Lively's

Guide to Best HSA Providers 2025: Compare Top Administrators & Features

Not all Health Savings Account (HSA) administrators are the same. While the tax advantages are defined by the IRS, the experience of saving, spending, and managing your funds depends on the provider you choose. Some administrators offer helpful tools, flexible investing, and clear pricing. Others may apply hidden fees or offer limited features that make the account harder to use.

This guide helps you compare leading HSA administrators based on what really matters: fees, usability, investment options, and customer service. Whether you’re researching your first health savings account or managing benefits for a team, this side-by-side comparison will help you make an informed choice.

Understanding HSA Account Administrators

A Health Savings Account (HSA) allows people enrolled in a High Deductible Health Plan (HDHP) to set aside money tax-free for qualified medical expenses. While the tax advantages are defined by the Internal Revenue Service (IRS), the day-to-day experience of using an HSA depends on the administrator. Administrators manage contributions, withdrawals, investments, and account support. The right provider makes saving simple and transparent, while the wrong one can create barriers with fees or outdated systems.

For a full overview of HSA rules and eligibility, see our HSA Guide.

Why Choosing the Right HSA Provider Matters

Choosing the right provider isn’t just about features—it’s about how well the account works for your needs, whether you’re an individual saver or managing a workplace benefits program.

For Individuals

An HSA can be used for short-term medical expenses or long-term retirement savings. The provider you choose affects how easily you can:

• Avoid fees that reduce your balance

• Track and reimburse expenses using a mobile app or dashboard

• Invest for future growth using your preferred style or platform

• Get help when questions arise about eligibility or withdrawals

If the process is simple, people are more likely to contribute regularly—and see more value over time.

For Employers

HSAs can reduce payroll taxes and help employees take ownership of their health and financial well-being. But to see real value, the administrator must:

• Integrate with payroll and HR systems for easy onboarding and contributions

• Offer reliable support during open enrollment and year-round questions

• Provide educational tools and simple interfaces that reduce HR workload

Choosing a provider that aligns with your administrative needs and company culture can make the difference between a successful rollout and a frustrating one.

Bottom line: The right HSA provider improves satisfaction, boosts adoption, and maximizes the financial impact of the account for both employers and individuals.

How You Plan to Use Your HSA Matters

Your intended use for the account can shape which provider is best for you.

• Short-term spenders may value mobile reimbursements, receipt tracking, and debit card tools.

• Long-term savers may prioritize investment access, low fees, and growth-friendly platforms.

• Hybrid users benefit from flexible tools that make both saving and spending easy.

Understanding how you use your HSA helps narrow down which features actually matter.

Choosing Based on Your Needs

Different users have different priorities. Here’s how to think about the best fit:

• First-time HSA users: Look for ease of use, education, and quick support.

• Frequent spenders: Prioritize mobile tools, easy reimbursements, and no usage fees.

• Investors: Choose providers with no investment minimums and access to brokerage options.

• Employers: Focus on integration, compliance, and support scalability.

These examples aren’t one-size-fits-all—but they can help clarify which features are worth prioritizing. Once you know where you fit, it becomes easier to evaluate which HSA providers align with your goals. The next section breaks down how the top options compare in practice.

How to Compare HSA Providers in 2025

Not all Health Savings Account (HSA) providers offer the same experience. While the core tax advantages are consistent across all HSAs, factors such as fees, investment options, technology tools, and customer service can vary widely. Understanding these differences empowers you to choose a provider that aligns with your financial goals and everyday healthcare needs.

Transparent Fees and Account Costs

Every provider has its own fee structure—some charge monthly maintenance, others apply fees for transfers or paper statements. Even small fees can add up over time, slowly eating into your savings potential. Choosing a provider with clear, minimal, and transparent costs allows more of your money to stay invested or available for qualified healthcare expenses.

Investment Flexibility and Options

HSA investment choices range from basic mutual funds to ETFs and self-directed brokerage accounts. Some providers require minimum balances to start investing, while others place no such restrictions. A broader selection of investment options gives you the freedom to tailor your portfolio to your risk tolerance and long-term savings goals, making your HSA more than just a spending account—it becomes a powerful tool for building future financial security.

User-Friendly Technology and Management Tools

Managing your account should be effortless. Look for providers offering intuitive mobile apps, features like receipt capture, automatic expense tracking, and hassle-free reimbursements. A seamless digital experience saves time and helps you stay organized—especially if you regularly use your HSA for medical expenses throughout the year.

Responsive Customer Support

Access to knowledgeable customer support can be invaluable, particularly during open enrollment or tax season. Some providers offer multiple support channels including chat, phone, and email, while others rely mostly on online resources. Prompt and clear guidance ensures you confidently navigate contribution limits, eligible expenses, and tax reporting.

Comprehensive Employer and Benefits Integration

Many providers extend beyond HSAs, managing FSAs, HRAs, commuter benefits, and COBRA enrollment. For employers, partnering with a provider that supports multiple benefit types simplifies administration and enhances the employee experience by creating consistency across plans.

Robust Security and Account Protection

HSAs handle sensitive health and financial information, so strong security measures are essential. Two-factor authentication, data encryption, and protections like FDIC or SIPC coverage provide peace of mind that your funds and personal data are safe.

