Author Topic: Moving HSA to Cheaper Provider?  (Read 931 times)

Cat_Race

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Moving HSA to Cheaper Provider?
« on: March 02, 2015, 11:23:38 AM »
Hi Everyone,
I recently separated with my old employer. I just received a mailer indicating $4/mo in fees will be assessed against my current HSA balance if I leave it with the current provider (Tango/Optum Bank).  Those fees sound outrageous to me, so I'd like to get it moved (which I'm pretty sure is possible)?

1) Any recommendations for alternate providers?
2) Any insight on what a better fee structure might look like?
3) Any other tips so I know what I'm getting into?

I don't have enough qualifying expenses to just reimburse myself and just close the account, which wouldn't be ideal anyway since HSAs are another sneaky good retirement vehicle :)

Thanks!

MDM

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Re: Moving HSA to Cheaper Provider?
« Reply #1 on: March 02, 2015, 11:32:53 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.

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

FabricStache

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Re: Moving HSA to Cheaper Provider?
« Reply #2 on: March 02, 2015, 03:18:06 PM »
Fidelity HSA was charging me $13/quarter so don't go there.  I think if you have $250K with Fidelity they waive their fees.  I didn't have that much $ left in my HSA and couldn't contribute more because I didn't have a high deductible plan so I used it up and closed the account.