Has anyone moved from HSA bank to Fidelity HSA account?
Answers
LMCU charged a $25-35 account closing fee. One of those.
LMCU said I could avoid the fee by taking the cash and then giving it to fidelity much like an IRA rollover. Fidelity suggested that could cause paperwork problems so I did it the way Fidelity suggested which cost me $35.
So far, I have not done much with it at Fidelity. I put it in SPRXX which is their uninsured but higher rate money market. I bought $500 worth of one of their new no fee ETFs and then set up an
automatic monthly investment into that ETF of $350.
I chose FNILX.Fidelity ZERO Large Cap Index Fund. I chose that because my IRA already has a small cap, a mid cap and an international.
I have not bought any individual stocks with it yet. One reason is they would not give me any free trades or let me transfer free trades from my other accounts so buying a stock would cost me $4.95.
My HSA is rather small anyway. $19,400.
I bought one aftermarket CD which matures 4/26 because I happened to find a decent rate...2.85%.
(Barely worth bothering with for the small amount & short duration)
I think they offered me a debit card but I declined as I do not expect to use it to fund any health expenses anytime soon. I could but Id rather let the HSA compound tax free.
It seems like the process takes much longer than necessary. You would think in this digital world we could do better than snail mail both ways.