HSABank investment system change

[wilderness]

HSABank is phasing out the ability to invest at Schwab and replacing it with a new system. Has anyone gone ahead with the changeover? Their site doesn't seem to say anything about the available funds, so I'm worried it'll be like a 401k full of bad options with high expense ratios.

[tygertygertyger]

I was glad when the investment platform shifted from TD Ameritrade to Schwab, since I use Schwab for other accounts. I don't have more info now, but I'm gonna look into it!

[elysianfields]

I fucking hate troglodyte HSA Bank with a passion, but my FEHB company for my HDHP (GEHA) deposits my “employer contributions” into HSA Bank.

A few years back, HSA wouldn’t let me transfer cash from my account into TD Ameritrade unless my cash balance exceeded $1,000 “so you have some cash available for your medical expenses.”  I told those motherfuckers it’s not their job to tell me what to do with *my* money.

I moved everything I could - cash and investments - to fee-free, bullshit-free Fidelity (The Finance Buff calls Fidelity the best HSA trustee out there).  Since then, I have all my payroll-deducted HSA contributions go straight to Fidelity.  When the monthly contributions hit HSA Bank, I transfer them to Fidelity, leaving a $0.01 balance with HSA Bank - I found out the hard way that if you drain the account completely, they’ll close your HSA and enroll you into an HRA instead, even though it goes against their own policies.  Shocking, I know.

I would say my transfer requests from HSA Bank to Fidelity get processed correctly about 80% of the time.  Fidelity faxes the transfer request to HSA Bank, and those motherfuckers usually sit on it for a few days before mailing a check to Fidelity.  Between faxes, checks, and the USPS, things get lost.  I’ve complained to HSA in vain that using ACAT would work more reliably and quickly, but I think they’re holding back to increase their AUM.

I haven’t bothered to read up on the HSA Bank investment options because I don’t trust those motherfuckers.  I heard that HSA Bank wants to offer its own investment offerings so that they can charge fees for you to access them, and I wouldn’t put it past those - wait for it - motherfuckers, but you should do your own research and post about it back here.

Thanks for the reminder to tell GEHA to move its employer contributions from HSA Bank to Fidelity.

[tygertygertyger]

I was checking out their new options, and it seems like they plan to have three “tiers”, each with a flat percentage for offerings. The lowest tier has a 0.10% fee, for you to self manage. The next highest tier has a 0.25% fee, and later they’ll offer a higher tier to have someone manage your investments.

I looked to see what they offered at the lowest tier fee, but their system is horrible. I had to start typing in the stock ticker symbol like “a” to see what stock symbols that start with a popped up in their dropdown… only maybe half of what showed up was listed as “available” to select, the rest were unavailable.

I didn’t spend time trying to find a least bad option, because it was miserable. I couldn’t find a simple list of what they had anywhere… though why on earth wouldn’t they provide one? I’m attending a webinar later this month and will ask if I can muster up any interest.

I hadn’t wanted to open an account at fidelity but that is seeming like the annoying but prudent option.


Now my only question is do i leave my current hsa investments at schwab or try to move them also… blech.

[elysianfields]

I was checking out their new options, and it seems like they plan to have three “tiers”, each with a flat percentage for offerings. The lowest tier has a 0.10% fee, for you to self manage. The next highest tier has a 0.25% fee, and later they’ll offer a higher tier to have someone manage your investments.

I looked to see what they offered at the lowest tier fee, but their system is horrible. I had to start typing in the stock ticker symbol like “a” to see what stock symbols that start with a popped up in their dropdown… only maybe half of what showed up was listed as “available” to select, the rest were unavailable.

I didn’t spend time trying to find a least bad option, because it was miserable. I couldn’t find a simple list of what they had anywhere… though why on earth wouldn’t they provide one? I’m attending a webinar later this month and will ask if I can muster up any interest.

I hadn’t wanted to open an account at fidelity but that is seeming like the annoying but prudent option.


Now my only question is do i leave my current hsa investments at schwab or try to move them also… blech.

When my investments were at TD Ameritrade the ACAT transfer to Fidelity executed flawlessly.