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Investment Options for your HSA

You can invest a portion of your HSA in a variety of investment options. This page covers the various options available and requirements for each. It also details any fees associated with investments.

Available Mutual Funds

See our HSA Mutual Funds list


The money in your health savings account will grow and earn interest over the years if you make your annual maximum contributions and look for ways to get the best value. You can then use your HSA primarily to maximize tax-advantaged retirement savings. You may want to consider the advantages of our online self-directed mutual fund investment account available to all account holders for only $18 per year.

To take advantage of these investment opportunities, you need to select one of the investment account options within your HSA as your balance grows. If you don’t want to assume the risk of loss that comes with investing in the market, you can choose to leave your entire HSA balance (your base balance) at Further where it may earn interest at rate(s) established by your HSA plan type.

The FreeSaver HSA plan type does not allow for investment options.

Investment options

Investment options are through an arrangement between Further (your account administrator) and the Charles Schwab Trust Company (the sub- custodian for the investment accounts). As one of the most recognized names in the investment industry, the Schwab platform gives you access to mutual funds from various fund families, as well as planning tools to help you manage and analyze your investments.

When your account Base Balance reaches $1,000

When your account Base Balance reaches $1,000, you can activate your self-directed Basic Investment Account with the Charles Schwab Trust Company as the investment custodian. This account gives you access to a variety of mutual funds from the Schwab’s Mutual Fund OneSource Service. The mutual funds available under this option are selected by Devenir LLC, a registered investment advisor. There is an additional annual fee for an investment account.

You can open a Basic Investment Account at Generally, you will be able to access your investment account online within two to three business days after you open it. You can then obtain mutual fund prospectuses, select the mutual funds in which you wish to invest, determine how much to invest and allocate future contributions.


When your Basic Investment Account balance exceeds $10,000

When your Basic Investment Account balance exceeds $10,000, you can activate a Self-Directed Brokerage Investment Account with Charles Schwab. This account, also a part of your HSA, gives you access to more than 2,500 mutual funds from a variety of fund families, as well as stocks, bonds and other investments. There is an annual fee for a brokerage investment account.

Investment accounts are self-directed and self-managed

Investment accounts are self-directed and self-managed. This means you decide whether and when to invest, select the mutual funds or other investments (available through the Brokerage Investment Account option) in which you want to invest, and decide how much to invest. If you need help with this process, you have access to online resources and tools through the Schwab site accessible from your HSA account at

Choosing mutual funds

You can select the mutual funds or other investments you want. See our comprehensive Mutual Fund listing.

Monthly fees based on account type

Account type

Available funds

Annual account service fees*

Base Balance

Funds in the Base Balance earn interest at rates set by Further. Members may leave all funds in the base account.

Annual fees vary

Basic Investment Account

When a member's Base Balance exceeds $1,000, you have the option to invest the amount over this threshold in a variety of pre-selected mutual funds.

An additional $18.00 per year**; this fee is paid out of the Basic Investment Account

Self-Directed Brokerage Investment Account

When a member's Basic Investment Account exceeds 

$10,000, member has the option to invest the amount over this threshold in a wider range of mutual funds as well as stocks, bonds and other investments.

An additional $18.00 per year**; this fee is paid out of the Self-Directed Brokerage Investment Account.

*These fees are in addition to any HSA account administrative fees that Further may charge.
**This fee will not be doubled for members with both a Basic Investment Account and a Self-Directed Brokerage Investment Account.

Investment account fees and reporting requirements

When you choose to invest your HSA dollars, you will pay fees on your HSA base balance, your Basic Investment Account and your Self-Directed Brokerage Investment Account.

Here are some details on these fees:

  • You’ll pay an annual investment account service fee of $18.00 to Further. This fee is deducted annually from your Basic Investment Account and is only deducted when the Basic Investment Account has a balance.
  • Schwab’s standard brokerage commission schedule applies to transactions in the Self-Directed Brokerage Investment Account. Applicable commissions and execution fees will also be deducted from your Self-Directed Brokerage Investment Account balance. Account holders with a Self-Directed Brokerage Investment Account will pay standard transaction fees for trades they make through their Self-Directed Brokerage Investment Account. In addition, short-term redemption fees may apply for fund units that are sold within the time frame listed in the fund’s prospectus. Refer to a fund’s prospectus to learn if redemption fees apply.

