Health Savings Accounts (HSAs) can be an important tool, providing employees with the opportunity to contribute and grow savings tax-free for long term health needs.¹ As more employees learn the benefits of investing, HSA investors look for expanded options to take control of how they build financial security.

Schwab Health Savings Brokerage Account, powered by Charles Schwab

In May 2024 HealthEquity will launch a Health Savings Brokerage Account (HSBA) in partnership with Charles Schwab. This provides an additional choice for members to invest and potentially grow their HSA.² With an HSBA, members get all the advantages of a brokerage account and the flexible spending capabilities of an HSA. Integrated and intuitive, HealthEquity’s HSA and the Schwab HSBA offer seamless cash management and self-directed investing to help members take control over their health and financial future. With the Schwab HSBA, members have access to thousands of investment options, including a wide range of stocks, mutual funds, and Exchange Traded Funds (ETF).

How it works

Getting started

Members log into the HealthEquity member portal and begin HSBA enrollment.
Enrollment is completed on the Charles Schwab platform.

Managing the account

Transfer funds to and from the Schwab HSBA from the HealthEquity Investment Desktop.
Navigate via Single Sign On (SSO) from the Investment Desktop to the Charles Schwab platform to manage the Schwab HSBA – including checking performance, conducting research, and directing trades.

Are there additional costs associated with the HSBA?

We keep it simple, charging a single investment fee of 0.03% per $1,000 invested per month (capped at $10.00) for the combined daily balance in the HSBA and Investor Choice mutual fund investments.³

HealthEquity offers flexible investment options

The self-directed brokerage feature is built to complement the existing Investor Choice mutual fund offering. Members can choose to invest all of their funds in the brokerage account, or they can choose to invest a portion of their HSA dollars in the brokerage account and the Investor Choice portfolio.

The Investor Choice mutual fund lineup includes access to Advisor, a web-based robo-advisory service powered by HealthEquity Advisors, LLC that provides subscribing HSA investors professional investment guidance based on a risk profile determined by the investor. Keep in mind that the HSBA is a self-directed brokerage account, so members will not receive advisory services and will be responsible for making their own investment decisions.

¹HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-deductible with very few exceptions. Please consult a tax advisor regarding your state’s specific rules. 

²Investments are subject to risk, including the possible loss of the principal invested, and are not FDIC or NCUA insured, or guaranteed by HealthEquity, Inc. Investing through the HealthEquity investment platform is subject to the terms and conditions of the Health Savings Account Custodial Agreement and any applicable investment supplement. Investing may not be suitable for everyone and before making any investments, review the fund’s prospectus.

³Charles Schwab trading fees may be applicable depending on the investment chosen or if the member requires additional investment support from Charles Schwab.