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HSA custodians anything better than Fidelity?
03-06-2021, 02:16 PM
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#1
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Recycles dryer sheets
Join Date: Dec 2018
Posts: 176
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HSA custodians anything better than Fidelity?
I moved our HSA from Key Bank to Fidelity, where I can invest in anything their brokerage account offers.
No fees. Much higher returns. All is well (today).
When I took an in-service 401k rollover I was assured there would be no fees on the HSA.
Rather than doing a Roth conversion, I’ve now stopped contributing to the 401k to build up our after-tax accounts.
I’m wondering if anyone has found anything like Fidelity’s HSA (or better than) anywhere else?
I’m expecting than when I retire with an empty 401k they’re going to start charging me, based on the “fine print” on the web site.
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03-06-2021, 02:28 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Mar 2012
Posts: 3,931
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Fidelity's HSA product has no fees whatsoever for everyone. There may be fees depending what you buy inside of the HSA (bonds, funds which have transaction fees), but there are no administration, maintenance, or other fees for having the HSA.
I'm not sure what your fine print indicates, but if there are any fees, then you'd simply open a new Fidelity HSA and roll your current one into it.
You may want to call and ask about it before making any assumptions or extra work for yourself which may be unnecessary...you may not be interpreting the fine print correctly.
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03-06-2021, 05:09 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 3,222
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My HSA has been with Optum Bank for several years and have been happy with their service, no monthly fee if balance over $5K and they have a decent selection of funds (including Vanguard) to invest in.
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03-06-2021, 05:31 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: Jun 2007
Posts: 13,202
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I'm not following how the 401K is related to this. It's been good for me but all I've done is yearly contributions. If they start charging fees I'll look around for other options. They were definitely the best option when I switched to them, but you have to wonder if they just wanted to squash the competition so they could do what they want to when most of them dropped off.
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03-06-2021, 05:47 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Mar 2012
Posts: 3,931
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Quote:
Originally Posted by RunningBum
I'm not following how the 401K is related to this. It's been good for me but all I've done is yearly contributions. If they start charging fees I'll look around for other options. They were definitely the best option when I switched to them, but you have to wonder if they just wanted to squash the competition so they could do what they want to when most of them dropped off.
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OP may be referring to the fine print at the following link, as it relates to employers offering Fidelity HSA. However, for everyone not on an employer plan, there are no fees - as shown in the main portions of the page. So, my prior recommendation about simply opening a new Fidelity HSA and rolling from the Fidelity employer HSA in to the new one seems like a valid approach:
https://www.fidelity.com/go/hsa/why-hsa
Quote:
3. Fidelity does charge a recordkeeping fee to employers who offer a Fidelity HSA to their employees. This is a common fee charged by HSA providers. Employers may choose to pass that fee on to their employees. At Fidelity, that fee may be up to $48/year, but it could be reduced or waived depending on the HSA balance. Zero account minimums and zero account fees apply to Fidelity Brokerage accounts only. Account minimums may apply to certain account types (e.g., managed accounts) and/or the purchase of some Fidelity mutual funds that have a minimum investment requirement. If you choose to invest in mutual funds, underlying fund expenses still apply. There may also be commissions, interest charges, and other expenses associated with transacting or holding specific investments (e.g., mutual funds), or selecting certain account features or types (e.g., managed accounts) Additionally, accounts that have been opened through, or are serviced by, an intermediary, or in connection with your workplace benefits, may incur additional fees or restrictions. See www.fidelity.com/commissions for more information and/or the fund's prospectus for details.
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