You might want to look into a different HSA company, you can rollover from HSA to HSA once per year. All the investment options through mine are index funds (even a couple Vanguards) and I had no fees related to moving the money from the Cash fund to the investment fund ($1000 had to stay in Cash).
Huh, I have the exact same problem as the OP, didn't know you can roll it over to another HSA company per year. Too bad Vanguard doesn't offer HSAs. Which company do you use?
Personally I've been using Discovery Benefits. Under the individual HSA account they charge $3 per month. To invest your cash account needs to have at least $1000 remaining in it or they will sell investments to bring the cash balance to $1000. So $1036 should cover the account for the year plus paltry interest in the cash account.
As far as investments go, the options I have are:
HCB INTEREST BEARING ACCOUNT N/A **
JAMES BALANCED GOLDEN RAINBOW FUND (R) GLRBX 0.97
T. ROWE PRICE CAPITAL APPRECIATION FUND (ADV) PACLX 1.01
IVY ASSET STRATEGY FUND (A) WASAX 0.99
JPMORGAN MKT. EXPANSION ENH. INDEX FUND (A) OMEAX 0.98
TEMPLETON GLOBAL BOND FUND (A) TPINX 0.96
PIMCO TOTAL RETURN FUND (ADM) PTRAX 0.72
NUVEEN REAL ESTATE SECS. FUND (A) FREAX 1.3
VANGUARD 500 INDEX FUND (INV) VFINX 0.16
VANGUARD MID-CAP INDEX FUND (INV) VIMSX 0.2
VANGUARD SMALL-CAP INDEX FUND (INV) NAESX 0.2
VANGUARD TOTAL INTL. STOCK INDEX FUND (INV) VGTSX 0.19
VANGUARD EMERGING MKT. STOCK INDEX FUND (INV) VEIEX 0.33
VANGUARD TOTAL WORLD STOCK INDEX FUND (INV) VTWSX 0.25
VANGUARD INTERMED.-TERM BOND INDEX FUND (INV) VBIIX 0.16
VANGUARD TOTAL BOND MARKET INDEX FUND (INV) VBMFX 0.16
AMERICAN FUNDS GROWTH FUND OF AMERICA (F1) GFAFX 0.71
NEUBERGER BERMAN MID CAP GROWTH FUND (A) NMGAX 1.12
VANGUARD SMALL-CAP GROWTH INDEX FUND (INV) VISGX 0.2
NORTHERN SMALL CAP VALUE FUND NOSGX 1.24
AMERICAN FUNDS EUROPACIFIC GROWTH FUND (F1) AEGFX 0.86
FIDELITY ADVISOR DIVERSIFIED INTL. FUND (A) FDVAX 1.23
Numbers are expense ratios, I just shoved it all in VFINX.