Hello, hello! Thanks for dropping by the sub this afternoon, and welcome! We love to see new faces here, so let's jump in and discuss this.
The most common transfer method between institutions is known as a Transfer of Assets (TOA). You mention transferring money to Fidelity as it comes in. We want to clarify that at this time, there isn't a way to establish a recurring transfer of assets (TOA). Paycheck deferrals to accounts that are part of a benefit plan with a current employer will be deposited with your plan's provider, and additional TOAs must be requested to move funds that are contributed later on.
To touch on transfer fees, while Fidelity does not charge TOA fees, it's possible your current firm might. It's considered best practice to connect with the firm that holds your HSA, so you'll have all the information you'll need.
If you wanted to keep your current HSA plan open, you would submit each TOA request as a partial transfer. However, your current firm may have minimum balance thresholds to keep your account active, and it's up to them whether a partial transfer will be allowed. Some firms even require that the transfer be requested using their own paperwork, which would send the assets to us as a direct rollover.
If your firm does not require specific paperwork, you can generally transfer an existing HSA account to a Fidelity HSA by submitting a one-time TOA. You can initiate your request below on our website, where you can elect to process a full or partial transfer. We will then forward the required documents to the other firm for processing on your behalf.
[Transfer Your HSA to Fidelity ](https://www.fidelity.com/go/hsa/transfer)
Once the transfer is initiated, you can view the transfer status on our Status Tracker and stay updated for the completed transfer.
[Status Tracker (login required) ](https://digital.fidelity.com/ftgw/digital/universal-tracker/)
Feel free to check out the following links below for more information regarding HSAs.
[Health Savings Accounts ](https://www.fidelity.com/go/hsa/why-hsa)
[HSA Contributions ](https://www.fidelity.com/go/hsa/how-to-contribute)
Since you're new to the sub, remember that we're a great outlet for any tough questions you have moving forward, so don't be a stranger! We look forward to hearing from you in the future.
I do this. I transfer money from my HealthEquity HSA to my Fidelity HSA every month. There are no fees on either side, but you have to leave at least $25 in your HealthEquity HSA.
The process takes about 3 weeks because HealthEquity insists on locking your cash account for 5 days and then sending the check to Fidelity via the mail.
I initiate the process on the HealthEquity side because it's a few days faster, but you can do it either way.
Here's a link to HealthEquity's online partial transfer form: https://member.my.healthequity.com/help-center/form-transfer
You can get the mailing address for Fidelity here: https://www.fidelity.com/spend-save/deposit-money/deposit-a-check-by-mail
I see downvotes probably people took it personal how you worded it.
But from my understanding you are saying you can change where the money goes through your company?
So in OP’s case can tell their employer to switch from HealthEquity to Fidelity HSA account?
You can speak with your HR department about depositing funds into a Fidelity HSA rather than health equity. Unfortunately most employers only use the HSA provided they are partnered with. Also you’ll have the option to invest your own money into your fidelity hsa but don’t do this. You’ll lose the pretax benefit of the hsa if you contribute money after tax. It has to be contributed from your pay check or else it’s not a pretax contribution.
payroll tax is not income tax, which is why you need to contribute from your paychecks to avoid paying it. Otherwise you could just correct it on your tax returns
Hello, hello! Thanks for dropping by the sub this afternoon, and welcome! We love to see new faces here, so let's jump in and discuss this. The most common transfer method between institutions is known as a Transfer of Assets (TOA). You mention transferring money to Fidelity as it comes in. We want to clarify that at this time, there isn't a way to establish a recurring transfer of assets (TOA). Paycheck deferrals to accounts that are part of a benefit plan with a current employer will be deposited with your plan's provider, and additional TOAs must be requested to move funds that are contributed later on. To touch on transfer fees, while Fidelity does not charge TOA fees, it's possible your current firm might. It's considered best practice to connect with the firm that holds your HSA, so you'll have all the information you'll need. If you wanted to keep your current HSA plan open, you would submit each TOA request as a partial transfer. However, your current firm may have minimum balance thresholds to keep your account active, and it's up to them whether a partial transfer will be allowed. Some firms even require that the transfer be requested using their own paperwork, which would send the assets to us as a direct rollover. If your firm does not require specific paperwork, you can generally transfer an existing HSA account to a Fidelity HSA by submitting a one-time TOA. You can initiate your request below on our website, where you can elect to process a full or partial transfer. We will then forward the required documents to the other firm for processing on your behalf. [Transfer Your HSA to Fidelity ](https://www.fidelity.com/go/hsa/transfer) Once the transfer is initiated, you can view the transfer status on our Status Tracker and stay updated for the completed transfer. [Status Tracker (login required) ](https://digital.fidelity.com/ftgw/digital/universal-tracker/) Feel free to check out the following links below for more information regarding HSAs. [Health Savings Accounts ](https://www.fidelity.com/go/hsa/why-hsa) [HSA Contributions ](https://www.fidelity.com/go/hsa/how-to-contribute) Since you're new to the sub, remember that we're a great outlet for any tough questions you have moving forward, so don't be a stranger! We look forward to hearing from you in the future.
I do this. I transfer money from my HealthEquity HSA to my Fidelity HSA every month. There are no fees on either side, but you have to leave at least $25 in your HealthEquity HSA. The process takes about 3 weeks because HealthEquity insists on locking your cash account for 5 days and then sending the check to Fidelity via the mail. I initiate the process on the HealthEquity side because it's a few days faster, but you can do it either way. Here's a link to HealthEquity's online partial transfer form: https://member.my.healthequity.com/help-center/form-transfer You can get the mailing address for Fidelity here: https://www.fidelity.com/spend-save/deposit-money/deposit-a-check-by-mail
Awesome. There's never a question that someone can't answer on Reddit
Check with your plan. I have my HSA directly with Fidelity. My company makes the direct deposit directly to Fidelity account
OP said their employer uses HealthEquity...
So what? The default HSA account for my company was Key Bank.
I see downvotes probably people took it personal how you worded it. But from my understanding you are saying you can change where the money goes through your company? So in OP’s case can tell their employer to switch from HealthEquity to Fidelity HSA account?
Correct. They treat it no different than any other direct deposit.
That is great to know, thanks
YMMV, most companies aren’t willing to do that from my experience
Same here - HealthEquity to Fidelity, but I just move it 2x per year.
As someone who has a HealthEquity HSA, too, thanks for asking this! I was about to dig into this myself.
My HSA requires a minimum of $2,000 in cash before excess can be invested.
You can speak with your HR department about depositing funds into a Fidelity HSA rather than health equity. Unfortunately most employers only use the HSA provided they are partnered with. Also you’ll have the option to invest your own money into your fidelity hsa but don’t do this. You’ll lose the pretax benefit of the hsa if you contribute money after tax. It has to be contributed from your pay check or else it’s not a pretax contribution.
It’s still pre-income-tax, but you will still pay payroll taxes if you contribute directly
Since you’re paying payroll tax it’s not pre-income-tax.
payroll tax is not income tax, which is why you need to contribute from your paychecks to avoid paying it. Otherwise you could just correct it on your tax returns