Author Topic: UMB Bank: new frugal investment options for your employer-sponsored HSA!  (Read 1799 times)

Paul der Krake

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This only concerns a few people as they only accept people enrolled in an employer plan, but here goes:

UMB Bank now offers a "HSA Saver" brokerage account that offers a bunch of Vanguard funds! The monthly fee for the account is only $3, and replaces the god-awful, fee-ridden funds they offered previously. Best of all, the minimum amount of cash required to be kept as cash reserves for medical emergencies is only $1,000.

Of course, they didn't bother to let me know, I found out by accident while reviewing next year's enrollment options. Apparently they advertised it on their monthly statements, which I never look at.

Hope this makes at least a few of you as happy as it made me today.

« Last Edit: September 24, 2015, 02:45:33 PM by Paul der Krake »

Samsam

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Re: UMB Bank: new frugal investment options for your employer-sponsored HSA!
« Reply #1 on: September 24, 2015, 02:56:00 PM »
I will definitely be looking into this thank you!

snappytom

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Re: UMB Bank: new frugal investment options for your employer-sponsored HSA!
« Reply #2 on: September 25, 2015, 11:57:52 AM »
The company I work for started using UMB this year and we were able to roll our HSA balances from Payflex over.  Have now accumulated a decent stache in this account and need to get it into VTSAX and VTBLX to mirror our overall allocations.
Not a fan of their $3 monthly fee ......

Great article from Jim Collins on HSA utilization:
http://jlcollinsnh.com/2014/08/18/stocks-part-xxv-hsas-more-than-just-a-way-to-pay-your-medical-bills/

Paul der Krake

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Re: UMB Bank: new frugal investment options for your employer-sponsored HSA!
« Reply #3 on: September 25, 2015, 12:57:23 PM »
Not a fan of their $3 monthly fee ......
Me neither, but the reality is that HSAs are still very new and the fierce pricing competition seen in IRA providers just isn't there. $36/year is  very similar to the what the competition offers, and it doesn't require you to keep $5,000 as reserves like a other custodians.

Prepube

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Re: UMB Bank: new frugal investment options for your employer-sponsored HSA!
« Reply #4 on: September 26, 2015, 09:18:54 PM »
Not a fan of their $3 monthly fee ......
Me neither, but the reality is that HSAs are still very new and the fierce pricing competition seen in IRA providers just isn't there. $36/year is  very similar to the what the competition offers, and it doesn't require you to keep $5,000 as reserves like a other custodians.
HSAs are not "very new".  They've been around since 2003 in their present form, and since the 90's under their previous form (MSA).