10 best HSA account providers in 2025

Health Savings Accounts or HSAs are tax-advantaged medical accounts that offer a variety of benefits. They are often requested by employees to optimize healthcare spending.

Employers are commonly included in flexible benefits packages, and they do a good job of attracting and retaining top talent at your organization.

To offer HSAs at scale, you need the services of an HSA provider. There are many providers to choose from, each offering a different value proposition. Some providers prioritize management features, quality UX, and similar usability features. Other providers rely on low fees, accessible customer support, and quick onboarding to differentiate themselves from competitors. And a few providers try to do all of the above.

In this article, we will explore the best HSA providers in 2025. This will help you better understand the pre-tax account market and make it easier to find a HSA provider suited to your organization's needs.

Let’s get into it.

What is an HSA?

A Health Savings Account is a tax-advantaged medical savings account designed to help individuals cover qualified medical expenses.

Key features of an HSA include:

• HDHP requirement – To be eligible for an HSA, you must be enrolled in a High Deductible Health Plan (HDHP).
• Triple tax advantage – Contributions to an HSA are tax-deductible, investment earnings are tax-free, and withdrawals for qualified medical expenses are tax-free.
• Individual ownership – HSAs are owned by the individual. Account holders can keep and continue contributing to the HSA even if they change employers or health plans.
• IRS contribution limit – HSA contribution limits for 2025 are $4,300 for self-only coverage and $8,550 for family coverage. Those 55 and older can contribute an additional $1,000 as a catch-up contribution.
• Qualified medical expenses – Funds in an HSA can be used for a wide range of qualified medical expenses, including deductibles, co-payments, prescription medications, and certain preventive care.
• Investment options – Some HSAs offer investment opportunities, allowing account holders to grow their savings through investment vehicles such as mutual funds.
• No use-It-or-lose-It rule – HSAs do not have a use-it-or-lose-it rule, unused funds roll over from year to year.

Note: Health Savings Accounts are sometimes confused with Healthcare Spending Accounts, a different type of tax-advantaged account with the same acronym (HSA).

Check out our guide on what is a healthcare spending account for more details on what they are, how they work, and what the benefits are.

Best HSA account providers

We can talk about HSA providers in two ways.

As an employee, the HSA provider is typically your employer. While it’s technically possible to apply for an HSA if you’re unemployed, the HDHP requirement limits potential users to those with stable employment.

As an employer, an HSA provider is a vendor that facilitates the setup and management of HSAs at scale. This is standard practice and by far the most convenient solution if you want to offer HSAs at your organization.

With that in mind, here are the top HSA providers in 2025:

1. Forma
2. Fidelity
3. Health Equity
4. HSA Bank
5. Lively
6. Optum
7. UMB Bank
8. Saturna Capital
9. Bank of America
10. First American Bank

1. Forma

Forma offers a scalable solution for administering various pre-tax accounts, including HSAs, FSAs, LSAs, HRAs, and more. With Forma, organizations can efficiently aggregate and centralize their pre-tax benefits, providing a unified and convenient access point for employers and employees.

Employees prefer Forma over alternative HSA solutions due to the straightforward redemption process for their HSA allowances on preferred healthcare products or services. Benefits managers, HR teams, and compliance officers also find value in Forma's capabilities, empowering them to craft custom HSA plans through the streamlined web dashboard, resulting in significant time savings.

Deployment with Forma is seamless and designed for easy integration with the tech stack of your choosing. The guided onboarding process and dedicated customer support team ensure Forma is operational in a matter of weeks

Upon signing up with Forma, companies unlock access to an array of HSA features:

Forma features

• A diverse selection of customizable spending accounts, including Lifestyle Spending Accounts (LSAs), Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), Healthcare Reimbursement Arrangements (HRAs), and more.
• Convenient HSA claiming with a streamlined reimbursement process. Employees can access discounted healthcare offerings from global providers in the Forma Store and use the Forma Card for point-of-purchase transactions.
• A user-friendly interface powered by a fault-proof backend guarantees constant uptime. Forma's scalable architecture evolves with your organization's growth.
• Investing is easy - with Forma’s modern UI, employees can manage their funds and make investments in a wide selection of ETF funds without leaving their accounts.
• World-class customer service with Forma's team of support experts. Support is available 24/7 via email and live chat, serving customers and employees globally.
• Extensive real-time analytics tools accessible through Forma's admin dashboard. Monitor HSA budget utilization rates and gain rich insights into the effectiveness of your HSA plan.

Learn more about the difference between HRA and HSA here.

Forma benefits

Forma offers substantial advantages to organizations across various industries, emphasizing HSA benefits in IT, healthcare and insurance, retail, manufacturing, financial services, and media.

