Do you have more than one Health Savings Account (HSA)?

You can easily transfer or rollover your existing HSA into one account. HSA Bank is dedicated to our members and available to support you every step of the way. Our goal is to ensure that your HSA transfer or rollover is easy and seamless from beginning to end.

Benefits of transferring or rolling over your Health Savings Account

If you already have a Health Savings Account at another institution, HSA Bank offers key benefits to our members who want to consolidate their HSAs into one account, including:

HSA Bank is here to help

Our Client Assistance Center is comprised of staff who are knowledgeable in HSA transfer and rollover and are eager to help you begin the process of easily consolidating your accounts with HSA Bank.

Tips for navigating the HSA transfer or rollover process

It is important to understand the elements of an HSA transfer or rollover when making the decision to consolidate. HSA Bank has provided a brief list of tips to help you navigate the process:

• HSA to HSA transfers are free and can be completed without limit

• HSA rollovers are free, but can only be rolled over once within a 12-month period

  • Members can transfer HSA funds to a personal account then send a personal check

  • Members can also sign over the closing check by endorsing the back and including "For Deposit Only – HSA Bank"

• HSA transfers or HSA rollovers do not apply to the current tax-year IRS contribution limit. However, if you made current tax-year contributions to your prior HSA, those contribution amounts will be counted toward the annual IRS contribution limit, and will be reported to the IRS by your previous custodian.

• HSA Bank does not charge any fees for transfer or rollover of your HSAs, your existing provider may charge an account closing fee.

When transferring funds from an IRA to an HSA

The IRS allows customers to complete a once-per-lifetime transfer from an IRA account to an HSA. Below are a few of the details to know when considering this transaction.

• A transfer of an IRA to an HSA can occur once per person, per lifetime
• The transferring IRA and HSA must be owned by the same individual (there’s no joint IRA or HSA)
• This transfer does count toward the annual contribution limit
• Can be transferred from a Traditional or Roth IRA without further restrictions
• Can be transferred from an SEP or Simple IRA as long as the IRA is no longer considered "ongoing" by IRS definition
• IRA funds are non-transferable to spouse or partner HSAs

What to know about in-kind investment transfers

Individuals transferring or rolling over to HSA Bank with HSA assets invested in stocks, bonds or mutual funds with another HSA custodian may be eligible to do so in-kind. Elements to consider include:

• Certain HSA custodians may require liquidation of investment funds

• Not all investments are eligible for in-kind transfer (i.e. Proprietary Investments)

• If eligible for Automated Account Transfer Service (ACATS), process may take as little as 3-5 business days

  • Without ACATS, process may take up to two months

• Fees may be incurred from the transferring custodian

To complete the transfer in-kind process, please follow these steps:

1. Sign Up for a Health Savings Account with HSA Bank

2. Enroll in HSA Invest in your online account

3. Fill out the Investment Account Transfer Form

4. Send the Investment Account Transfer Form to HSA Bank along with a copy of previous investment statements. (Provides details on previously invested assets)

5. HSA Bank will initiate in-kind transfer

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