njvj wrote:Can I transfer money from one HSA account to another while keeping them both open?
First account is through employer and does not give good investment options.
Second account is through HSABank and gives investment options through TD Ameritrade
Yes, you can.
I have had at one point I think three HSA accounts open.
I have my HSA HSA account that vanguard links to on thier site, this is my main HSA I use as part of my asset allocation. I currently have just opened another HSA that my current employer uses.
The government views your HSA as one account, no matter how many banks are acting as custodian for various parts of it. The same is true of IRA. You can have an etrade traditional IRA, and a vanguard traditional IRA, to the government, you just have one IRA.
Now, the thing about the employer HSA, you can
1)keep some money in it keep it open, and transfer the majority to your investment HSA. Then the question is, how much, and how much fees and such per balance.
2)Close it down, transfer it entirely each year to your investment HSA.
I would ask the employer HSA about option 2, they said it was fine with them my last employer HSA. This new one, will have to give them a call.
Its gotten easier, the first time I did this, it was the first they had really had transfered an HSA it seemed like.
Remember, keep all your medical receipts forever, to prove your cost basis 30 years from now.