Mutual fund fees and charges

In addition to the monthly investment account service fees for the HSA investment options, read the fund’s prospectus carefully before investing. It contains complete information about the fund, including management fees, charges and expenses. Mutual funds purchased from Charles Schwab & Co. Inc. through the Basic Investment Account options available under your HSA will be purchased without an initial sales charge. Some mutual funds may impose redemption fees of up to two percent of the redemption proceeds to discourage short-term trading. If a redemption fee is charged, it is paid to the fund and is intended to offset portfolio transaction costs, market impact and other costs associated with short-term trading.

The mutual funds available through Schwab’s Mutual Fund OneSource Service may charge 12b-1 fees as disclosed in the fund’s prospectus. A 12b-1 fee is a fee that a mutual fund company pays to others out of fund assets to cover administrative services, including record keeping and shareholder services, and to compensate persons who distribute the fund’s shares. Charles Schwab & Co. Inc. receives payments from the mutual fund companies participating in Schwab’s Mutual Fund OneSource Service for record keeping and shareholder services and other administrative services. Schwab also may receive payments from transaction fee fund companies for certain administrative services. Schwab may make certain plan expense payments to the record keeper for the investment accounts for administrative and record keeping services it provides. In addition, these plan expense payments may also be used to offset investment account expenses for custodial and investment advisory services. Without these plan expense payments from Schwab, the monthly investment account service fees described above could be higher. Devenir, as investment advisor to the HSA, may consider the availability of these plan expense payments when it selects mutual funds for the Basic Investment Account. None of the monthly investment account service fees, plan expense payments or the investment account transfer fee, if applicable, is paid to Further.

Frequently asked questions

What HSA investment options are available?

If desired, you can leave the entire HSA balance at Further, where it earns interest, or choose to invest a portion of it. Once an HSA base balance exceeds $1,000, you can open a basic, self-directed investment account, which gives access to more than 30 no-load and load-waived pre-selected mutual funds. At least $1,000 must be kept in the base balance of the HSA account.

In addition, when the basic investment account balance exceeds $10,000, you can open a self-directed brokerage investment account with Charles Schwab. This account allows access to more than 2,500 mutual funds from a variety of families, as well as stocks, bonds, and other investments.

Are my investment accounts part of my HSA?
Yes. While the Basic Investment Account and the Brokerage Investment Account are held in the custody of the Charles Schwab Trust Company, they are part of your Further HSA. Further does not pay interest on the investment accounts.
How can I direct future contributions to go into my Basic Investment Account?
You can direct future HSA contributions to mutual fund investments at You’ll find various options to control or manage the flow of contributions to the mutual fund(s) you select. Generally, you may elect to have all or a portion of your future contributions flow directly into the investments you have selected in your investment account. There is one restriction: If your Base Balance falls below $1,000 due to HSA withdrawals for health care claims, then your future contributions will first be used to build your Base Balance back to $1,000, with the remainder invested per your instructions.
How do I request a withdrawal when I have an active investment account?

Account withdrawals are always paid from your Base Balance. If there are not enough funds in your Base Balance to pay a claim, the claim will be pended for 12 months or until more funds are available in your Base Balance. These funds can come from either new contributions or from transferring funds from your investment account to your Base Balance. Transferring funds from the self-directed investment account or the Basic Investment Account to the Base Balance is not automatic. You must manually request such a transfer.

Withdrawals will be taken pro-rata from the mutual funds you have invested if you have selected the pro-rata transfer option (the only option for the basic investment account). Otherwise, Schwab brokerage accounts must have the money moved to cash to transfer to a self- directed account. You will need to select the fund(s) and amount(s) you wish to sell to fund your withdrawal. You have several options for getting help if you can’t find what you’re looking for in these pages. This chapter looks at the many resources available to you as an HSA member and includes a glossary of terms.

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