Fidelity offers individual HSA accounts?

[Tiger8693]

This will be great when I leave my company/retirement has the HSA that I have with them is really not the best for investments. That will help consolidate to one view as well, since all others are with Fidelity

[MBSC]

Quote:

Originally Posted by pb4uski Any idea where the form for a new HSA account is? We are not currently Fidelity customers and the transfer form says that new accounts also need a new account application.

Click the orange "open an HSA" button on this page: https://www.fidelity.com/go/hsa/why-hsa

It will create an account. The last step is funding the account which is where the transfer of assets form comes into play. Since you now have an existing account, do not check the "new account" box, just fill in your account number.

The account number is already pre-filled if you use the TOA form that is part of the account opening process.

[pb4uski]

Yup... Figured it out. Now just need to drop off the signed transferred forms that our local Fidelity office.

[fosterscik]

Just signed up to transfer my small HSA (only 10k or so) from a local bank held in a lousy interest-bearing savings account (no monthly fee as the trade off) to Fidelity. Set up the account, then went to the transfer page. I printed the transfer forms, and will mail in. Given the interest I'm currently getting (< $1/month), a short delay is no big deal. I'll invest in a total market fund and the market is as likely to go down from here as up over the next few days...

[travelover]

Quote:

Originally Posted by pb4uski I just did the online version rather than the printed form.

In order to execute a transferal from HSA Administrators to Fidelity, they made me download a form and send it in via snail mail along with a recent HSA Administrators statement.

[audreyh1]

Quote:

Originally Posted by travelover In order to execute a transferal from HSA Administrators to Fidelity, they made me download a form and send it in via snail mail along with a recent HSA Administrators statement.

Interesting.

[Scuba]

If we don’t have an HSA-compliant health insurance plan, we aren’t allowed to fund an HSA, correct?

[audreyh1]

Quote:

Originally Posted by Scuba If we don’t have an HSA-compliant health insurance plan, we aren’t allowed to fund an HSA, correct?

Correct.

[MooreBonds]

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Originally Posted by 45th Birthday I opened Fidelity HSA accounts for myself and my wife. It was easy. We had accounts at HSA Bank and companion accounts at TD Ameritrade to invest in ETFs. I transferred the TD Ameritrade when opening the account, and it appears to be a transfer in kind and all done online. Then I did an additional transfer from HSA Bank, which is just in cash. This required a printed form (FIDO pre-filled it) to be mailed in. I was informed that this is because it is a transfer from a bank. Fidelity is not a bank but a brokerage firm, so this might be the reason for the printed form.

Can you please confirm when the securities are transferred in to Fidelity that you can truly do an in-kind transfer? I also have an HSA Bank/TD Ameritrade investment account set-up for my HSA with a boatload of preferreds/BDCs, and would like to avoid the annual $60 fees from HSA Bank.

[pb4uski]

My understanding is that you can do an in-kind transfer only for tickers and CUSIPs that can be held in a Fidelity brokerage account. For example, my VTSAX will need to be redeemed into cash and then the cash transferred. YMMV.

[zinger1457]

Quote:

Originally Posted by davebarnes Moving on up. Screw Optum bank. Screw my credit union.

What issues have you had with Optum? I originally had my HSA with Wells Fargo but they sold their HSA business to Optum so have been with them the last few years. I haven't had any issues. No monthly fees and a decent selection of investment funds (Vanguard) to choose from.

[MBSC]

For those wanting to transfer an HSA Bank/TDA account to Fidelity, someone at Bogleheads dug up an old thread outlining the method used last year when transferring to Lively was popular. This method was developed after learning the in kind transfer from TDA took about 5 days but the cash transfer from HSA Bank took 6-8 weeks to complete.

1. Move all the cash sitting in HSA Bank to the TDA investment account first. Do not buy any securities, just let it remain cash. This way everything will be at TDA before the transfer and you don't have to submit two separate transfer requests (HSA Bank and TDA). This takes about 2 days.
2. Then establish new account at Fidelity.
3. Have Fidelity initiate the in-kind online transfer from TDA. This takes about 5 days. There is no form to mail in since there is nothing at HSA Bank to transfer. This avoids the 6-8 week bank transfer process.
4. Once the cash and investments are at Fidelity, you can close the HSA Bank account. The account closure fee is not applied since there are no funds in the account.

Certain securities, such as Vanguard Admiral funds, cannot transfer in-kind.

[davebarnes]

Quote:

Originally Posted by zinger1457 What issues have you had with Optum?.

$3/mo

[sengsational]

I'll probably wait until January to switch. That way, you guys will flush out any "gotchas", hehe!

[45th Birthday]

Quote:

Originally Posted by MBSC For those wanting to transfer an HSA Bank/TDA account to Fidelity, someone at Bogleheads dug up an old thread outlining the method used last year when transferring to Lively was popular. This method was developed after learning the in kind transfer from TDA took about 5 days but the cash transfer from HSA Bank took 6-8 weeks to complete. 1. Move all the cash sitting in HSA Bank to the TDA investment account first. Do not buy any securities, just let it remain cash. This way everything will be at TDA before the transfer and you don't have to submit two separate transfer requests (HSA Bank and TDA). This takes about 2 days. 2. Then establish new account at Fidelity. 3. Have Fidelity initiate the in-kind online transfer from TDA. This takes about 5 days. There is no form to mail in since there is nothing at HSA Bank to transfer. This avoids the 6-8 week bank transfer process. 4. Once the cash and investments are at Fidelity, you can close the HSA Bank account. The account closure fee is not applied since there are no funds in the account. Certain securities, such as Vanguard Admiral funds, cannot transfer in-kind.

This is a great idea, thank you!

[sengsational]

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Originally Posted by 45th Birthday This is a great idea, thank you!

Won't work as well for Elements Financial since the transfer costs $16 or something.

[zinger1457]

Quote:

Originally Posted by davebarnes $3/mo

I've never had any fees charged to my HSA account by Optum since it moved over from Wells Fargo. Must be some minimum balance account fee.

[njhowie]

Wow! This is very big news. It took about 30 seconds to open our new HSA accounts within our existing Fidelity accounts. Our transfer/closure forms are in the mail to Elements today.

This is just wonderful, because with Fidelity, there are no fees just for having the HSA and no additional fees for "investing" whereas most all HSAs charge fees for the privilege.

Our HSAs were with Elements specifically because there were no fees, even though we were accepting the piddly 0.5% yield on savings. Now, worst case, we can have 3% CDs.

[Scuba]

Quote:

Originally Posted by audreyh1 Correct.

Thanks, I thought so but just wanted to check. Would love to be able to fund an HSA, but don’t want to give up our pre-ACA grandfathered healthcare plan.

[RunningBum]

Wow, that was easy to open. I already have my DAF and pension thru Fido so it used that account. Not quite ready to transfer but it was easy to set up and come back to when I am ready. Further has low costs but it's hard and confusing to switch between the base account and investment account. Plus they started charging me $1/month for the base account for some reason. So I'm moving the investment back to the base, in cash, and will pull from Fidelity.