Convenient account management

Forma aids organizations in consolidating diverse HSA programs, stipends, and perks into custom spending accounts. HSA managers can offload responsibilities related to implementation, program design, claims administration, member support, and vendor management to Forma, reducing administrative oversight.

Improved HSA budget utilization

As a single source of HSA benefits, Forma eliminates the need for multiple access points, removing usage barriers and improving HSA budget utilization for both admins and employees.

Global reach

Operating in 100+ countries globally, Forma ensures organizations can deliver customized HSA benefits to each employee, regardless of their location. This inclusivity eliminates disparities in HSA benefit access for international employees compared to their office-based counterparts.

Enterprise-grade compliance

Forma proudly holds SOC 2 certification, GDPR compliance, and adheres to WCAG standards expected of global enterprises. Businesses can confidently use Forma in even the most stringent regulatory environments without incurring penalties.

Find out more about how Forma can help you set up HSAs at scale by <span class="text-style-link text-color-blue" fs-mirrorclick-element="trigger" role="button">scheduling a consultation</span> with one of our experts.

2. Fidelity Investments

Fidelity Investments, a distinguished financial services provider, offers a no-cost Health Savings Account (HSA) with diverse investment options, including mutual funds. Fidelity provides a user-friendly platform for managing healthcare expenses and exploring investment opportunities.

Fidelity Investments HSAs are designed to be cost-effective, allowing account holders to navigate the platform easily and make informed decisions about their healthcare savings. Fidelity's emphasis on transparency and accessibility positions it as a practical choice for individuals seeking a reliable HSA solution for both short-term medical expenses and long-term financial goals.

Features

• Diverse investment choices – A broad range of investment options, empowering HSA account holders with flexibility.
• Competitive fee structure – Fidelity's HSAs comes with a cost-effective fee arrangement, ensuring affordability for users.
• Intuitive UI – Easy-to-navigate platform, simplifying the management of healthcare savings and investments.

3. Health Equity

Health Equity stands out for its transparent fee structure and diverse investment options, including mutual funds. The platform provides clear tools for efficient account management, empowering users to optimize their HSAs.

With a focus on simplicity and user-friendly features, Health Equity offers resources to assist account holders in making informed decisions about their healthcare and investments. The platform's commitment to transparency and a variety of investment choices makes it a practical option for those looking to manage their HSA with ease.

Features

• Transparent fees – Straightforward fee structure, providing users with clarity on associated costs.
• Versatile investment opportunities – Offering various investment options, including mutual funds, Health Equity caters to diverse financial preferences.
• Good UX – Good platform UX for management and account holders.

4. HSA Bank

HSA Bank, offers a practical HSA solution with a clear fee structure and various investment options, including mutual funds. Known for facilitating efficient account management, the platform provides a user-friendly interface for navigating Health Savings Accounts.

HSA Bank stands out for its accessibility, catering to individuals seeking flexibility and ease in managing their HSA for both immediate healthcare expenses and long-term financial planning.

Features

• Flexible investments – A flexible HSA solution with diverse investment choices, including mutual funds.
• Clear fee breakdown – Users have a clear understanding of associated costs.
• User-friendly interface – Intuitive web platform for streamlined HSA management.

5. Lively

Lively distinguishes itself with a user-friendly interface. The platform provides transparency in its fee structure and various investment options, including mutual funds.

Designed for simplicity and accessibility, Lively offers a straightforward HSA experience, allowing account holders to manage healthcare expenses and explore long-term investment opportunities. Lively is a practical choice for individuals seeking a clear and efficient HSA solution.

Features

• User-friendly platform – Lively makes navigating and managing their healthcare savings easy for account holders.

• Transparent spending – Lively's platform provides clear insights into spending, allowing users to monitor and optimize their HSA expenses efficiently.

6. Optum

Optum, affiliated with UnitedHealthcare, distinguishes itself with a robust suite of services. In addition to seamless integration with UnitedHealthcare health plans, Optum offers users the advantage of easy coordination between their health coverage and HSAs.

The platform provides a user-friendly interface, allowing individuals to manage their HSA alongside other accounts easily. Optum also offers comprehensive educational resources, aiding users in making informed decisions about their healthcare and investments. With diverse investment options, including mutual funds, Optum caters to individuals seeking flexibility and personalized strategies for growing their HSA funds.

Features

• Integrated health plans – Optum integrates with UnitedHealthcare health plans, providing users with a cohesive experience for managing both health coverage and HSAs.
• Educational resources – Optum offers comprehensive resources to assist individuals in making informed decisions about their healthcare and investments.
• Flexible investment options – Optum caters to users seeking flexibility and personalized strategies for growing their HSA funds with a variety of investment options.

