Important information about your HSA investments
The HSA Bank investment program is transitioning from Devenir and Schwab to HSA Invest.
The HSA Invest program
HSA Invest offers you a seamless experience to manage your saving, spending and investing on one website and one app. Three investment options — Choice, Select and Managed — give you thoughtfully chosen securities that are aligned to your HSA and relevant to your financial objectives. And you're able to enroll in more than one option.
Your investment options
Choice
Available now.
Brokerage experience with a large range of stocks, mutual funds, ETFs and more.
Select
Available now.
Recommended list of mutual funds selected by an SEC-registered investment advisor (RIA).
Managed
Available later in 2024.
Investments are completely managed by a registered investment advisor (RIA).
You may have one or all of the investment options based on your employer program. Your option(s) will show in your online account.
Choice
This option offers a simplified brokerage experience with a large range of stocks, mutual funds, exchange-traded funds (ETFs) and more. This option is ideal if you're an experienced investor who may not need guidance from a professional.
Download the list of available investments in the Choice option. This list may change as the investments are continuously monitored by the SEC-registered investment advisor.
Select
Get a recommended list of mutual funds, specific to your unique risk tolerance and investment objectives. All funds are selected by an SEC-registered investment advisor (RIA), organized by asset class, and aligned to your investment profile. This option gives you guidance and the opportunity to make the final decision about your investments and allocations.
You’ll complete a short HSA risk-tolerance questionnaire that defines investment objectives, time horizon to meet goals and comfort level with investment risk to determine the right mix of investments: conservative, moderately conservative, moderate, moderately aggressive or aggressive. You can then invest in the recommended list of funds.
View all funds available in your online account or download the list. This list may change as the investments are continuously monitored by the SEC-registered investment advisor.
Managed
Get an even higher level of personalization, where the SEC-RIA actively manages and rebalances the investments on your behalf. This option lets you go beyond the tailored guidance in the Select option and have your investments completely managed by an RIA.
You’ll complete a short HSA risk-tolerance questionnaire that will provide insight to the RIA on your investment objectives, time horizon and comfort level with investment risk. Your responses will be used by the RIA to manage your investments.
Simplified and efficient investment management
- Enrollment before you meet the balance threshold so when you meet the required threshold, the investment program will activate.
- Same-day enrollment and funding.
- Real-time and fractional share trading (during market hours).
- Funds remain in your HSA cash balance until invested so you can use them for qualified medical expenses.
- Auto-funding so new funds go directly to the investments you’ve chosen.
- Dividends and interest are automatically reinvested.
- Online access to your account history, balance information, trades and more on the Member Website and app.
- Fully manage investments alongside the HSA cash balance from the HSA Bank Member Website and app.
How to invest
Log in to your account.
Go to Manage Investments.
Select Enroll in HSA Invest.
Complete the enrollment process. You’ll review the investment options and fees, choose an investment option, provide required information, agree to investment disclosures, complete an HSA risk-tolerance questionnaire (if applicable for your chosen investment option) and set up automated funding (optional).
Continue to manage your investments in your online account and app.
Pricing
Annual asset-based fees may be applied on a quarterly basis and deducted from the investment balance. The annual fees are 0.10% for Choice, 0.25% for Select and 0.35% for Managed. For every $1,000 you invest you’d pay $0.25 quarterly for Choice, $0.62 quarterly for Select and $0.87 quarterly for Managed.
HSA Invest annual fees for Select and Managed will be waived through 2024. Annual fees for Choice will be waived through 2025.
HSA Invest annual fees are waived for any quarter when your average HSA cash balance for that quarter is $7,500 or more.
Fees may vary if your HSA is through your employer. View exact annual fees on the Member Website under Manage Investments.
Annual fee examples:
| Investment balance | Choice: 0.10% | Select: 0.25% | Managed: 0.35% |
|---|---|---|---|
| $5,000 | $5.00 | $12.50 | $17.50 |
| $10,000 | $10.00 | $25.00 | $35.00 |
| $25,000 | $25.00 | $62.50 | $87.50 |
| $50,000 | $50.00 | $125.00 | $175.00 |
| $100,000 | $100.00 | $250.00 | $350.00 |
SECURITIES AND INVESTMENTS
|
Not Insured by FDIC or Any Other Government Agency |
Not Bank Guaranteed |
Not Bank Deposits or Obligations |
May Lose Value |
You may be required to keep a minimum in your HSA cash balance to invest funds in the HSA Invest program.
The HSA Invest program is administered by DriveWealth, LLC, a FINRA registered broker dealer. LeafHouse Financial Advisors, LLC is a registered investment advisor with the U.S. Securities and Exchange Commission that selects and manages the investments. Registration does not imply a certain level of skill or training. More information about LeafHouse Financial Advisors, LLC, including investment strategies, fees and objectives, can be found in the ADV Part 2A, which is available on the Member Website.
HSA Bank, DriveWealth, LLC and LeafHouse Financial Advisors, LLC are not affiliated and not responsible for the products and services provided by the other. Neither HSA Bank nor DriveWealth can provide investment advice to investors. Past performance is not indicative of future results. All investments involve risk, including loss of principal, and there is no guarantee that investment objectives will be met. The ability to replace investment losses may be limited by the annual HSA contribution limits.