Health savings accounts (HSAs) are powerful savings and investing tools. But to take full advantage of these accounts, savers should evaluate the best HSA accounts and select one that fits their needs.
The good news? Our list of the 13 Best HSA Accounts for 2023 can help. And employees and self-employed workers can pick from numerous account administrators, regardless of which HSA plan your employer offers.
XHSAs enable people with high-deductible health plans to pay for medical expenses with pretax dollars. Another plus: HSA account holders, especially those who don't yet need a lot of medical care, can set aside pretax money to invest in assets such as stocks, bonds, mutual funds and ETFs, and let it grow tax-free, similar to an individual retirement account (IRA).
But unlike traditional IRAs, account holders who use their squirreled-away HSA funds for medical expenses do not pay tax on those withdrawals.
As you plan for your HSA deductions for 2023, our list will help you evaluate the fees, account features, investing options and cash savings rates of our 13 Best HSA Accounts For 2023. We created the list by weeding out HSA account providers that don't offer an investment option, and then analyzing account features, customer reviews, benefit consultants' input and Morningstar fund ratings.
Our final list highlights HSAs that offer a winning combination of low fees, high-quality investment options and low minimum investment requirements.
Best HSA Accounts For 2023: Companies Must Offer Accounts To Individuals
We did not rank the listed companies overall. And, please note: Our list only includes HSA account providers that offer HSAs to individuals, not ones that work exclusively with employers.
The HSA accounts listed below are named in order of their category award wins, with Fidelity at the top since this year it won every category award: widest investment options, low fees, best savings rates, zero investment threshold and access to professional management. Then we list the HSA account providers that won in two categories, then one-category winners and then the rest.
Click on an HSA account provider name in the tables to navigate to the company's website.
To learn all latest news about HSA accounts, contribution levels for 2023 and changes in the HSA landscape, read our overview story: HSA Contributions Grew In 2023, Despite Rising Prices, Tough Investment Markets. And to understand the issues that sometimes trip up folks who are new to HSAs, read our story on the Top 10 HSA Misconceptions And 2023 HSA Rules.
IBD's HSA Provider List For 2023:
| Fidelity Investments | |
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Category Awards: Widest Investment Options, Low Fees, Best Savings Rates, Zero Investment Threshold, Access To Professional Management |
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Number of accounts 2.4 million |
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Fees* $0 monthly maintenance fee. No fee for self-directed Fidelity HSA and commission-free trades on U.S. stocks and ETFs. $0 advisory fee for managed Fidelity Go HSA for balances under $25,000 and 0.35% per year for balances of $25,000 and above. |
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Investment options Fidelity HSA is a self-directed brokerage platform with 10,000+ mutual funds, stocks (including fractional shares), bonds, ETFs and CDs. For novice investors, Fidelity HSA Funds To Consider, a list of 22 professionally chosen funds for HSA investing with waived investment minimums and no transaction fees; also includes Fidelity Health Savings Fund (FHLSX) specifically designed for HSA customers. Fidelity Go HSA is a managed account where Fidelity chooses and manages your investments (which include no-expense, zero minimum Fidelity Flex Funds) based on your goals and risk tolerance. |
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Minimum balance $0 |
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Features Debit card, checks, online banking, auto investing, HSA investment recommendation tool, cash target calculator, savings prioritization, Fidelity Health mobile app and personalized retirement health care cost calculator. |
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FDIC insured** Yes |
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Investment threshold $0 |
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Savings rate Choice of money market fund with 7-day yield of 2.66%, or FDIC-insured sweep with a yield of 1.57% (no tiers). |
| Optum Bank, part of the UnitedHealth Group (UNH) | |
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Category Awards: Widest Investment Options, Access To Professional Management |
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Number of accounts 5.9 million |
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Fees* $2.75 monthly maintenance fee (waived if HSA savings balance exceeds $3,000); $20 outbound transfer or HSA rollover fee; $1.50 printed statement fee ($0 for online statement). |
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Investment options Three options: 1) Autopilot digitally managed investments: online "robo advice" driven by artificial intelligence and algorithms that provide automated investment opportunities with ETFs; 2) Optum Financial offers diverse set of 31 mutual funds, including 17 Vanguard funds, 5 target-date funds and 3 lifestyle funds with average 4-star Morningstar rating and low expense ratios; 3) Self-directed brokerage with Charles Schwab Health Savings Brokerage Account (HSBA) with commission-free ETF, stock and options trades; 8,500+ mutual funds (including 4,000+ no-load, no-transaction-fee funds). |
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Minimum balance $0 |
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Features Debit card, checks, online banking, mobile app, qualified medical expense search tool, HSA contribution tracker, Health Savings Checkup tool for retirement expense prediction, and Optum Store, offering savings on HSA-eligible items. |
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FDIC insured** Yes |
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Investment threshold $1,000 |
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Savings rate Up to 0.10% depending on balance tier. |
| HSA Bank, part of Webster Financial (WBS) | |
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Category Awards: Widest Investment Options, Low Fees. |
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Number of accounts 3 million |
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Fees* $0 monthly maintenance fee; $1.50 monthly if you elect paper statement; $25 account closing fee; Devenir self-directed mutual fund investment program has a 0.30% annual asset-based fee; TD Ameritrade self-directed brokerage account $0 commissions on online stock, ETF and options trades. |
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Investment options TD Ameritrade self-directed brokerage account for stocks, bonds, ETFs and 13,000-plus mutual funds; Devenir self-directed no-load, low-cost mutual funds in asset classes including stocks, bonds, real estate and HSA investment offerings from fund families such as Vanguard, Fidelity, T. Rowe Price, Cohen & Steers and more. |
