Top HSA Providers — 2022

Everything you need to know about HSA providers so you can offer employees more cost-saving benefits, increase employee satisfaction, and attract more top talent

Phil Strazzulla
HR Tech Expert, Harvard MBA, Software Enthusiast
October 7, 2022

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Our Expert Picks: The Top HSA Providers

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Not only is Fidelity a reliable provider, but their HSA is both transaction and free from fees. They offer financial planning and advice, retirement plans, wealth management services, and more.

BenefitWallet tailors their HSA experience to your company's specific needs. They offer a personalized and simplified approach to managing health care costs and accumulating wealth through health accounts.

We love HealthEquity because it provides a good selection of custom integrations to streamline benefits workflows.

At Optum Bank, they put in the effort to educate employees and employers to ensure everyone knows what to expect and how to derive the most value from health savings accounts.

We love Lively because it is a venture-backed HSA with an intuitive user interface. It can also be used on mobile devices which is convenient for on-the-go access.

We love Further because they offer competitive interest rates that grow the more you save. They combine health and finance in a seamless and understandable manner.

We love HSA Bank because of its ease of use. It is also easy to set up, enabling businesses to get started hassle-free.

Top HSA Providers — 2022

Everything you need to know about HSA providers so you can offer employees more cost-saving benefits, increase employee satisfaction, and attract more top talent

Phil Strazzulla, HR Tech Expert, Harvard MBA, Software Enthusiast Oct 07, 2022

Health Savings Accounts (or HSAs) are common benefits at companies large and small. In a nutshell, an HSA allows employees to set aside pre-tax dollars to cover qualified medical expenses, like doctor visits, prescriptions, lab fees, even dental- and vision-related costs. As an employer, you can offer HSAs to employees with HSA-eligible high-deductible health plans (HDHP) to help reduce their — and your — overall healthcare costs. 

So which HSA provider is right for your company and how do you actually set up a company-wide HSA plan? In this guide, we’re breaking it all down. Let’s get started.

We spend hundreds of hours researching the best HR and recruiting software so you don’t have to.  We never take money from vendors during our research phase and rely heavily on practitioners and experts to help us recommend the right software.  However we may earn a fee if you click on vendor links on this page.

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Hours Researched
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Vendors Reviewed

Our criteria: How we chose the best vendors

We take our research seriously and want to make sure we are presenting our readers with the very best solutions in a given software category.  Here's how we select vendors to be in our buyer guides:

  • Product: We want to have a deep understanding of a vendor's product before recommending it.  This usually means getting a demo by a senior executive (their CEO, head of product, etc), and/or using the product ourselves to make sure it has a solid UI, intuitive workflows, and the features to make it a best in class offering.
  • User feedback: We do our best to understand what users say when they experience this product.  User input allows us to accomplish a more thorough due diligence of products, put new vendors on our radar, and generally make sure we are presenting the right products to our readers.
  • Financial metrics: We are very much finance nerds and so use a product's retention rates, growth, profitability, and scale to understand whether or not it is truly best in class.
  • Best for a use case: Sometimes the best solution is the cheapest, the best tool for international companies, or the best for startups. We try to include a diversity of solutions so that our readers can find the tool that is best for what they need.

Here's more detail if you want to read further on how we research vendors.

In this guide you'll find

An Intro On HSA Providers

Health Savings Accounts (or HSAs) are common benefits at companies large and small. In a nutshell, an HSA allows employees to set aside pre-tax dollars to cover qualified medical expenses, like doctor visits, prescriptions, lab fees, even dental- and vision-related costs. As an employer, you can offer HSAs to employees with HSA-eligible high-deductible health plans (HDHP) to help reduce their — and your — overall healthcare costs. 

So which HSA provider is right for your company and how do you actually set up a company-wide HSA plan? In this guide, we’re breaking it all down. Let’s get started.

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The Best HSA Providers & Health Savings Administrators

We track thousands of HR Tech solutions. Here are the best HSA providers and Health Savings Administrators as of 2022.

HealthEquity

Review:

HealthEquity has a variety of employee benefit products from commuter reimbursements and COBRA to HSAs and FSAs. Their hands on approach means your HSA admin will integrate with your various other vendors (payroll, retirement, etc) and backed by 24/7 phone support. They work with 175+ health plan partners to enable a more rewarding member experience.

