HealthEquity
Employer-sponsored HSA with Vanguard funds and Schwab brokerage
How it works
HealthEquity is the largest HSA custodian in the United States, administering over 17 million accounts with $34.4 billion in assets. It is most commonly offered through employer-sponsored health plans. The platform offers 23 Vanguard funds through its Index Investor HSA plan and a Schwab Health Savings Brokerage Account for self-directed trading. Morningstar rated it 'Above Average' in both spending and investment categories for 2025.
Is it right for you?
Consider if you
- You have a HealthEquity HSA through your employer and want to maximize it
- You want access to Vanguard institutional funds in an HSA
- You value Schwab brokerage integration for self-directed HSA investing
Skip if you
- People with a choice of HSA provider — choose Fidelity instead
- Those who want to avoid monthly maintenance and investment admin fees
Your money and data
HealthEquity is an IRS-qualified HSA administrator. HSA contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are tax-free.
Pros & Cons
Pros
- Morningstar 'Above Average' rating for both spending and investment accounts
- Schwab Health Savings Brokerage Account with thousands of investment options
- Excellent Vanguard institutional fund lineup including VIIIX (0.02% expense ratio)
Cons
- Monthly admin fees ($1.50-$5.50/month) unlike Fidelity's zero-fee structure
- New $25 partial transfer fee effective November 2025 frustrates account holders
- Android app rated 1.4 stars with widespread login lockouts and crash issues
Pricing details
Admin fee $1.50-$5.50/month · Investment fee 0.36%/year (capped $10/month) · $25 partial transfer fee · $1,000 min cash balance to invest
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