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Minimum balance $0 |
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Features Debit card, checks, online banking, mobile app, self-service online dashboard to track health care receipts and claims, 24/7 customer service. Investment account offers optional "Auto-Rebalance" to keep your asset allocation in line with your risk tolerance and time horizon. |
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FDIC insured** Yes |
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Investment threshold $1,000 |
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Savings rate Up to 0.50% depending on balance tier. |
| Liberty Federal Credit Union | |
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Category Awards: Low Fees, Best Savings Rates |
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Number of accounts 3,393 |
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Fees* $0 monthly maintenance fee, $25 account transfer fee. |
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Investment options CDs ranging from 1-year to 5-year available with $1,000 minimum balance and annual percentage yields ranging from 2.55% to 3.55%. |
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Minimum balance $0, ($500 balance needed to earn interest). |
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Features Debit card, checks, online banking. |
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FDIC insured** Yes (***Note: Federally insured by the National Credit Union Administration). |
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Investment threshold $1,000 for CDs. |
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Savings rate Up to 2.01%. |
| Saturna | |
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Category Awards: Low Fees, Zero Investment Threshold |
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Number of accounts 4,616 |
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Fees* $0 monthly maintenance fee if you invest in Saturna-affiliated mutual funds. For Saturna self-directed brokerage: $14.95 commission for online stock/unaffiliated mutual fund trades ($24.95 broker-assisted); $19.95 for options ($29.95 broker-assisted); $39.95 for bonds broker-assisted plus $1 per bond; $25 annual inactive account fee. |
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Investment options Saturna-affiliated mutual funds and/or self-directed Saturna brokerage for access to non-Saturna mutual funds, stocks, ETFs, bonds and money market funds. |
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Minimum balance $0 |
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Features Electronic funds transfers, online account access. |
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FDIC insured** Yes (cash in Dreyfus Insured Deposit Program is FDIC insured). |
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Investment threshold $0 |
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Savings rate N/A |
| Lively | |
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Category Awards: Low Fees, Zero Investment Threshold |
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Number of accounts 201,000 |
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Fees* $0 monthly maintenance fee; $0 or $24 access fee to Schwab Health Savings Brokerage account; 0.50% annual fee for assets invested in Devenir's HSA Guided Portfolio. |
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Investment options New investors will have access to Schwab Health Savings Brokerage Account, a self-directed option with wide range of access to thousands of investments, including mutual funds, stocks, bonds and ETFs; (current investors with TD Ameritrade's self-directed brokerage and $0 commission stock trades will continue as is until fall 2023 when they will be converted to Schwab HSBA); HSA Guided Portfolio by Devenir offering a curated mix of high-quality, low-cost mutual funds across a variety of asset classes. |
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Minimum balance $0 |
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Features Debit card, online banking, mobile app, account dashboard. |
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FDIC insured** Yes |
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Investment threshold $0 or $3,000 ($0 for Devenir; for Schwab either $0 after $24 Lively access fee, or $3,000 with no Lively access fee). |
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Savings rate Up to 0.10%, depending on balance tiers. |
| Avidia, part of Assabet Valley Bancorp | |
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Category Awards: Low Fees |
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Number of accounts 200,000+ |
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Fees* $0 monthly maintenance fee; $2.50 monthly investment fee (waived if HSA cash balance greater than $3,000). |
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Investment options Self-directed investing via 29 mutual funds, including low-cost, target-date funds and index funds, as well as other funds in various asset classes. |
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Minimum balance $0 |
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Features Debit card, mobile app, checks. |
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FDIC insured** Yes |
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Investment threshold $1,000 |
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Savings rate Up to 0.07%, depending on balance tier. |
| Lake Michigan Credit Union | |
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Category Awards: Low Fees |
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Number of accounts N/A |
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Fees* $0 monthly maintenance fee, $35 account closing fee, $30 annual investment fee. (Note: those living outside Michigan can join the credit union with $5 donation to ALS Foundation and $5 initial credit union deposit.) |
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Investment options 20 mutual funds from recognized fund families covering a variety of asset classes as well as low-cost index funds and life-style funds. |
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Minimum balance $0 |
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Features Debit card, checks, online banking. |
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FDIC insured** Yes (***Note: Federally insured by National Credit Union Administration) |
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Investment threshold $1,000 |
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Savings rate Up to 0.30%, depending on balance tier. |
| First American Bank | |
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Category Awards: Widest Investment Options |
