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Best HSA Accounts (Top 5 Health Savings Accounts) - YouTube
Channel: Xena Kai Finance Videos
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in this video i go over the five best
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hsa accounts that exist today hsa
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accounts
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also known as a health saving account is
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the best investment account
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that anyone could open however it often
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goes unnoticed because
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people simply don't know about it and
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you'll be leaving hundreds
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of thousands of dollars on the table if
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you don't have
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an hsa and what's worse is you might
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even pick the wrong
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hsa there are hundreds of hsa providers
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that have high fees and barely any
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investment options
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that you should absolutely steer clear
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from and picking the wrong hsa
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is like running a marathon with no shoes
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after shooting yourself in the foot and
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the marathon is filled with legos
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so keep watching this video until the
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end so that you learn about the best
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hsas that you could open today if you're
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new here hi my name is xena i make
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personal finance videos but
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only a small percentage of my viewers
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are actually subscribed to the channel
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so hit subscribe and the notification
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bell down below it's free for you to do
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and you could always unsubscribe later
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the first hsa account on this list is
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lively
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they have a zero dollar minimum balance
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requirement
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and they have a zero dollar investment
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threshold
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some hsa accounts require that you have
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an x amount of dollars
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in your account before they let you
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invest
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with lively there is no minimum so you
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could have a hundred dollars in your
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account
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and invest it from day one some of the
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account features include a
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debit card online banking a mobile app
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and also an account dashboard they do
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have an interest rate that they provide
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their customers with the cash that the
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customers keep in
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their hsas you could earn up to 0.01
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on the balance that you keep with them
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one percent is not high it is extremely
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low
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and there really is no benefit to
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leaving your money
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in there when you could invest it with
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them instead lively
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has no fees for individuals and for
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family accounts
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however employer accounts do have a fee
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there is a 2.95 fee
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per employee per month they have a zero
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dollar commissions fee
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for online stocks etfs and options
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trading with td ameritrade
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however they do have a 6.95
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fee per trade for over-the-counter
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stocks that are not
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listed on the us exchanges though even
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though this is a con
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i don't really consider this a big con
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because
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i don't know many people who are going
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to trade otc stocks
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lively also gives two investment options
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for their customers
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the first option is to invest with td
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ameritrade
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this is a self-directed brokerage
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account where a customer could choose
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exactly what he or she invests in
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customers could choose between over 550
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commission free etfs
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13 000 mutual funds stocks bonds
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cds and non-margin options
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trading the second option is with
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denavir
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customers could invest in denavir's hsa
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guided portfolio
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which includes 24 mutual funds
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though keep in mind that the annual fee
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for this
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is 0.5 percent for all of the assets you
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have
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invested in denver which is not cheap
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one of my favorite features that lively
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offers is that you could add
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your receipts for qualifying hsa
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purchases or expenses
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and you could choose to get reimbursed
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later however a big con with lively is
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that in order to invest
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the money you have in your hsa you have
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to make
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two accounts you have to have a lively
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account and
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you need a td ameritrade account the
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next hsa account is with fidelity
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investments
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they have a zero dollar minimum balance
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and
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a zero dollar investment threshold
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fidelity investment
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does offer more features on their hsas
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they offer debit card checks online
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banking
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auto investing so that your money is
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invested automatically so that you don't
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have to think about it
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they have an hsa investment
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recommendation tool
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and they have tools to help determine
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how much cash you need
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in order to pay for upcoming medical
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expenses
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i saw these features and i thought that
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this was one of the best
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hsas for people who don't want to think
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or worry about what they're going to
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invest in
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in their hsa because this is all
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automatic the interest rate that they
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provide their customers in
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their money market fund is up to 0.01
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percent
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which is the same as lively and like i
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said earlier 0.01
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is not much with the fees that fidelity
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charges for their
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hsa accounts it's it's beautiful because
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there are almost
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zero fees there are no account opening
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fees
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no account closing fees there are no
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account transaction fees as well
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there are zero dollar commissions for
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trades there are
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zero separate fees to invest however
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they might charge you a record-keeping
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fee
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for employer plans if you sign up with
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them
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and it's under your employer they'll
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charge you up to four dollars
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a month if you sign up as individual
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there is no fee
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for the record record fee the fidelity
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hsa
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is a 100 self-directed brokerage
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platform
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there are so many investment options
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with them and fidelity is one of the
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biggest brokerages ever i think they're
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in the top five right
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but these are the options that you have
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in their hsas you have
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over 10 000 plus mutual funds stocks
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etfs bonds cds fidelity hsa funds
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a curated list of 35 active and passive
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fund options with zero account minimums
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they also have two new hsa specific
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mutual funds the fidelity health savings
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fund and fidelity health
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savings fund index and dollar based
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investing
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is also available with fractional shares
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i put this on the list
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of best hsas because they basically have
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no
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fees and they have so
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many options for investors to invest in
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the next best hsa account is health
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savings now this is what vanguard
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recommends
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when you go on the vanguard website and
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try to look for an hsa
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vanguard actually has no hsa
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but on their website in one of their
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articles
