Fidelity offers individual HSA accounts?

[travelover]

I sent an email to Fido asking where the form is to transfer my HSA to them from an existing HSA administrator. I'll update when they reply.

 

[audreyh1]

I sent an email to Fido asking where the form is to transfer my HSA to them from an existing HSA administrator. I'll update when they reply.

Thanks.

 

[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.

 

[MBSC]

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

Thank you for the information on in kind transfers from TDA. A Boglehead's poster attached the transfer form and bank statement to a secure email message and it was accepted. No need to mail.

I submitted my transfer form along with statements as a message to Fidelity yesterday, and today they responded that it was being processed. The form does not have to be mailed.

Just to clarify, you attached the form and the statement from your old provider to a secure message (under Customer Service > Contact Us > Email a secure message)?

Correct.

Reference: https://www.bogleheads.org/forum/viewtopic.php?p=4215753#p4215741

 

[audreyh1]

My HSAA holdings are Vanguard Admiral shares and I know those won't transfer in kind to Fidelity.

 

[45th Birthday]

My HSAA holdings are Vanguard Admiral shares and I know those won't transfer in kind to Fidelity.

Shouldn't be a problem if you convert them to regular shares. That's what I did when I moved everything from Vanguard to FIDO and there was no problem.

 

[audreyh1]

Shouldn't be a problem if you convert them to regular shares. That's what I did when I moved everything from Vanguard to FIDO and there was no problem.

They don't offer regular Vanguard Investor shares through HSAA, only Admiral. So it's not the same process.

 

[45th Birthday]

They don't offer regular Vanguard Investor shares through HSAA, only Admiral. So it's not the same process.

Ah, didn't know that. It does complicate things. Maybe ask FIDO if they can convert when transferring? Probably not, but might be worth an ask if you don't want to convert to cash and risk the market moving against you.

 

[audreyh1]

Ah, didn't know that. It does complicate things. Maybe ask FIDO if they can convert when transferring? Probably not, but might be worth an ask if you don't want to convert to cash and risk the market moving against you.

Actually several bogleheads replies stated that Fidelity won’t transfer assets in kind to the new HSA accounts, so I suspect it’s a moot point anyway.

I don’t see how Fidelity themselves could do any such conversion outside of Vanguard, and I suspect I’d face a $75 transaction fee for each fund even if they somehow magically could. That’s what it costs to buy a Vanguard fund at Fidelity.

 

[travelover]

Here is the reply from Fido re the form to use to make the transfer:

Thank you for contacting Fidelity Investments via our secure channel. I am happy to offer my support today in regards to your transfer question.

Fidelity offers the ability to initiate many transfers online through our system without submitting any paperwork. If paperwork is required, the system will prompt you to print the completed Transfer of Assets form and return it with your most recent statement from the other firm. Once the transfer request has been received, the process generally takes 7 to 10 business days to complete. There is no fee from Fidelity to request or complete the transfer. If you would like to go through our online transfer process, please see the link below to get started:

https://www.fidelity.com/customer-service/transfer-assets#

Here is a copy of the physical TOA form, if you would rather mail the request in:

https://www.fidelity.com/bin-public...tomer-service/transfer-assets-to-fidelity.pdf

If there is anything else we can assist with, please let us know. We are happy to help.

 

[pb4uski]

That is helpful. 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.

 

[Rosie]

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.

I also have an HSA at HSA Bank linked to TD Ameritrade, and was wondering how difficult it would be to transfer it all to a Fidelity HSA. So thank you for posting this!

 

[travelover]

That is helpful. 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.

Dunno, I'm currently a customer and I just followed the link in post #3. Fido does have a whole page of forms one can download, I assume without an account.

 

[travelover]

Just tried to liquidate my HSA Administrators account to cash and I'm still getting the "internal server" error. Maybe people crashed it trying to get out.


UPDATE: I called them and they acknowledged the web site doesn't work so emailed me an electronic form which they walked me through. I liquidated my Vanguard stuff to cash and will ask Fido to transfer it.

 

[pb4uski]

Dunno, I'm currently a customer and I just followed the link in post #3. Fido does have a whole page of forms one can download, I assume without an account.

I just did the online version rather than the printed form.

 

[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]

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]

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]

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]

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

Correct.

 

[MooreBonds]

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.