Author Topic: Low HSA Balance: HSA Bank or no fee/low fee provider?  (Read 1614 times)

puar22

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Low HSA Balance: HSA Bank or no fee/low fee provider?
« on: March 03, 2015, 12:20:38 AM »
I'm currently unemployed and have approximately $1,200 in a Sterling HSA account. I want to move the HSA over to an account with investment options so that I can take advantage of the benefits and have another vehicle to increase dollars and save for retirement.

It seems like HSA Bank has been highly recommended despite having high fees because of the many commission free investment options. $1,200 isn't much in the grand scheme of things so I'm debating whether I should move it to HSA Bank and invest or if a lower fee/no fee provider with most likely no investment options is better for me now. Any advice is welcome. Thanks!

MDM

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Re: Low HSA Balance: HSA Bank or no fee/low fee provider?
« Reply #1 on: March 03, 2015, 12:41:39 AM »
See http://whitecoatinvestor.com/choosing-an-hsa-provider/ for a good review of HSA plans offered by the providers listed below.

The article generally recommends
     HSA Bank or Fidelity HSA

It also covers
     HSA Administrators
     Alliant Credit Union
     Stanford Federal Credit Union
     Wells Fargo
     Adirondack Trust
     Lake Michigan Credit Union
     Bank of the Sierra

Any of the above might be "best" for someone, depending on one's specific plans for an HSA.  You could compare Sterling's plan with these.  Don't know what their fees are.  Yes, a $48 flat fee on $1200 is 4% - that's a lot to pay for access to "commission free" options.

Also, the article is a couple of years old so things may have changed.  If anyone knows of a material change, let us know.

puar22

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Re: Low HSA Balance: HSA Bank or no fee/low fee provider?
« Reply #2 on: March 03, 2015, 01:02:47 AM »
Based on this site, it looks like Alliant Credit Union offers Vanguard funds. https://www.savedaily.com/partners/acu/funds.asp?type=30

The prospectus says that it'll be 0.17% investor share fee and .05% admiral share fee for operating expenses along with $20 account service fee. Is that usually applicable to investing through the HSA?