7. UMB Bank (formerly HSA Authority)

UMB Bank, recently rebranded from HSA Authority, offers a robust HSA solution with distinct advantages. UMB Bank provides account holders diverse avenues for strategic fund growth, including mutual funds and brokerage choices. UMB Bank provides account holders with diverse avenues for strategic fund growth.

The platform is notable for its focus on personalized customer service, ensuring users can access assistance tailored to their individual needs. Along with comprehensive educational tools, account holders are empowered to make informed decisions about healthcare and investment. With the recent rebranding, UMB Bank reinforces its commitment to innovation, offering individuals a reliable and forward-looking HSA experience.

Features

• Wide-ranging investment options – A diverse array of investment choices, including mutual funds and brokerage options, providing users with extensive portfolio flexibility.
• Personalized customer service – Commitment to personalized customer service, ensuring that users receive tailored assistance aligned with their individual needs.

• Comprehensive education and onboarding – UMB Bank provides extensive educational materials, empowering account holders with knowledge to make informed choices about their healthcare savings and investments.

8. Saturna Capital

Saturna Capital’s unique selling proposition is their focus on ethical and socially responsible investing. Saturna Capital offers a selection of socially responsible mutual funds to individuals seeking to align their values with their investment choices within their HSA. The platform provides a range of investment vehicles, allowing account holders to customize their portfolios based on both financial goals and ethical considerations.

Saturna Capital stands out for its commitment to low-cost investing, minimizing fees for users and ensuring cost-effectiveness in managing their HSA funds. With a forward-thinking approach to responsible investing, Saturna Capital appeals to those looking to integrate ethical considerations into their HSA investment strategy.

Features

• Ethical investing – Saturna Capital focuses on ethical and socially responsible investing, offering a selection of socially responsible mutual funds for users aligning their values with their investment choices.
• Low-cost investing – Low fees ensure that Saturna capital HSA accounts are cost-effective as investment vehicles.

• Customizable portfolios – Wide range of investment options that can be combined to suit each individual and their specific needs.

9. Bank of America

Bank of America is one of the most prominent HSA providers, known for its seamless integration of banking services with HSAs. Offering a feeless HSA with no annual maintenance charges, Bank of America ensures cost-effectiveness for account holders.

Bank of America has nationwide accessibility, offering a vast network of ATMs and branches for convenient account access. Additionally, the platform provides a suite of financial tools and resources, empowering users to make informed decisions about their healthcare savings and investments.

Features

• Nationwide accessibility – Bank of America holds an extensive network of ATMs and branches, ensuring nationwide accessibility for convenient HSA account management.
• Comprehensive financial tools – A suite of financial tools and resources to help account holders manage their money.
• No annual maintenance fees – Fee-free HSAs with no annual maintenance charges, ideal for users that are less keen on tracking every expense.

10. First American Bank

First American Bank offers a straightforward and cost-effective solution for HSA account holders. They are committed to no-cost HSAs, ensuring users can manage their HSAs without incurring annual maintenance fees.

First American Bank provides a user-friendly interface, enabling individuals to seamlessly navigate their HSA transactions. First American Bank is also notable for their competitive interest rates, presenting account holders with an opportunity for potential earnings on their HSA balances. As a no-cost option with competitive features, First American Bank provides a practical solution for individuals seeking a feeless and efficient HSA experience.

Features

• No-cost HSAs – First American Bank offers fee-free HSAs, allowing users to manage their HSAs without incurring annual maintenance fees.
• Competitive interest rates – First American Bank provides account holders an opportunity for potential earnings on their HSA balances thanks to competitive interest rates.

• Accessible online tools – Online tools, resources, and other self-service options for users that want a hands-on approach to HSA management.

How to choose the best HSA account provider for you

To select the right HSA provider for your organization, think about the features you need, and then find the appropriate vendor. Below you will find 5 high-priority features to consider.

For a more extensive list, check out our guide on what to look for in an HSA vendor.

The fee structure

Some HSAs may charge monthly or annual maintenance fees. Evaluate these fees, and opt for an account with minimal or no maintenance charges to maximize your savings.

Also, be sure to check if there are fees associated with transactions such as debit card usage or electronic transfers. Select an HSA provider with low or no transaction fees, ensuring cost-effectiveness in managing your healthcare expenses.

If you plan to invest your HSA funds, be aware of any investment-related fees. Compare these fees among providers to choose an option that aligns with your investment strategy.

Investment options

Look for HSAs that offer a range of investment options such as mutual funds, stocks, or bonds. Diversifying your investments can potentially enhance your HSA's growth over time.

Consider your risk tolerance and investment goals. If you prefer a conservative approach, choose an HSA provider that offers stable and low-risk investment options. For those comfortable with risk, explore providers with a variety of investment vehicles.

