My company only offers one bank option for investing HSA funds (UMB). The fee is $3/month, which seems high. Still worth it? Or is it better to redirect HSA funds to my 401k? Thanks so much!
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Here’s what I do with mine. My Company use Sterling HSA (which is one of the worst HSA banks - user interface is poor & poor customer service). They charge me a monthly fee of $2.50 or $3 to maintain which my Co. covers. They also charge an annual fee of $16 to use their brokerage account - TD Ameritrade. So what I decided to do was transfer my HSA funds (about 4 times a year) into my Fidelity HSA plan (rolled over from Optum bank - another terrible HSA bank). Fidelity is absolutely free.
Pretty simple process on Fidelity’s website… you have to sign some papers and send it electronically and they do the rest. It takes about 3-4 weeks to complete and you will see your funds at Fidelity. Only downside is that you can’t invest immediately, but could be a blessing in disguise.
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