We can totally help you move your money to your HSA with us. Some steps may seem a bit old school, and we're working on ways to make it digital. Until then, follow these simple directions below.
Rollover
One method is called a “rollover,” which you can do whenever you want, but you are limited to only one (1) rollover each year.
Call your current HSA and tell them you want to do a rollover.
Your existing HSA administrator will either 1) issue you a physical check or 2) transfer funds directly to your checking account.
You then deposit that check or transfer the exact funds into your HSA with us within 60 days to avoid tax penalties. Make sure you label the deposit shown in your Dashboard as "Rollover" to avoid tax penalties.
Trustee-to-Trustee
The other method is what is called a "trustee-to-trustee transfer." The good news is that you don’t have to deal with a physical check, but the bad news is there may be fees from your existing provider. Don’t worry, we have no fees outside of what we have listed in our pricing section. We value transparency and we value your business. To begin:
Keep your account number on hand.
Fill out the Transfer Form linked here!
Send the form to your existing HSA provider.
The banks will then transfer money between each other.
Trustee-to-trustee transfers can happen an unlimited number of times per year. There is no limit on how many times you do this. If you have multiple HSAs from existing employers, consolidating them on this platform is simple and easy.
Not sure what the difference between a Trustee-to-Trustee vs. Rollover is?
The main difference between a Trustee-To-Trustee and a Rollover is that a Trustee-to-Trustee is a bank-to-bank transaction, meaning the funds won't come to you at all; they'll go from your previous bank to your new one (either by check or electronically). A rollover will be a transaction that is first sent to you (either by check or to your bank account) and then you'll have to send it over our way!
Checking or savings account?
Despite being called a health savings account, the HSA is actually a "checking account" when setting up payroll deposits or sending money from another bank. This matters especially when you’re performing a transfer to your HSA.
When telling your bank to transfer funds to your HSA, you must ensure they know it is a checking account. If they think it’s a savings account, your transfer will not clear.
So be sure your bank knows that your HSA is indeed a checking account if you want to get your dollars in there.