HSAs are a great way to save money for healthcare expenses and retirement because of their triple tax advantaged status. And there’s one more way to potentially grow your money — investing your HSA. In this post we’ll dive into reasons you may want to invest, reasons it may not be for you, and things to keep in mind when investing your HSA.

If you’re unsatisfied with your current HSA custodian, you can roll it over to a new provider. That process might sound complicated, taxing and just plain frustrating. But in the right scenario, it can give you the chance to access lower fees, a wider variety of investment offerings and more.

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If you’re interested in using your HSA to fund future health care costs, investing your money in stocks and bonds will likely produce bigger returns for you decades from now. Sure, with stocks there will definitely be periods when your account value will decline. But if you don’t intend to use the money for at least 10 years, investing it in stocks and bonds will likely produce higher returns than keeping it in a low-yielding cash bank account or money market mutual fund.

As your career takes off, you may be eager to save more money for retirement. Luckily, there are plenty of savings options to choose from. You may begin with your company's 401(k) and employer match. If you're looking to save more, you may also open an IRA. These are savvy moves, but there's another account to consider, too—a health savings account. Here are some things to know about this lesser-known, tax-friendly account.

If you have a Health Savings Account (HSA) you are in charge of deciding where to store your money. You can keep the money in a bank savings account or you can choose to put your HSA money in an investment account.

The main difference between the two types of accounts comes down to risk. Bank savings accounts are safer than the money you keep in an investment account.