Have more than one HSA? Consider consolidating your accounts

If you have more than one Health Savings Account (HSA), consolidating them may help you:

  • Simplify your account management
  • Save money by potentially reducing fees with fewer accounts
  • Take advantage of HSA investing by reaching the required minimum balance sooner


Rachel just changed jobs. At her previous employer, she had a high-deductible health plan (HDHP) with an HSA that had a balance of $900. During benefits enrollment at her new company, she enrolls in an HDHP and elects to contribute to the HSA that is administered through Bank of America. She soon realizes the extra effort of managing health care spending, contributions and tax forms across two accounts.

Rachel consolidates her HSAs into her Bank of America HSA, and her total balance is now enough for her to start investing. She also saves on fees by closing out her previous account.

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Transfer your HSA to Bank of America in two easy steps:

The easiest way to move money from other HSAs into your current Bank of America HSA is to initiate a trustee-to-trustee transfer.

  1. Complete the Bank of America Health Savings Account transfer request form.
  2. Mail the request form to your previous account’s trustee/custodian. Transfers may take three to six weeks depending on the processing time of your previous HSA trustee/custodian.

Frequently asked questions

Do I need to open my Bank of America HSA before transferring funds?
Can I transfer HSA funds from another person’s account?
Do I have to pay a fee for the transfer?
How can contributing to an HSA help me reduce my health care costs?
Are transfers taxable?
Is there a difference between a transfer and a rollover?
Can I transfer or rollover a portion of my IRA to my Bank of America HSA?

1Bank of America Health Benefit Solutions does not provide tax or legal advice. This summary is provided solely for general information purposes, and is not to be construed as tax or legal advice. Please consult with your own attorney or tax advisor to understand the tax and legal consequences of your HSA and your particular situation.