HealthEquity

Stats:

  • 5.5 million HSA members
  • 100,000+ organizations
  • Founded in 2002

HealthEquity

Pricing:

Best For:

Companies looking for a one-stop-benefits-shop will specifically find value in HealthEquity.

HSA Bank

Review:

As the name suggests, HSA Bank has a broad offering of products that include HSAs, FSAs, and HRAs. They have over $7 Billion in accounts at any given time, and are backed by their parent company Webster Bank (NYSE: WBS). HSA Bank also has a handy HSA comparison tool on their website.

HSA Bank

Stats:

  • Partnered with 35,000 employers

HSA Bank

Pricing:

Best For:

HSA Bank has been used by employers of all sizes.

Further

Review:

Further helps over 10,000 employers manage their HSAs. They have competitive interest rates for balances that approach 1% (as of 2020), and an easy to use debit card/mobile app/web interface for employees to use when spending through their account.

Further

Stats:

Further

Pricing:

Employers must pay an administrative fee that's worked out with a sales rep. There are three different plans, Further Premium HSA, which has higher interest rates for a higher monthly, Further Select HSA which has lower interest rates but offers FDIC security, and Further Value HSA which lies right in the middle for the lowest monthly cost.

Best For:

Further's competitive interest rates makes it appealing to most employers.

Fidelity

Review:

Fidelity is one of the most reputable financial services companies in the world with a rich history and an evolved product suite that has kept up with the pace of technology.

Employees that use their HSA can invest unused balances into hand selected funds that are transaction and fee free.

Fidelity

Stats:

  • 63% higher than industry average account balance
  • 25% difference between employee contributions to a Fidelity HSA versus the industry.

Fidelity

Pricing:

Fidelity's services don't cost any fees and there aren't any account minimums for employees.

Best For:

Any sized company will find value in using Fidelity.

Optum Bank

Review:

Optum Bank are one of the leaders in this space, and even have their own digital “academy” to educate employees and employers on HSAs. They are backed by UnitedHealth.

Individuals may contribute up to $3,600 a year, and an individual with family coverage can contribute up to $7,200 for the year. Once you turn 55, Optum allows you to contribute an additional $1,000.

Optum Bank

Stats:

  • $12 billion in assests across 5 million accounts
  • Given $45 million to support low income communities
  • Founded in 2003

Optum Bank

Pricing:

Optum Bank's HSA has a monthly maintenance fee that you'll receive with your HSA Welcome Kit.

There are a few small account fees. Optum charges $2.50 per ATM transaction, $20 to transfer your HSA to another bank, and a $1.50 for a physical print-out of your statement.

Best For:

Companies of different sizes can find value in Optum Bank's HSA offerings.

Lively

Review:

This is a great HSA for companies that want to have a single source of truth across their HSA management in one dashboard.  They have paperless onboarding for new employees, automated alerts, and always on customer support.

Lively is one of the few venture backed companies in this space, which generally correlates with an easy to use technology interface.

Lively

Stats:

Lively

Pricing:

Employers pay $2.95 per employee per month for Lively.

Best For:

Best for companies looking for a modern HSA with a great UI.

BenefitWallet

Review:

BenefitWallet helps over 1 million employees manage their health and wealth through their platform that caters to companies of all sizes.  They are one of the smaller players in the space, but partner with Bank of New York Mellon to custody their accounts. BenefitWallet is a product offered by a larger company, Conduent Inc.

BenefitWallet

Stats:

BenefitWallet

Pricing:

Best For:

BenefitWallet is great for companies of all sizes, but because they are a smaller organization, they have more in common with small businesses.

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Next Steps for HSA benefits

Because of the many tax benefits that HSA accounts provide for both employers and employees, it’s important to maintain your compliance. Getting the most out of your HSA benefit of course depends on the provider you choose, which is why it’s always a good idea to use one with low fees and good investment options. To ensure you make the right choice, you might want to consider talking to a financial advisor, accountant, and/or lawyer. From there, you’ll be able to arrow down your choices and book demos.

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