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Number of accounts 40,340 |
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Fees* $0 monthly maintenance fee, $3.95 paper statement fee, $25 account closing fee, 0.075% per quarter (or 0.30% annual) investment fee. |
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Investment options 28 mutual funds, including index funds and target-date retirement funds from Vanguard; Health Savings Brokerage Account powered by Charles Schwab with access to more than 8,500 mutual funds, stocks and bonds. |
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Minimum balance $0 |
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Features Debit card, First American Bank health mobile app, 24/7 account access to consumer portal. |
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FDIC insured** Yes |
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Investment threshold $1,000 |
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Savings rate Up to 1.00%, depending on balance tier. |
| HealthEquity (HQY) | |
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Category Awards: |
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Number of accounts 7.5 million+ |
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Fees* $0 monthly maintenance fee; $20 excess contribution refund request; $2 paper check fee; $20 return deposited item or stop payment request; $1 paper statement fee (waived with electronic statements); $25 account closing fee; monthly investment fee: 0.03% on average daily invested balance, capped at $10 per month; optional web-based robo-advisor tools "Autopilot" (manages your portfolio for you) and "GPS" (algorithm provides investment guidance and fund recommendations) carry monthly fee of 0.05% on average daily invested balance, capped at $15 per month. |
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Investment options 29 low-cost, Vanguard mutual funds. |
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Minimum balance $0 |
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Features Debit card, checks, online banking, 24/7 support, mobile app, optional web-based investment advisory tools, webinars, HSA store and investment dashboard/desktop. |
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FDIC insured** Yes. (FDIC does not cover Enhanced Rate savings option). |
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Investment threshold $500 |
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Savings rate Up to 0.37% for FDIC-insured HSAs, depending on balance tier, up to 0.75% for "Enhanced Rate" option to boost interest on savings.**** |
| Bank of America (BAC) | |
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Category Awards: |
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Number of accounts 1.06 million |
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Fees* $2.50 monthly maintenance fee, includes quarterly statement (paper or electronic) and mutual fund investments and transactions. |
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Investment options 39 mutual funds, including low-cost target-date funds and index funds, ESG and sustainability funds and inflation-protected funds. |
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Minimum balance $0 |
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Features Debit card, mobile app, HSA savings calculator, 24/7 customer care, online chat. |
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FDIC insured** Yes |
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Investment threshold $1,000 |
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Savings rate Up to 0.07%, depending on balance tier. |
| UMB Healthcare Services, part of UMB Bank | |
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Category Awards: |
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Number of accounts 1.4 million |
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Fees* Up to $2.95 monthly maintenance fee (waived if HSA balance exceeds $3,000); $25 account closing fee; $3 monthly investment fee; no trading fees. |
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Investment options UMB Saver HSA includes 33 hand-picked mutual funds by UMB, including U.S. and international stocks, bonds and target-date funds. |
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Minimum balance $0 |
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Features Debit card, online banking, online receipt storage, HSA calculator. |
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FDIC insured** Yes |
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Investment threshold $1,000 |
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Savings rate Up to 0.15%, depending on balance tier. |
| Associated Bank, part of Associated Banc-Corp (ASB) | |
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Category Awards: |
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Number of accounts 102,919 |
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Fees* $0 monthly maintenance fee first 12 months, then $3 monthly (waived if HSA balance greater than $2,499.99). |
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Investment options 22 mutual funds from leading fund companies such as Vanguard, T. Rowe Price, Dodge & Cox, and American Funds. |
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Minimum balance $0 |
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Features Debit card, mobile app, optional investment tools and support, 24/7 online banking, webinars, in-branch support, notification and text alerts, HSA decision support tools, licensed/certified account management team for service. |
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FDIC insured** Yes |
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Investment threshold $500 |
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Savings rate Up to 0.25%, depending on balance tier. |
Click here to view IBD's 2021 list of the Best HSA Accounts.
Best HSA Accounts Licensing: The 2023 Best HSAs logo and accolades are available for licensing through Investor's Business Daily's partner, The YGS Group, at [email protected] or 800-290-5460.
All data was finalized on Oct. 6, 2022. Savings rates were updated on Nov. 6, 2022.
* Fees: Employer HSA plans may have different fee schedules. The criteria for our low fees rating is NO monthly maintenance fee, and no other fees, other than an account closing fee (which means no fees while you have an account open). Not included in our rating: all investment-related fees.
** FDIC Insured: Applies only to savings/checking accounts. Investments are not FDIC insured.
*** NCUA is the National Credit Union Administration, which insures savings/checking accounts held at credit unions.
****HealthEquity fine print: Its Enhanced Rate option is an interest-bearing group annuity contract issued by Pacific Life Insurance Company for your HSA cash balance. Principal and interest are subject to risk of loss and not covered by FDIC insurance.
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