I was researching this option and come across a number of ways to invest HSA contributions into mutual funds.
Mutual funds which will act as HSA custodians for direct investors:
The Bruce Fund
Roosevelt Multi-Cap Fund
Other HSA Mutual Fund options:
1.TD Ameritrade Brokerage Through hsabank.com/HSABank/Accountholders.aspx
-you can link an hsabank account to a TD Ameritrade brokerage, allowing for fee-free ETF trading.
-Brokerage based, no monthly or annual fee
-No fees if you invest in their mutual funds (AMANX, AMAGX, AMDWX, SSGFX, SSIFX, SCORX, SGHIX, STBFX, SBIFX)
-Commissions for self-directed trading ~ $14.95 per trade
-Inactive fee after 1 year ($12.50 or $25 for mutual fund/brokerage account)
Alliant Credit Union
-Pays 0.7% APY (updated 6/17/13) on balances above $100,
25 free checks, debit card, no fees. Join the PTA (local or national) to qualify for membership.
$5.95/month to invest anything over $1000 into Mutual Funds
Health Savings Administrators, are 15 Vanguard® Funds
-Debit Card alternative - not connected with mutual fund account
-Available through Resource Bank-There are no deposit fees, no per check fees and no fee to close the account.
-Pays 1% APR if monthly balance is above $1000
-Monthly maintenance fee - $2
-Account setup fee $ 20.00
-Annual administrative fee-single account $ 35.00
-Annual administrative fee-family account $ 60.00
-Administrative fees are payable direct in advance.
-Mutial Fund customers (no debit card)
- Custodial fee .00125 per quarter, deducted from account balance