I've always used a polar heart rate monitor when I play hockey to help me find my VO2 max and my target heart rate range. They're one of the few really accurate heart rate monitors out there. These also have a myriad of other functions.
I don't have experience with any, but after some searching, it appears the various Mio[1] bands might be a good bet? Appears to be more open that the polar products, unless I'm missing something. I also found:
http://www.polar.com/us-en/products/get_active/fitness_cross...
You can find a Polar Loop bracelet with the H7 heart rate monitor strap for around $150.00, which is a lot less than the Microsoft Band:
http://www.ebay.com/sch/i.html?_odkw=polar+h7&_from=R40&_osa...
I apologize in advance for the janky links.