Transfer your health saving account from HSA bank to Fidelity is simple and can be done completely online a few weeks. Here we’ll provide a step by step guide.
Why you should consider a HSA transfer
Health Savings Accounts (HSAs) are a powerful tool for building tax-free wealth for medical expenses. They offer a triple-tax advantage:
- Tax-deductible contributions
- Tax-deferred growth
- Tax-free withdrawals for eligible medical expenses
If you’ve recently left a job or simply want to manage your HSA more efficiently, transferring your funds to a better account can be a smart move. While you can usually leave your money in your old HSA, many accounts charge monthly fees once your employer stops contributing. By consolidating your HSA into a low-fee account with better investment options, you could save on fees and grow your savings more effectively.
I chose Fidelity HSA because it’s free to maintain and offers a solid range of investment options. If you’re looking to make the switch, here’s a simple, step-by-step guide on how to transfer your HSA to Fidelity.
How to Transfer from HSA Bank to Fidelity
Step 1: Open a Fidelity HSA
The first step is to open a Fidelity Health Savings Account if you don’t already have one. Here’s how:
- Visit the Fidelity HSA page: Go to Fidelity’s HSA page.
- Click “Open an HSA”: Follow the on-screen instructions to complete the application process.
Once your account is open, you’re ready to move on to the next step!
Step 2: Initiate the Transfer on Fidelity website
Now that you have your Fidelity HSA, you can begin the transfer process. Here’s what to do:
- Log in to Your Fidelity Account: Go to Fidelity’s Transfer Assets Page.
- Start the Transfer: Click on “Start a Transfer.”
- Select Your Current HSA Firm: Choose your current HSA provider from the list, or enter the necessary details if it’s not listed.
- Complete the Transfer Form: Follow the prompts, sign the transfer form, and click “Next.” Fidelity will handle the rest of the process for you.
Step 3: Track Your Transfer Status
Transfers can take a few weeks depending on your current HSA provider. Don’t worry—you can easily track the status of your transfer.
- Visit the Transfer Tracker: Head over to Fidelity’s Universal Tracker.
- Check Your Status: Enter your details and get real-time updates on the progress of your transfer.