What is an HSA in Banking?

Wellman Shew

October 12, 2022

HSA stands for a health savings account, and it is a type of savings account. HSA Bank is based in Sheboygan, Wisconsin, and focuses on the service and administration of health accounts. An HSA in Banking is also a service provider for health plans and other flexible spending accounts.

Charles Schwab

The Charles Schwab Health Savings Account (HSA) is an investment account that lets you invest in various healthcare investments. The account is easily accessible online, and Charles Schwab advisors can manage your investments. According to Devenir Research, over 28 million HSAs were in existence at the end of 2019.

You can access your Charles Schwab HSA account through your brokerage account. You must log in to your account using your social security number and 8-digit Schwab account number. Once logged in, you’ll see the Manage brokerage account button, where you can choose investments from Charles Schwab. You’ll be redirected to Charles Schwab’s investment website, where you’ll need to enter your social security number and 8-digit Schwab account number.

If you’re enrolled in a high-deductible health plan, you can open a consumer-directed HSA with Charles Schwab. Once you’ve established a $1,000 HSA, you can invest through Charles Schwab. The company charges an annual fee of $18 for investment accounts. After that, the fees vary depending on the included investments.


Fidelity offers two types of HSA accounts. One type is designed for an investment account, and the other for a spending account. Both types are available to individuals and employers. In addition, Fidelity HSA offers a streamlined account with low fees and no minimum balance requirements. It also offers a Visa debit card for medical bills.

There are many benefits to choosing Fidelity HSA over other HSA providers. Its account is easy to manage, includes a debit card and online bill pay, and allows you to claim reimbursement for qualified expenses. You can even invest your account portion to earn APY, which is a great way to increase your savings over time.

Fidelity HSAs offer no maintenance fees and no investing fees. In addition, Fidelity offers guidance and investment advice, which makes Fidelity an excellent choice for individuals and small businesses who don’t want to pay fees. The accounts come with various investment options, no account minimums, and no transaction fees.


Lively is an online HSA banking service that offers several benefits. For starters, Lively accounts are insured up to $250,000 by the FDIC and NCUA. Additionally, Lively offers a debit card that can be used to pay for medical expenses. Finally, the company has a friendly, knowledgeable customer support staff who can help you with your HSA questions.

Lively also has several investment features. Customers can use their HSAs to invest in the stock market and set up recurring contributions. They can also transfer HSAs from other providers without incurring any fees. The transfer of funds is seamless, and the funds are usually available in your brokerage account in two to three business days. Other features of Lively HSAs include investment options and no minimum balance requirements.

Lively is a relatively new company with no extensive history in the HSA banking industry. However, its goal is to make the process as simple as possible for customers. It offers paperless and online account management and an intuitive dashboard. This dashboard lets users keep track of their account balance, investments, and medical expenses. It is easy to navigate, and you can even use it on mobile devices.


Besides offering tax-free savings on contributions, HSAs also offer other advantages. For example, these savings accounts can be used to pay for qualified medical expenses. Further, HSAs also allow you to make tax-free withdrawals. You can also invest your balance in various ways depending on your needs.