Select account Preimeraccount not FDIC covered

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wow!howmuch?
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Select account Preimeraccount not FDIC covered

Post by wow!howmuch? » Thu Jan 11, 2018 2:58 pm

From a great prior thread I learned my old HSA holder Select Account does not have FDIC coverage for my $15,000 sitting in there. Its earning 1.15% without coverage and if I move it to another type of account their it will be FDIC insured and the "savings" rate will drop to 0.07%.

Since this is my old account from an old employer should I just move it over to the low rate/FDIC account with them or is there a better place?
"Gold is warm and contains something of the sun". --Saint Hildegard of Bingen (1098-1179)

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susa
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Re: Select account Preimeraccount not FDIC covered

Post by susa » Thu Jan 11, 2018 3:12 pm

Our HSA is with connexuscu.org, pays 2.00%

wow!howmuch?
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Re: Select account Preimeraccount not FDIC covered

Post by wow!howmuch? » Thu Jan 11, 2018 3:51 pm

FDIC coverage with that 2%??
"Gold is warm and contains something of the sun". --Saint Hildegard of Bingen (1098-1179)

Spirit Rider
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Re: Select account Preimeraccount not FDIC covered

Post by Spirit Rider » Thu Jan 11, 2018 6:08 pm

It is a Credit Union so it is covered by NCUA which is just as good as FDIC.

wow!howmuch?
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Re: Select account Preimeraccount not FDIC covered

Post by wow!howmuch? » Thu Jan 11, 2018 7:11 pm

Thanks I will call this credit union just wonder if I can join
I don’t live in the great state Of Wisconsin
"Gold is warm and contains something of the sun". --Saint Hildegard of Bingen (1098-1179)

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dm200
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Re: Select account Preimeraccount not FDIC covered

Post by dm200 » Thu Jan 11, 2018 8:15 pm

Spirit Rider wrote:
Thu Jan 11, 2018 6:08 pm
It is a Credit Union so it is covered by NCUA which is just as good as FDIC.
Note that not all credit unions are insured by NCUA. A few have private insurance (ASI).

All federally chartered credit unions must be insured by NCUA. About 2/3 of US credit unions are federal charters.

All state charters can choose NCUA insurance, and in most states state charters must be NCUA insured. However, in about 9 states, state charters can choose "private" insurance through ASI.

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Re: Select account Preimeraccount not FDIC covered

Post by Spirit Rider » Thu Jan 11, 2018 8:36 pm

I could have worded that better. I checked their website before reporting that.

Instead of "It is a Credit Union so it is covered by NCUA which is just as good as FDIC."

I should have said; "It is a Credit Union covered by NCUA which is just as good as FDIC."

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tfb
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Re: Select account Preimeraccount not FDIC covered

Post by tfb » Thu Jan 11, 2018 9:49 pm

Spirit Rider wrote:
Thu Jan 11, 2018 8:36 pm
I could have worded that better. I checked their website before reporting that.

Instead of "It is a Credit Union so it is covered by NCUA which is just as good as FDIC."

I should have said; "It is a Credit Union covered by NCUA which is just as good as FDIC."
It's not a credit union. Select Account is by an insurance company, which serves as a non-bank HSA trustee.
Harry Sit, taking a break from the forums.

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Re: Select account Preimeraccount not FDIC covered

Post by Spirit Rider » Thu Jan 11, 2018 10:23 pm

My original reply was directly following these two posts. So clearly by context, I was referring to the credit union and not Select Account.
susa wrote:
Thu Jan 11, 2018 3:12 pm
Our HSA is with connexuscu.org, pays 2.00%
wow!howmuch? wrote:
Thu Jan 11, 2018 3:51 pm
FDIC coverage with that 2%??

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