Announcement

Collapse
No announcement yet.

HSA banks: which one is best for investment options

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • HSA banks: which one is best for investment options

    Any recommendations for an HSA bank?  The one I use now (HSA Bank) offers to use TD Ameritrade to make investment selections.  Should I be looking for a bank that invests directly with the mutual fund company?  I've seen Optum Bank on this site.  Vanguard's website says to look into Health Savings Administrators and Health Equity to invest in their funds.  Any recommendations?

     

  • #2
    https://www.hsasearch.com/compare/

    Personally, I use Optum but it's not perfect. TDA is a good mutual fund provider and I've heard good things about HSA Bank.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

    Comment


    • #3
      I'm still looking myself but will most likely go with selectaccount. Low fees and you are able to invest anything in excess of their $1k minimum. Have some decent mutual fund options but once you have $10k, you can open a schwab brokerage account and get access to pretty much any of their funds.

      Comment


      • #4
        Will most of the HSA banks just offer to open a brokerage account to get the funds you want?  Or do some of the banks invest direct with the mutual fund company?

         

        Comment


        • #5




          Will most of the HSA banks just offer to open a brokerage account to get the funds you want?  Or do some of the banks invest direct with the mutual fund company?

           
          Click to expand...


          All over the map. Some custodians offer mutual funds and some don't. Just do some research.
          Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

          Comment


          • #6
            I use Optum also.  What do you not like about them?  I am always on the lookout for something better but haven't found anything yet.  My fees are right now about $60/year for investing, and the fees (3 basis points monthly on investments) are capped at a max of $10/month.

            Comment


            • #7
              I use Saturna.  I think it's the best option for people who save receipts and make only one transaction a year (in which case it costs at most $25 a year).

              Lively is another good option mentioned on the Bogleheads forum.  It's $30 a year, but the best part is that the fee can come from an outside bank account rather than the HSA balance.
              I sometimes have trouble reading private messages on the forum. I can also be contacted at [email protected]

              Comment


              • #8
                I have one through my employer with Benesyst (as TASC company?).  It's okay, but I'm going to be using a new one now since we're on my wife's health insurance.  It's www.healthequity.com.  So far, so good.  They have cheap Vanguard fund offerings for the investment side of things once our balance gets up there. That's one of the reasons I picked it.  Plus relatively low fees compared to others I looked at.

                Comment


                • #9
                  I have a related question--not sure if I should ask here or a different thread (first time posting!):

                  I have an old HSA with not too much in it.  It turns out the high deductible insurance option doesn't work well for my family situation.  It hasn't been invested yet, and has been getting hit with fees. Does anyone have a recommendation for an HSA bank that will allow you to invest a relatively small amount (~$1500) without hitting you with lots of fees?

                  Comment


                  • #10
                    My HSA is with Optum and they charge me $5.50/month, $2.50 for the bank and $3 for the investment account. When we switched health insurance to my wife's job, her HSA is with HSA Bank which charges the same fees, but will waive it if you maintain $5000 in the bank account. The healthequity.com site didn't list the fees but says they waive it at $2500, so I'm curious as to what are the relatively low fees?

                    Comment


                    • #11
                      I was using Alliant Credit Union till they evicted all their HSA money (or at least mine).

                      I went to Lively and so far am happy.  Money is invested through TDAmeritrade.  I forget the monthly fee for investment account, but it's not bad.

                      I like that I can invest 100% as well.  Alliant made me keep $1000 in the HSA savings account.

                      Comment


                      • #12
                        My employer uses Health Equity, but I moved the $ to Saturna because of HE's ridiculous AUM fee.  That's 0.4% a year, which is over $100 right now for me and would only increase every year.
                        I sometimes have trouble reading private messages on the forum. I can also be contacted at [email protected]

                        Comment


                        • #13




                          My employer uses Health Equity, but I moved the $ to Saturna because of HE’s ridiculous AUM fee.  That’s 0.4% a year, which is over $100 right now for me and would only increase every year.
                          Click to expand...


                          I also have Health Equity. Do your just transfer your money annually to Saturna?

                          Comment


                          • #14







                            My employer uses Health Equity, but I moved the $ to Saturna because of HE’s ridiculous AUM fee.  That’s 0.4% a year, which is over $100 right now for me and would only increase every year.
                            Click to expand…


                            I also have Health Equity. Do your just transfer your money annually to Saturna?
                            Click to expand...


                            I do.  It's kind of a pain, because you have to send a form in through snail mail, and it takes weeks.  Their transfer protocol and online platform could be a lot more user friendly.
                            I sometimes have trouble reading private messages on the forum. I can also be contacted at [email protected]

                            Comment


                            • #15
                              I use Optum. It has good investment options from what I can see. The plans are slightly different with respect to the fees. The group I'm with has no fees for the cash balance OR investing if you hold $3k in the cash portion of the account.

                              Comment

                              Working...
                              X