For many of the same reasons you’d want a 401(k) rollover, you might be considering moving your HSA to a different institution. Read on to learn more about what factors might impact your decision to move money.
What to consider
If you’ve had a few jobs that each offered you an HSA, you might have a couple of these accounts scattered across different HSA providers. Keeping track of extra account numbers and login credentials can be difficult, so consolidating could help simplify your finances.
- Account fees
Some HSAs charge monthly account fees and/or other fees if you don’t maintain a balance over a certain threshold. If your HSA fees are higher than average, you may opt to move your funds elsewhere.
- Option to invest
Not all HSAs allow you to invest your funds in the stock market. Similarly, others require varying investment minimums (i.e. you must have $1,000 in your account before you can make investments). There can also be investment minimums per holding (i.e. $100 investment minimum for a specific holding). If your HSA doesn’t allow you to make investments or has a higher investment minimum than other HSA providers, you might consider moving your funds.
- Fund menu and investment fees
Similar to a 401(k), an HSA generally gives the account holder about 15-20 investment options. If the options available or the expense ratios (a type of fee) of those options aren’t what you’re looking for, you might think about making a change.