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Fidelity offers individual HSA accounts?
11-15-2018, 12:20 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: Portland
Posts: 2,038
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Fidelity offers individual HSA accounts?
According to a Boglehead poster, Fidelity is going to begin offering HSA accounts to individuals who don't have an account through their employers. It was suppose to be available as of today but I have not seen any mention of it on their website or in the news.
Can anyone confirm this rumor?
https://www.bogleheads.org/forum/vie...?f=10&t=263661
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11-15-2018, 12:25 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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According to some of the folks on the private forum at Fido, they will host an HSA for the right clients. Now whether they plan on offering it to the broad public, I have not seen or heard anything.
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11-15-2018, 12:48 PM
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#3
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Recycles dryer sheets
Join Date: Jun 2014
Posts: 193
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It is up now. See
https://www.fidelity.com/go/hsa/why-hsa
Apparently the HSA itself has no fees and you can use the whole range of brokerage products from Fidelity.
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11-15-2018, 01:36 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
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Wow - never thought that would happen!
Did anyone see anything about costs or fees?
__________________
Retired since summer 1999.
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11-15-2018, 01:42 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Dec 2016
Location: DC area
Posts: 2,495
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I was just reading that thread too. Went immediately my HealthEquity account and sold the investment portion. Next week when it is sitting in cash I'll transfer to Fido.
__________________
FI and Semi-ER March 24, 2017
Consulting to stay engaged
"All models are wrong, some are useful." - George Box
“There is always a well-known solution to every human problem: neat, plausible, and wrong.” - H.L. Mencken
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11-15-2018, 01:52 PM
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#6
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Recycles dryer sheets
Join Date: Jun 2014
Posts: 193
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Quote:
Originally Posted by USGrant1962
I was just reading that thread too. Went immediately my HealthEquity account and sold the investment portion. Next week when it is sitting in cash I'll transfer to Fido.
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Wow, that's fast.
Thinking of doing the same with my Lively HSA.
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11-15-2018, 01:52 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,371
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I went to the link. Have you seen anything on fees?
We no longer have HSA eligible HI but we have significant balances in our HSAs. Currently with Health Savings Administrators and money invested in Vanguard Total Stock, but their nickel and dime fees and god-awful website bug me. This may be a better alternative.
I am mostly Vanguard and have been hoping that Vanguard would do what Fidelity is doing.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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11-15-2018, 01:53 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Dec 2016
Location: DC area
Posts: 2,495
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Yea, I've hated my Megacorp HealthEquity HSA for a long time.
__________________
FI and Semi-ER March 24, 2017
Consulting to stay engaged
"All models are wrong, some are useful." - George Box
“There is always a well-known solution to every human problem: neat, plausible, and wrong.” - H.L. Mencken
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11-15-2018, 02:01 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Jan 2014
Posts: 1,181
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11-15-2018, 02:02 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
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Probably transfer ours. Tired of dealing with HSA Administrators. But I want to see the fee structure first.
__________________
Retired since summer 1999.
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11-15-2018, 02:03 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
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Quote:
Originally Posted by MBSC
No HSA-specific fees. Just the normal trading fees such as $4.95 to buy stock.
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So none of this monthly/annual fee business or skimming shares from holdings every quarter to cover fees?
__________________
Retired since summer 1999.
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11-15-2018, 02:11 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Tried to move my investments to cash at HSA Administrators. Repeatedly failed. So tired of their dog a$$ website.
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11-15-2018, 02:16 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,371
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Also, I've been wanting to give Fidelity a try. This will be a good opportunity to move some money over to them and get a good sense of what they can offer.
I wonder if they have the ability to claw the money in from Health Savings Administrators if I signed the right forms like they can do with an IRA transfer.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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11-15-2018, 02:21 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Posts: 1,660
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Perfect timing! I was all set to fund my new HSA using Lively HSA. Now will use Fidelity to save the $30/yr unless Vanguard swoops in before Jan 1st.
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11-15-2018, 02:22 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
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Yeah - I’ve really had it. Their statements are worthless and reconciling is a pain. Moving to Fidelity is now on my 2019 todo list. I won’t schedule any 2019 contributions at HSAA.
__________________
Retired since summer 1999.
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11-15-2018, 02:46 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Jan 2014
Posts: 1,181
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Quote:
Originally Posted by pb4uski
I wonder if they have the ability to claw the money in from Health Savings Administrators if I signed the right forms like they can do with an IRA transfer.
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There is a transfer of assets form, however, some Boglehead posters are saying stocks/bonds cannot be transferred "in kind" at this time. They have to be liquidated first.
Also, be aware of account closure fees at the old HSA. Someone on Bogleheads found this for Lively HSA:
"Effect of closing an account – If you close your account before interest is paid; you will not receive the accrued interest. An early closure fee of $25 will be assessed if your account is closed in the first 12 months."
Quote:
I just spoke with Fidelity and was told by a rep that in-kind transfers are not allowed. One must liquidate their stocks into cash - then make a trustee to trustee cash transfer - then reinvest the funds within the HSA Brokerage account with Fidelity.
It's not considered a taxable event so it's not a huge issue - but we will be subject to brokerage fees depending on the funds we invest in at Fidelity.
https://www.bogleheads.org/forum/vie...t=100#p4214495
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11-15-2018, 02:57 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,371
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I wasn't expecting a in-kind transfer. I was just hoping that I could sign a form with Fidelity authorizing the transfer of my account and they would use that authorization to contact Health Savings Administrators to liquidate all my funds and transfer the proceeds to the Fidelity HSA. But if it ends up that I have to do that myself then it's no big deal.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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11-15-2018, 03:50 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
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Quote:
Originally Posted by MBSC
There is a transfer of assets form, however, some Boglehead posters are saying stocks/bonds cannot be transferred "in kind" at this time. They have to be liquidated first.
Also, be aware of account closure fees at the old HSA. Someone on Bogleheads found this for Lively HSA:
"Effect of closing an account – If you close your account before interest is paid; you will not receive the accrued interest. An early closure fee of $25 will be assessed if your account is closed in the first 12 months."
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I'm pretty sure HSAA has a $25 account closing fee. I thought I noticed that a while back and I don't think there was a time limit either.
__________________
Retired since summer 1999.
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11-15-2018, 03:52 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
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Quote:
Originally Posted by pb4uski
I wasn't expecting a in-kind transfer. I was just hoping that I could sign a form with Fidelity authorizing the transfer of my account and they would use that authorization to contact Health Savings Administrators to liquidate all my funds and transfer the proceeds to the Fidelity HSA. But if it ends up that I have to do that myself then it's no big deal.
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I was expecting that but assumed I might have to sell my HSAA holding first.
That bogleheads link mentions no in-kind transfer of assets. But I don't know if Fidelity would direct HSAA to sell the funds or I should do so before hand. I assume the latter.
__________________
Retired since summer 1999.
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11-15-2018, 04:35 PM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,371
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I'm not sure why anybody would care about an in-kind transfer for tax-free account. What am I missing?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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