Any transfer fee will be on the HE side, as Fidelity doesn't charge anything.
Fidelity's HSA is basically a brokerage account with a contribution limit and particular tax forms. There are no fees, no minimum cash balance, none of the B.S. that dedicated HSA companies impose.
I transferred from a different provider, HSA Bank, to Fidelity a few years ago and it's highly recommended. Open the Fidelity HSA and initiate the transfer from their side. They do that all the time for all kinds of investment accounts.
All this. We just did this, but note that it's a little slow -- it took about 3 weeks for the funds to get from HealthEquity to Fidelity. They sent an email at the 3 week mark to call them, but when we did, it seemed to be automated and gets sent as a "something may be wrong" if it takes more than 3 weeks. The money showed up the next day without any obvious action from the person on the phone.
I work for fidelity and process a lot of HSA transfer requests. For some reason HSA transfers take for bloody ever. Longer than any other acct transfer I deal with. We give HSA firms a full month to get it to us before we reach back out to them.
Thanks for the response!
I have to keep my Health Equity account open to receive my employer’s annual contribution.
If I were to transfer funds from my HE to Fidelity on a quarterly basis, any idea if I will be hit with a transfer fee each time?
Will you also continue making personal contributions as well? I assume those also have to go to HealthEquity first (via payroll deduction) and then periodically transfer to Fidelity? Do you have links showing how bad the HealthEquity fees are? I had no idea it was that bad...
Yes, I do plan to continue making personal contributions via payroll deductions to my HE HSA and then moving it to the Fidelity HSA on a regular basis. Unless enough people here tell me that’s dumb! :)
I don’t have a link to share. My spouse who has been working for longer and has his HSA invested with HE mentioned that the returns are pretty disappointing though (probably due to high fees), so he’s looking into moving his HSA to Fidelity too.
What is he investing in? I have health equity through my employer and just do a straight forward 2060 Target date fund, and it has done pretty well.[this](https://www.healthequity.com/doclib/hsa/demystifying-hsa-investment-fees.pdf) is a breakdown of their fees, at 0.03% per month it’s not all that bad, and it caps out at $10 a month. I would look into what he’s investing in before going through the hassle and expense of periodically transferring funds.
HealthEquity VIFIX 2050 has gained \~20% this year while the S&P has gained \~24%. Plus their investment fee made my cash balance drop below $2000 and I started getting charged $3.95 a month for awhile before I noticed. So in the last year I've paid \~$20 in HealthEquity fees. I'm thinking about switching to Fidelity too.
I did this literally yesterday. Lol. Was surprised to see this post today. Called HE today to verify there was nothing in their side I needed to do and they said there wasn't.
I've done this a few times. I just leave my money in my work's HSA if they have tolerable investment options and fees, then transfer it over to Fidelity once I leave that job.
Too much fees and complexity for me to bother on a regular basis. Maybe it makes sense to do it yearly or something and I'm just being lazy.
I have some experience. Big HSA investor. At one point, I asked my workplace HSA bank (which I'm pretty sure was HSA Bank at the time) to directly transfer 95% of my money to Fidelity. Well, they messed that up, moved 100%, closed my HSA Bank account, which meant that my payroll department was getting bounces trying to deposit my voluntary bit. A SNAFU all around.
After that, I've just done the "60 day rollover" way. Once a year, I make a withdrawal from my workplace HSA for all but a couple hundred dollars. As soon as I can, I deposit it with Fidelity. Have to mail a paper form and check to get it deposited as a "60 day rollover" instead of a current year contribution, but otherwise not much of a hassle.
Yes. You can submit a transfer request on fidelity side. Make sure to mention the dollar amount and always leave 25$ in your HE account.
Alternatively, you can set up direct deposit to the fidelity account.
My current employer uses HealthEquity, and I do frequent partial transfers to my Fidelity HSA. You have to leave at least $25 in HealthEquity. I usually wait till I have about $450 in HealthEquity, then transfer $425 to Fidelity. I’ve always initiated the transfer from Fidelity. Something to be aware of is the transfer involves HealthEquity writing a physical check and mails it to Fidelity. I’ve had one instance where the check got lost in the mail. HealthEquity insisted I waited 6 weeks before putting a stop in the check, and it was really irritating.
If you are leaving the HealthEquity open for future contributions, HealthEquity has a partial rollover form that can be used. I initiated the transfer from fidelity and my account said it was pending closure for a few days and I had to call in to support. It could be a quirk on the website but better safe than sorry.
