-2 work). Monthly fees range from $0 to $3 depending on the plan tier. The cash interest rate is minimal, so you'll want to invest most of your balance.
HSA Bank has been in the HSA space since 1994 and offers dedicated support for self-directed investors. Through its Devenir investment platform, you can choose from a curated set of mutual funds. There are no investment minimums, though a monthly maintenance fee of $2.50 applies unless you maintain a minimum balance (typically $1,000). HSA Bank is best if you want a provider with deep HSA-specific expertise and don't mind a modest fee.
For most self-employed people, Fidelity is the right answer: zero fees, zero minimums, and the highest cash interest rate in the market. If you want automated portfolio management, go with HealthEquity. And if you value specialized HSA support above all else, HSA Bank is a reliable option.
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