Is there a list of HSA providers that I can use to compare accounts? I saw my health insurance company pays 3%, which may not be competitive. When will companies like Vanguard get into the business of providing HSA accounts?

The best list of HSA providers right now is at HSAInsider.com, but the investing options continue to improve almost every month.

Many companies, like yours, offer a fixed rate of 2% to 4% paired with a specific health insurance plan, but a few firms offer stand-alone HSAs available to anyone -- no matter which insurer provides the high-deductible health policy.

More of these companies are starting to let you invest your HSA money in mutual funds and sometimes even stocks, which is a great place for money that you don't need to have immediately accessible for medical expenses.

Any money that isn't spent on deductibles can continue to grow on a tax-deferred basis. You can withdraw the money tax-free anytime for medical expenses. You'll owe taxes, but no penalty, if you use the money for non-medical reasons after age 65 (there's a penalty for non-medical expenses before then).

Vanguard doesn't offer its own HSAs, but you can invest in 15 Vanguard funds through Health Savings Administrators, an HSA administrator that had been in the Medical Savings Account business for years.

First HSA and eHealthInsurance.com also offer HSAs that let you invest in mutual funds and stocks, and many large banks and mutual fund companies are entering the business or expanding their investment options. Mellon Bank, Wells Fargo and JPMorgan Chase, which offer HSAs through many health insurance companies (including many Blue Cross/Blue Shield plans), continue to expand their investing options. Mellon, for example, now lets you invest in three Dreyfus mutual funds in addition to a fixed account. And some large mutual fund companies, like Fidelity, expect to enter the business in about a year.

As more people learn about HSAs and the balances in their accounts get larger, more financial institutions will get into this line of business.

But don't wait to open an HSA. Every month you wait to buy the high-deductible health plan lowers the amount you can invest in the HSA by 1/12th. See Don't Delay Starting Your HSA for more information. It's easy to roll your money to another HSA provider if a better option comes along -- just like you would with an IRA. The company you're interested in switching to will usually be very eager to help you make the change.

MORE: Kiplinger.com | Your Money | Insurance | Column

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