Author Topic: HSA bank  (Read 1625 times)

en58

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HSA bank
« on: December 04, 2018, 09:32:16 AM »
Hello guys. Does anyone else have HSA Bank? I was attemting to send my HSA Bank money to an investment firm, however, it only offers TD Ameridtrade or Devenir. I don't like either option as it has high fees. Do I have to use one of these two companies or could I use my own? The fees for both are steep.

SpareChange

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Re: HSA bank
« Reply #1 on: December 04, 2018, 09:54:50 AM »
Hello guys. Does anyone else have HSA Bank? I was attemting to send my HSA Bank money to an investment firm, however, it only offers TD Ameridtrade or Devenir. I don't like either option as it has high fees. Do I have to use one of these two companies or could I use my own? The fees for both are steep.

I use TD Ameritrade through HSA BAnk. I just use the no fee etfs. What are you trying to invest in?

en58

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Re: HSA bank
« Reply #2 on: December 04, 2018, 09:58:57 AM »
I went to use TD Ameritrade but they charged a fee to open up the Vanguard total stock market Mutual Fund. I just don't want to pay the fee.

terran

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Re: HSA bank
« Reply #3 on: December 04, 2018, 10:25:50 AM »
TD Ameritrade has a number of good commission free ETFs. Sort this https://research.tdameritrade.com/grid/public/etfs/commissionfree/commissionfree.asp by expense ration (low to high) and you'll see a number of good SPDR ETFs. SPTM is similar to Vanguard's VTSAX.

My bigger concern would the fees HSA bank charges if you don't keep a certain balance in the HSA instead of investing it, and the fees they charge for investing. You could consider moving your HSA to Fidelity which now offers a no fee HSA with good investment options.

There are advantages to having HSA contributions payroll deducted, so if this is an employer sponsored HSA consider that (although you can keep in and periodically move the balance elsewhere).

35andFI

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Re: HSA bank
« Reply #4 on: December 04, 2018, 10:47:26 AM »
I have also HSA Bank and am given the option between TD Ameritrade and Devenir.

As terran has said, TD Ameritrade offers SPTM which is a low fee (ER of 0.03%) ETF that tracks the entire U.S. market.

Just make sure that you enroll in commission free ETF's (through TD?) before buying.

My employer covers the fees associated with HSA Bank (and also contributes to it) but I ran the numbers and you would be better off paying the fees (If I remember correctly it was something like $5-6/mo) and investing as much as you can.

Off the top of my head, I think that you can invest anything over $1,000.

RWD

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Re: HSA bank
« Reply #5 on: December 04, 2018, 11:14:41 AM »
Just make sure that you enroll in commission free ETF's (through TD?) before buying.
Yeah, it's kind of silly that that isn't the default. I got caught by that when I first invested there, but I was able to get them to reverse the trading fees with a phone call.

Off the top of my head, I think that you can invest anything over $1,000.
For mine you can invest anything over the first $100.

thingamabobs

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Re: HSA bank
« Reply #6 on: December 04, 2018, 11:15:10 AM »
Those are the only options with HSA Bank. If you want other options, you will have to transfer your money out of HSA bank into another HSA provider that uses the investment platform you like, usually fee involved with this.

35andFI

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Re: HSA bank
« Reply #7 on: December 04, 2018, 11:34:42 AM »
Off the top of my head, I think that you can invest anything over $1,000.
For mine you can invest anything over the first $100.

Oh man, I'm jealous!

Who is your HSA with? I'm assuming that it isn't HSA Bank.

RWD

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Re: HSA bank
« Reply #8 on: December 04, 2018, 11:49:25 AM »
Off the top of my head, I think that you can invest anything over $1,000.
For mine you can invest anything over the first $100.

Oh man, I'm jealous!

Who is your HSA with? I'm assuming that it isn't HSA Bank.

It is HSA Bank.

35andFI

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Re: HSA bank
« Reply #9 on: December 04, 2018, 11:54:32 AM »
It is HSA Bank.

Interesting... That would indicate that the $1,000 minimum doesn't apply to everyone.

Here is the source from HSA Bank that I was going off of:
http://www.hsabank.com/hsabank/members/hsa-investment-options

That would be great if it didn't apply to me. Do you know how to find out what your minimum amount to start investing is?

I hope that I'm not derailing this thread.
« Last Edit: December 04, 2018, 11:56:21 AM by 35andFI »

tralfamadorian

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Re: HSA bank
« Reply #10 on: December 04, 2018, 01:48:29 PM »
I used HSA Bank for the last couple of years but just switched to Fidelity this month. HSA Bank charged ~$2.50/mo plus ~$6.50/trade through TDAmeritrade. Fidelity is monthly fee free, no trading fees on a bunch of ETFs and $4.95/trade on the rest.

RWD

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Re: HSA bank
« Reply #11 on: December 04, 2018, 02:15:19 PM »
That would be great if it didn't apply to me. Do you know how to find out what your minimum amount to start investing is?

I don't know. I just set up auto sweep and it defaulted to $100, I think.

en58

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Re: HSA bank
« Reply #12 on: December 05, 2018, 05:51:20 AM »
Thanks guys. I ended up buying the no commission ETF

35andFI

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Re: HSA bank
« Reply #13 on: December 05, 2018, 05:59:54 AM »
Glad we could help!