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Fidelity may offer an HSA soon as well
Old 11-16-2007, 11:11 AM   #1
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Fidelity may offer an HSA soon as well

In the same thread that we earlier went through with Vanguard, I e-mailed Fidelity, offering to transfer over all of my accounts if they would do HSA administration. I received their response today:

Quote:
Thank you for inquiring about Health Savings Accounts(HSA's) at Fidelity.

At this time Fidelity is not able to provide that service of a HSA administrator. While we have been doing a small pilot plan with some of our institutional clients, we have not opened the HSA administration service to the general public.

Unfortunately, we do not have a time frame to provide you as to when we might offer this service.

If you have any other questions or comments, please send us another message at any time. Mr. HobbyDave, know you have a choice when it comes to investment companies, and we appreciate your interest in Fidelity.
So it looks promising, they're looking into it, and have a pilot service going. It seems the most promising of the large brokerage firms, but you never can tell.
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Old 11-16-2007, 12:56 PM   #2
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Great news since I have accounts there, too! It seems like mostly small players got involved in the HSA market at first, but I guess the big guys are starting to see the potential of HSA's now. Plus, there's probably some large account balances out there now for someone who started an HSA back in 2003-2004 (whenever they were first allowed) and maxed contributions each year. It seems like the number of HSA providers has been rapidly growing the past few years. I guess these big firms just wanted to make sure the HSA is here to stay.
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Old 11-16-2007, 03:59 PM   #3
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The hsa I have, selectaccount, has an affiliation with schwab for any money you want to invest over a base amount of $1,000.00. They have a number of good fund choices with all the loads waived.
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Old 11-17-2007, 03:43 PM   #4
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The hsa I have, selectaccount, has an affiliation with schwab for any money you want to invest over a base amount of $1,000.00. They have a number of good fund choices with all the loads waived.
From my brief research, it looks like selectaccount has total fees and losses of interest on the $1000 base amount of around $50-60 per year. I'm hoping vanguard or fidelity will come out with a fee-free version.
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Old 11-18-2007, 07:57 PM   #5
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fuego, selectaccount has a $27 annual fee. The interest it pays varies depending on the balance from 2% to 5.2%. If you want to invest money in the Schwab equity or bond funds there is an $18 annual fee. You do not have to use the Schwab account or pay the $18. I have not found an hsa that is fee-free. If there is one out there please let me know.
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Old 11-18-2007, 08:01 PM   #6
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I should add that they do offer a fee-free account but the interest rates are much lower so you end up paying one way or the other.
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Old 11-19-2007, 10:18 AM   #7
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I have not found an hsa that is fee-free. If there is one out there please let me know.
Selectaccount certainly seems to be on the low end of all hsa providers in terms of fees. But like you say, they get you one way or the other with either fees or low interest rates.

To me, losing $20 a year in interest on $1000 held captive at interest rates 2% below market is equal to paying a $20 fee.

I do happen to have a fee free HSA through JP Morgan Chase, but only because the employer is paying the $30/year fee. However, I'm still paying an extra .2% or so in expense ratio on their overpriced index fund versus what I would pay at vanguard or fidelity. So I'm still effectively paying a fee. I'm just hoping Vanguard or Fidelity comes out w/ a fee-free version like they have w/ their IRA's.
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