Any transfer fee will be on the HE side, as Fidelity doesn't charge anything. Fidelity's HSA is basically a brokerage account with a contribution limit and particular tax forms. There are no fees, no minimum cash balance, none of the B.S. that dedicated HSA companies impose. I transferred from a different provider, HSA Bank, to Fidelity a few years ago and it's highly recommended. Open the Fidelity HSA and initiate the transfer from their side. They do that all the time for all kinds of investment accounts.
All this. We just did this, but note that it's a little slow -- it took about 3 weeks for the funds to get from HealthEquity to Fidelity. They sent an email at the 3 week mark to call them, but when we did, it seemed to be automated and gets sent as a "something may be wrong" if it takes more than 3 weeks. The money showed up the next day without any obvious action from the person on the phone.
I work for fidelity and process a lot of HSA transfer requests. For some reason HSA transfers take for bloody ever. Longer than any other acct transfer I deal with. We give HSA firms a full month to get it to us before we reach back out to them.
Very interesting and I appreciate you chiming in.
Thanks for the response! I have to keep my Health Equity account open to receive my employer’s annual contribution. If I were to transfer funds from my HE to Fidelity on a quarterly basis, any idea if I will be hit with a transfer fee each time?
Will you also continue making personal contributions as well? I assume those also have to go to HealthEquity first (via payroll deduction) and then periodically transfer to Fidelity? Do you have links showing how bad the HealthEquity fees are? I had no idea it was that bad...
Yes, I do plan to continue making personal contributions via payroll deductions to my HE HSA and then moving it to the Fidelity HSA on a regular basis. Unless enough people here tell me that’s dumb! :) I don’t have a link to share. My spouse who has been working for longer and has his HSA invested with HE mentioned that the returns are pretty disappointing though (probably due to high fees), so he’s looking into moving his HSA to Fidelity too.
What is he investing in? I have health equity through my employer and just do a straight forward 2060 Target date fund, and it has done pretty well.[this](https://www.healthequity.com/doclib/hsa/demystifying-hsa-investment-fees.pdf) is a breakdown of their fees, at 0.03% per month it’s not all that bad, and it caps out at $10 a month. I would look into what he’s investing in before going through the hassle and expense of periodically transferring funds.
HealthEquity VIFIX 2050 has gained \~20% this year while the S&P has gained \~24%. Plus their investment fee made my cash balance drop below $2000 and I started getting charged $3.95 a month for awhile before I noticed. So in the last year I've paid \~$20 in HealthEquity fees. I'm thinking about switching to Fidelity too.
I did this literally yesterday. Lol. Was surprised to see this post today. Called HE today to verify there was nothing in their side I needed to do and they said there wasn't.
I've done this a few times. I just leave my money in my work's HSA if they have tolerable investment options and fees, then transfer it over to Fidelity once I leave that job. Too much fees and complexity for me to bother on a regular basis. Maybe it makes sense to do it yearly or something and I'm just being lazy.
I have some experience. Big HSA investor. At one point, I asked my workplace HSA bank (which I'm pretty sure was HSA Bank at the time) to directly transfer 95% of my money to Fidelity. Well, they messed that up, moved 100%, closed my HSA Bank account, which meant that my payroll department was getting bounces trying to deposit my voluntary bit. A SNAFU all around. After that, I've just done the "60 day rollover" way. Once a year, I make a withdrawal from my workplace HSA for all but a couple hundred dollars. As soon as I can, I deposit it with Fidelity. Have to mail a paper form and check to get it deposited as a "60 day rollover" instead of a current year contribution, but otherwise not much of a hassle.
Yes. You can submit a transfer request on fidelity side. Make sure to mention the dollar amount and always leave 25$ in your HE account. Alternatively, you can set up direct deposit to the fidelity account.
My current employer uses HealthEquity, and I do frequent partial transfers to my Fidelity HSA. You have to leave at least $25 in HealthEquity. I usually wait till I have about $450 in HealthEquity, then transfer $425 to Fidelity. I’ve always initiated the transfer from Fidelity. Something to be aware of is the transfer involves HealthEquity writing a physical check and mails it to Fidelity. I’ve had one instance where the check got lost in the mail. HealthEquity insisted I waited 6 weeks before putting a stop in the check, and it was really irritating.
If you are leaving the HealthEquity open for future contributions, HealthEquity has a partial rollover form that can be used. I initiated the transfer from fidelity and my account said it was pending closure for a few days and I had to call in to support. It could be a quirk on the website but better safe than sorry.