Comparing Top HSA Providers: Features and Benefits (2025)

This table compares four leading HSA administrators—Lively, HealthEquity, Fidelity, and HSA Bank—on key factors like fees, investment access, mobile features, and cash growth options.

*There is no minimum balance required to invest. For the self-directed brokerage option, a $24 annual investment access fee applies if your cash balance is below $3,000. This fee is waived when you maintain at least $3,000 in the HSA cash account.

Disclaimer: Competitor information is based on publicly available sources as of 10/3/25. Please confirm directly with providers for the most up-to-date details.

Even though the tax advantages are the similar across all HSAs, this side-by-side view highlights how much the experience can differ depending on the provider you choose.

Growth Potential for HSA Cash Balances

Some providers offer interest on uninvested HSA cash, along with options for FDIC-protected tiers and cash flexibility. For account holders who prefer keeping funds in cash, these features can influence how your account balance grows over time, even before investing.

If you plan to keep part of your HSA in cash, these features can impact your ability to earn while staying liquid.

Customer Ratings and Reviews

Customer feedback helps you evaluate what it’s actually like to use an HSA day to day. The table below summarizes user ratings from Trustpilot, G2, and mobile app stores across the four providers.

Seeing how real users rate each provider gives valuable insight into support quality, interface usability, and mobile experience. Key factors in customer ratings include:

• Ease of use: Clean dashboards and mobile apps that make contributions, reimbursements, and investing straightforward.

• Service quality: Quick, helpful responses for both individuals and HR teams. Fast resolution times matter most during open enrollment or tax season.

• Education and resources: Providers that explain HSA basics, eligible expenses, and investment strategies see stronger adoption.

While ratings don’t tell the whole story, they offer a helpful window into how each provider performs in practice. Consistently high marks for usability and support often reflect a smoother experience, fewer service issues, and stronger long-term engagement. These signals can be especially important if you’re comparing providers with similar fees or investment options.

Review of Top Rated HSA Providers

Below are snapshots of four major HSA providers featured in the comparison tables above. Each one differs in its approach to fees, investments, digital tools, and customer support. While the right provider depends on your unique goals, this overview can help you narrow down your options based on how you plan to use your HSA. Whether you're a first-time account holder, a long-term investor, or an employer offering benefits, there's a provider designed to meet your needs.

Lively

Lively offers a modern, intuitive HSA experience built to help people get the most from their tax-advantaged savings—without surprise fees or confusing tools. There are no monthly maintenance charges, no transfer fees, and no hidden costs that chip away at your balance. Whether you're saving for future expenses or using your HSA regularly, Lively gives you flexible control over how and when you fund or invest your account.

Account holders can choose between Schwab’s self-directed brokerage and Devenir’s guided portfolios, with no minimum balance required to begin investing. For the self-directed brokerage option, a $24 annual investment access fee applies if your cash balance is below $3,000 (waived when maintaining at least $3,000). You can set up one-time, sweep, or recurring transfers—and monitor everything from the convenience of your dashboard. The mobile app supports receipt capture, quick reimbursements, spending insights, and even includes an AI-powered assistant to help with common account questions.

On the support side, Lively is known for fast, responsive service—whether you're an individual or an employer. Over 90% of calls are answered in under 60 seconds, and 95% of issues are resolved on the first contact. Tools and help articles are easy to find, and live support is available by phone, chat, or email.

For employers, Lively offers seamless payroll and HRIS integrations, plus dedicated Customer Success Managers for ongoing partnership—not just onboarding. This includes personalized implementation support, proactive benefit design recommendations, and educational resources for employees.

Best for: Individuals and employers looking for a no-fee, high-tech HSA platform with strong customer service and flexible investing options.

Fidelity

Integrated within a broader retirement ecosystem, Fidelity offers extensive investment options and no minimum investment requirements. While its platform is powerful, it may feel complex for first-time HSA users.

Best for: Investors looking for consolidated account management under one trusted financial institution.

HealthEquity

As a benefits administrator, HealthEquity manages HSAs alongside FSAs, COBRA, and more. The platform offers a range of investments including advisory services, though some fees and balance minimums apply.

Best for: Employers wanting integrated benefits and adoption support programs.

HSA Bank

HSA Bank boasts flexibility in investing and a strong mobile app, though investment access may require higher minimum balances, and certain transfer or closure fees could apply.

Best for: Savers comfortable with maintaining higher balances for greater investing options.

Choosing the Right HSA Provider for You

HSAs are a powerful tool to manage healthcare expenses today while building long-term financial wellness. However, the benefits you receive greatly depend on your choice of provider. Transparent fees, flexible investing, ease of account management, and responsive support vary widely—and these differences have real impact over time.For individuals, the ideal provider maximizes your savings by minimizing costs, providing simple digital tools, and offering investment options that grow your balance. For employers, the best provider reduces administrative burden, integrates benefits seamlessly, and supports employee adoption and satisfaction. When you compare providers on features, usability, and trustworthiness, you’ll find some offer no fees, modern tools, and strong customer support that help you get more from your HSA.

If you’re looking for a hassle-free way to get started, Lively makes it easy. No paperwork, no stress—you can open your HSA online in just a few minutes.

Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.