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that i've read they do have a link to
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open an hsa
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and it links you to health savings
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there's a zero dollar minimum balance
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requirement and there's a zero
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dollar investment threshold with account
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features
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health savings offers a debit card and
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online banking they do offer up to
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point 25 interest rate on your balance
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depending on your balance tier now this
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is one of the higher interest rates that
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i've found
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and one of the reasons why i put it on
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this list
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with fees they offer no trading fees
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however
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they charge a 36 dollar annual fee a 25
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account closing fee and a 25
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excess contribution fee with investment
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options
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they offer 44 vanguard and dimensional
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mutual funds
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health savings doesn't have as many
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investment options as the previous hsas
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that i mentioned in this video because
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they only have
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44 funds in total however i did
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add this to the list because most
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investors
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only want to invest in index funds and
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if that is you
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then this account might be for you the
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next best hsa account
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is hsa bank they offer a zero dollar
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minimum balance
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however there is a one thousand
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dollar investment threshold and
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basically what this means is that you
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need a thousand dollars
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in your account before you're able to
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invest anything
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this might be a con for you if you're
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just opening up an account and you don't
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have a thousand dollars to put
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into it then you have to wait until you
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hit a thousand before you're able to
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invest anything and that might take a
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while for you depending on your
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financial situation
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with features hsa bank has good features
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they offer a debit card
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they have online banking they have
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checks they have a mobile
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account mobile app they have a mobile
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app there is a self-service online
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platform where you could track receipts
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and reimbursements
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and they have 24 7 customer service for
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interest rate they offer
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up to 0.2 based on the balance
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and the tier that you're in for fees
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they have a 2.50
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fee for your hsa however this can be
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waived if your hsa has a daily balance
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of over three thousand dollars there is
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no monthly
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investment fee however there is a 25
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account closing fee hsa bank does offer
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three
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investment options one you could invest
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with
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td ameritrade which is a self-directed
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brokerage that other hsas also
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offer you can invest in stocks bonds
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mutual funds index funds
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in this account they also have two
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options for
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mutual funds there is denver and there
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is
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hs advisor plus both of these have a 0.3
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annual fee based on the assets that you
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invest
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with them and mutual funds are expensive
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i always tell people to steer clear from
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expensive mutual funds and pick a low
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cost index fund instead
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the next top hsa account is further
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there is a zero dollar minimum
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requirement balance however
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there are investment thresholds there
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are two investment
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thresholds the first one is one thousand
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dollars
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you need at least one thousand dollars
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in your account
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before they give you access to a couple
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mutual funds
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and then there is the second investment
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threshold
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of ten thousand dollars once your
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account hits ten
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thousand dollars then they give you
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access to
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over 2500 mutual funds
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stocks bonds and other investment
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now this could be a big con if you don't
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want to invest in any of the schwab
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mutual funds if you want to invest in
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stocks or bonds
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you have to wait until your account has
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over
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ten thousand dollars but if you only
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want to invest in schwab mutual funds
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then the ten thousand dollar
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threshold that they require for the
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other investments
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might not even matter for you for
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features they offer a debit card
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online banking and a mobile app for
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interest rates they offer one of the
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highest interest rates for
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hsas depending on your tier and the type
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of account
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that you open with them you could earn
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up to .7
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interest rate your fees also depend on
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what type of account
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you have with them they have three types
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of accounts
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they have the further premium hsa the
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further
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value and the further select hsa
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and these accounts with their
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administrative fees
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it goes from one dollars a month to
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up to four dollars a month just for
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admin fees
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depending on the type of account you
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have with them they might charge you
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an investment fee of 18 per year
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with investment options it depends on
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your investment threshold if you hit the
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one thousand dollar investment threshold
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then they give you 30 mutual fund
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options from schwab
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once you hit the 10 000 investment
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threshold then you get access to
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the self-directed brokerage from schwab
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this will give you access to over
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2 000 commission free etfs stocks
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bonds and 2500 mutual funds
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from schwab the biggest con here is that
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you need
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10 000 in your account before you're
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able
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to gain access to the self-directed
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brokerage and
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invest in whatever you want to invest in
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so that might take you
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a while but if you only want to invest
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in mutual funds and you're a huge
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charles schwab fan then this account may
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be for you
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you still have until the tax deadline of
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may
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17 2021 to contribute
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to your 2020 hsa account
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if you do qualify definitely open an
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account by then and try to max it out
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because this is one of the best
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investment accounts that you could open
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this was all the research i did when
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choosing my own hsa
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and i ended up choosing lively and will
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be
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opening it this week there are links in
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the description below to all of the hsa
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accounts
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that i mentioned and in the future i'll
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be giving an
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in-depth review on lively in my
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experience
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with them so be sure to subscribe to my
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channel hit the notification bell so
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that you are notified of future videos
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and while you're at it
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make sure to watch this video next i'm
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sure you'll love it and with that
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thanks for watching and i will see you
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guys in this video
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bye
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