HSA At Connexus

bobert456 | May 4, 2023 | 187 posts since 2022

My HSA is sizeable so really like its own IRA.

I have been using CONNEXUS with VERY good experiences. They were paying 2% on balances back when most all HSA accounts were less than 1%.

BUT times changes. I am now moving my HSA to Fidelity. Still some 5% broker stuff available, so cannot keep the funds at CONNEXUS. I did check to see if they were changing the rate anytime soon ..... and was basically told NO. It's 2%.

IF they get the rate back up, I would use them again. BUT they would have to be better than Fidelity.

FYI - I found a pretty good review of various HSA providers at:

https://youngandtheinvested.com/best-hsa-providers/

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uhwtm2 | May 4, 2023 | 21 posts since 2023

Interior FCU also allows you to open an HSA CD at their current CD rates, no HSA fees.
https://www.interiorfcu.org/accounts/share-certificates/

And be aware that Connexus will likely just sit on your request to move your HSA funds unless you keep calling for them to do their job.

I too was with them for a while at 2% but finally wanted to transfer the funds out. I was told it'd take 3-5 business days after receiving the request. Called one day and was told they had just received the request that morning. But a full week later, nothing. So something like 2 weeks later I called and found out they simply ignored the request and I had to demand they do the request they got 2 weeks ago. THEN they did it wrong. The written request had NOT to close the HSA or move the whole amount, but to do a PARTIAL Transfer of a certain $$ amount (most of my funds, but not all). Didn't matter. After first ignoring the request, they then transferred out the entire amount and closed the HSA account, ignoring what was on the written request. By that point it was too late to get the money back, the check was already send to the other place. Just as well. Good riddance.

Glad you're getting your HSA funds out of there. For liquid HSA funds their 2% (for over 15k) is sadly still the best but it's still so low -- if you figure that at higher 2 and 3 year CD rates at Interior, even if you break it (unless it's right away) you're still better off with an HSA CD or the like. Plus Connexus first ignored the request then did it wrong (both seemingly on purpose). Regardless, a really bad sign to have multiple things like that happen at a financial institution. So all I have at Connexus is $5 now, and it'll be a VERY long time before I even think about putting any money back there.

PS: Fidelity HSA is fine, with options like stocks and mutual funds too, but some may want to consider Interior FCU too. In case one ever needs some HSA money right away, I believe Interior will let you partially break a CD early (with the EWP only on the amount you take out early). I don't think that's possible on a brokered CD, if one wants the guaranteed safety of a CD instead of stocks/bonds.

bobert456 | May 4, 2023 | 187 posts since 2022

-thanks .... I will track that transfer. I think FIDELITY is pretty good about staying on top of it as well.

I have found some firms that do IRA or ROTH transfers fail to follow-up that the holding company ever got the transfer .... and have to do it again ...... so trustee-to-trustee moves are a bit of a pain .... I never expect quick movement, but do try to FAX of paperwork to shorten the communications.

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