How come I can't transfer all of my HSA cash account into HSA investments?

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doss
Posts: 194
Joined: Tue Nov 01, 2011 9:52 am

How come I can't transfer all of my HSA cash account into HSA investments?

Post by doss » Sat Oct 13, 2018 9:38 am

My employer now offers a HSA and it looks like my employer made a contribution on 9/21/18 for an amount of $1,500. Since then, I have made a payroll contribution twice (biweekly paycheck) for $230 and $115. That was all in a cash account. Now, I wanted to move some of that to an investment account but it looks like I can only transfer about $846 of that. As a newbie, can someone tell me why I can't move the entire amount over?

Thank you,

onourway
Posts: 1291
Joined: Thu Dec 08, 2016 3:39 pm

Re: How come I can't transfer all of my HSA cash account into HSA investments?

Post by onourway » Sat Oct 13, 2018 9:41 am

There is probably a $1000 minimum balance requirement. Every HSA account has slightly different rules, but requiring a minimum cash balance is pretty common.

doss
Posts: 194
Joined: Tue Nov 01, 2011 9:52 am

Re: How come I can't transfer all of my HSA cash account into HSA investments?

Post by doss » Sat Oct 13, 2018 9:45 am

onourway wrote:
Sat Oct 13, 2018 9:41 am
There is probably a $1000 minimum balance requirement. Every HSA account has slightly different rules, but requiring a minimum cash balance is pretty common.
If so, does that mean I can't touch that cash because it will dip below 1k (or if I do, then I'd incur some admin fees)?

onourway
Posts: 1291
Joined: Thu Dec 08, 2016 3:39 pm

Re: How come I can't transfer all of my HSA cash account into HSA investments?

Post by onourway » Sat Oct 13, 2018 9:47 am

You'll need to check with your specific provider. The minimum probably only applies if you want to also hold investments with them.

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