Research the historical performance of the investment options available through each HSA provider. Past performance is not indicative of future results, but it can provide insights into how investments have fared over time.

Platform accessibility and convenience

Evaluate the usability of the HSA provider's online platform and mobile app. A user-friendly interface enhances convenience, allowing you to manage your HSA, track expenses, and make transactions seamlessly.

Check if the HSA provider offers access to a network of ATMs. Having a convenient ATM network ensures you can easily access your HSA funds when needed.

Some HSAs integrate with personal finance management tools, simplifying the tracking of healthcare expenses and providing a holistic view of your financial health. Consider providers that offer such integrations for added convenience.

Quality educational resources

Assess the educational resources provided by each HSA provider. Look for informational materials, guides, and tools that help you understand the benefits of HSAs, the tax advantages, and how to maximize your savings.

Some HSAs conduct webinars or workshops to educate account holders. Consider providers that offer these educational sessions to deepen your understanding of HSA benefits and features.

Verify if the customer support team is knowledgeable and able to provide guidance on HSA-related inquiries. A helpful support team can contribute to your overall education and confidence in managing your HSA.

Customer service

Assess the availability of customer service and the channels through which support is offered. Choose an HSA provider with responsive customer service available through phone, email, and live chat, ensuring prompt assistance when needed.

Consider the knowledge level of the customer support team. A team well-versed in HSA regulations, features, and problem resolution can provide valuable assistance, especially when dealing with complex inquiries or issues.

Research customer reviews to gauge the satisfaction levels of existing account holders with the HSA provider's customer service. Positive reviews can indicate a reliable and supportive customer service experience.

HSA Account FAQ

Am I eligible for an HSA?

Determining eligibility for an HSA involves meeting specific criteria outlined by the IRS, so keep the following in mind:

• You must be enrolled in a High Deductible Health Plan (HDHP) to qualify for an HSA.
• Ensure that your HDHP meets the IRS requirements, including specific deductible and out-of-pocket expense limits. 
• You generally cannot be covered by other health insurance that is not an HDHP. Exceptions include certain types of permitted insurance coverage, such as dental, vision, disability, or long-term care insurance.
• If you are 65 or older, you are typically eligible for Medicare. Once enrolled in Medicare, you cannot contribute to an HSA. However, if you delay Medicare enrollment and maintain HSA-qualified coverage, you can continue contributing to your HSA.
• If you are claimed as a dependent on someone else's tax return, you are generally not eligible for your own HSA. This applies even if you meet the other eligibility criteria.
• You must be a US resident to open and contribute to an HSA. Non-residents, including those on certain visas, may not qualify.
• Be aware of the annual contribution limits set by the IRS. These limits may vary for individuals and families, and exceeding them can result in tax penalties.
• If your employer offers an HSA as part of a benefits package, you may be eligible to participate, regardless of whether you have an individual HDHP or a family plan.

How does an HSA differ from a Flexible Spending Account (FSA)?

HSAs and Flexible Spending Accounts (FSAs) are both tax-advantaged tools to manage healthcare costs, but they differ in eligibility and ownership.

HSAs require enrollment in a HDHP, while FSAs have no such requirement.

HSAs are individually owned and portable, allowing users to retain funds when changing jobs or health plans. In contrast, FSAs are often tied to employers, and funds may not be portable if you switch employers.

Contribution limits vary; HSAs have higher annual contribution limits, and funds can roll over from year to year. FSAs typically have lower contribution limits, and there may be a use-it-or-lose-it rule, requiring spending within the plan year or a grace period.

Both accounts offer pre-tax contributions, but HSAs provide additional benefits such as potential investment growth and the ability to withdraw funds for non-medical expenses penalty-free after age 65.

Is an HSA worth it?

Consider an HSA if you prioritize tax advantages, have anticipated medical expenses, and value portability. However, other pre-tax accounts may be more suitable if short-term financial goals take precedence or you have limited disposable income. Assessing your financial situation and healthcare needs is crucial to determining whether an HSA aligns with your financial strategy.

Getting started with Forma

In our exploration of HSA providers we've outlined 10 prominent vendors in the pre-tax account market that can help you set up HSAs for your employees. We examined key features like fee structures, investment options, and customer service considerations, hopefully helping you to reach a decision that will be the most beneficial to your organization.

If you’re looking for a streamlined solution with no strings attached, we recommend you check out Forma.

Find out more about how Forma can help you set up HSAs at scale by <span class="text-style-link text-color-blue" fs-mirrorclick-element="trigger" role="button">scheduling a consultation</span> with one of our experts.

*This document is for informational purposes. Forma is not engaged in the practice of law. Nothing contained herein is intended as tax or legal advice nor is it intended to replace tax or legal advice from counsel. If you need tax or legal advice, please consult with counsel or a certified tax professional.

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