HSA Investment Accounts

[lem1955]

I have an HSA investment account. It is through Elements Credit Union and requires I keep $2,500 in a low interest savings account at the CU. The rest of the HSA account is at TDAmertitrade in a Vanguard Life Strategy Fund. I have to pay a $50 fees each time I want to make a deposit or withdrawal from the invested funds; $25 to TD and $25 to Elements. I’ve read that Fidelity has HSA accounts. Vanguard, where I have all my other assets, does not. Is anyone using The Fidelity HSA? What has your experience been like? I’m hoping to avoid fees and the opportunity cost of the savings account deposit requirement.

 

[audreyh1]

Many of us immediately switched to the Fidelity HSA as soon as it became available directly to individuals a year ago. There are no such fees nor a requirement to keep a savings deposit account funded.

 

[pb4uski]

+1 with Fidelity and fully invested with no fees or commissions.

 

[njhowie]

Before moving to Fidelity, we were with Elements because they were completely fee free if you just wanted the HSA savings account and nothing more. We were extremely happy with them while there for a couple years. As you likely know, it is the Eli Lily credit union and has been around an extremely long time.

They also made the transfer to Fidelity pain free, though it was more manual and could not be done online at the time. Maybe that's changed by now.

 

[jimbee]

I switched my HSA to Fidelity earlier this year. No fees that I have found, and access to all of Fidelity's funds. The transfer was completed on line and took about one and a half weeks.

 

[4legsgood]

+1 for Fidelity

I switched from Health Equity to Fidelity a couple of months ago and Fidelity is great. I've seen no fees and no minimum in cash. I did have to liquidate my Health Equity funds, so was out of the market for a couple of weeks, but I don't have that much in the account. Fidelity even reimbursed the $75 Health Equity charged to close the account.

 

[davebarnes]

+1 Fido
Was at Optum for me and at credit union (DCU) for wife.

 

[Jerry1]

Another person at Fido. Just made it simpler to get rid of on other firm (Health Equity). It was easy to set up, but the transfer did take some time and I had to liquidate any holdings before the transfer. No big deal. I’m trying keep from withdrawing anything from my HSA for now so I’m not sure what it’s like to make a withdrawal.

 

[Bir48die]

Opened a HSA account at a local CU and had it for a year. Shifter to Fidelity the minute they offered one. It has been seamless

 

[lem1955]

Thank you, all! I'm on it. Will initiate the transfer today.

 

[ckelly78z]

I believe that Charles Schwab offer the same deal as Fidelity to have an HSA for private individuals. I have an account with them for investing, but haven't loaded it yet $$, so not sure of all the immenities.

 

[Rianne]

We have Health Equity HSA. I've not seen a fee. We contribute the maximum every year since future medical (including Medicare premiums) can be paid from the account. It lowers our MAGI since DH still has a consulting business from home, we benefit for ACA coverage as well.

 

[audreyh1]

I haven’t paid anything from it yet. I expect to use the Fidelity Billpay feature on the account.

BTW - They have an FDIC bank for the core (cash) position by default, currently yielding 0.82% which has improved. But you also have the option to use a Fidelity Money Fund as your core account and can switch after the fact.

 

[karen1972]

So it is totally free, no management fees or anything for the investments? I saw the $12/quarter fee for Employer sponsered ones so wasn't sure if there was anything on the individual side though there is also an exception for those with a certain investment amount so maybe most on here wouldn't see it even if it was charged.

I've had Optum and myBenefitWallet thru my companies, moved it all to myBenefitWallet when I left and have added to it. They have a $2.90/month fee for investments which was comparable to the $12/quarter fee I had seen at Fidelity. However if Fidelity doesn't charge that for individual accounts I have been paying too much.

 

[audreyh1]

No quarterly fee.

 

[audreyh1]

My only extremely minor complaint with Fidelity is that it’s basically just a brokerage account (which is actually great) so they don’t explicitly track some specific HSA features.

For example - it’s nice to see up front your contributions year to date, and how that corresponds to the current year limits. This should be displayed prominently on the summary page for the account.