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SelectAccount Learning Site

Opening and Managing a Basic Investment Account

This page provides information about basic investment accounts and provides information about opening and managing a basic investment account with funds from your VEBA account or HSA.

Basic Investment Account (VEBA and HSA)

The Basic Investment Account is available to members who hold a voluntary employees beneficiary association account (VEBA) or health savings account (HSA). At least $1,000 must be kept in the base balance of the HSA account. Any money in the account over the $1000 mark can be invested.

You have the option to invest your money in a pre-selected suite of over 30 mutual funds. You choose which fund or funds to invest in. The funds are traded through the Schwab mutual fund platform.

Any investment comes with risk and may involve the loss of principle.

Viewing your account information

Our investment partner provides our members with access to the tools and information needed to make investment decisions and manage their accounts. 

Follow the steps below to sign into the website and use tools and information available to you.

  1. Sign on to www.SelectAccount.com. 
  2. Click on the Investments menu. 
  3. Click View Investment Partner Website

Changing your address

Contact SelectAccount Customer Service at 1-800-859-2144 to change the address associated with your the Basic Investment Account. 

Statements

SelectAccount sends paper statements that include your Basic Investment Account activity.  We also offer the option of receiving your statements online or by email.  See Changing statement delivery method below for more information.

Changing statement delivery method

  1. Sign on to www.SelectAccount.com. 
  2. Click on the Investments menu. 
  3. Click View Investment Partner Website. The investment partner website will load.
  4. Click on the Statements on Demand menu.
  5. Choose Set Delivery Options from the menu.
  6. Select your delivery method choice. 

Fees

Annual fee

An annual maintenance fee of $18.00 will be deducted from your Schwab account to cover record-keeping costs associated with this investment account.

Short-term redemption fees

You may take money out of your investment account as often as you like. However, some of the mutual funds available may charge short-term redemption fees when shares of the fund are sold before the holding period expires.   Short-term redemption fees are used to discourage short-term investing and excessive trading. 

Funds that implement a short term redemption fee or frequent trading policy will be indicated by a yield sign icon. Review your mutual fund's prospectus to learn more about their fees and the length of their holding period. 

This data is available in the fund’s prospectus and can be found on our investment partner's website in Current Asset Alignments under the Plan Services menu.

Research Tools

There are several research tools available on the Planning & Advice section of our investment partner's website.  

Mutual Fund Worksheet - The mutual fund worksheets use data from Morningstar® fund reports to give you evaluative data and focuses on the most important aspects of a mutual fund to help you make the best investment choices.

HSA Asset Allocation Calculator - The HSA Asset Allocation Calculator can help you allocate your investments according to your risk tolerance and objectives for your HSA contributions. 

Viewing the Planning & Advice section of the investment partner website

  1. Sign on to www.SelectAccount.com. 
  2. Click on the Investments menu. 
  3. Click View investment partner website.
  4. Click the Planning & Advice menu.
  5. Choose a planning tool from the menu.

Research Schwab Mutual Funds

You can also find information on all mutual funds available from Schwab on their Mutual Fund Research page.

Opening a basic investment account

Follow the process below to open a basic investment account from your HSA or VEBA account.

1. Submit enrollment request to SelectAccount 

  1. Sign in to your account at www.SelectAccount.com 
  2. Click on the Investments menu.
  3. Select account the investment will be made from.
  4. Click the Open Basic Investment Account button.
  5. Enter the amount that you wish to invest.
  6. Enter the percentage of future contributions you want to have automatically invested (optional).
  7. Click Next.
  8. After reviewing your choices, agree to the terms and conditions.
  9. Click Submit to send the form.

After 24 to 48 hours, you'll receive a confirmation request from SelectAccount.

2. Confirm your enrollment 

  1. Confirm your enrollment request. 
  2. Allow 24 to 48 hours for the confirmation to be processed.
  3. Sign in to www.SelectAccount.com. 
  4. Click on the Investments menu. 
  5. Click View investment partner website. 
  6. Complete the enrollment process by confirming account information, delivery options and electing initial investments.

Allow one full business day for the enrollment to be completed.

3. View investment account

  1. After one business day, sign in to www.SelectAccount.com.  
  2. Click on the Investments menu.  
  3. Click on View Investment Partner Website. Your account information will now be available to view.

Transferring money to your Basic Investment Account

It can take up to three business days for your transfer to appear in your investment account. 

When your funds are transferred through the Automated Clearing House from your VEBA account or HSA to your Basic Investment Account, they are deposited to the Charles Schwab Money Market Account. The money stays in this fund during a one-day settlement period and then moved to your Basic Investment Account.

Transfer money from investment account to VEBA account or HSA

Follow the process below to transfer money from your investment account back to your medical savings account.

Only one transfer or reallocation transaction is permitted at a time.  

  1. Sign in to your account at www.SelectAccount.com 
  2. Click on the Investments menu.
  3. Click View Investment Partner Website.
  4. Click the Plan Services menu.
  5. Choose Transfer to Base Balance from the menu. 
  6. Enter the amount to transfer in the Transfer Amount field.   
  7. Click on the Reason for Transfer drop-down menu and select Transfer to Base Balance
  8. Click on the Transfer Method drop down and select Amount Transferred to Base Balance
  9. Click Submit Request.  This will open the transfer review page.
  10. Review the transfer and make any desired changes to the request.
  11. Click I Accept to complete the transaction. A confirmation page will be displayed with a confirmation number.

Allow up to three business days for the transfer process to be completed.

You can cancel a transfer if it still has a status of "Pending".  See Cancel a pending transfer(LINK) for more information.

Transfer money from medical savings account to investment account

Follow the process below to request a transfer from your medical savings account to your investment account: 

  1. Sign into www.SelectAccount.com. 
  2. Click on the Investments menu.
  3. Click the Request a Transfer button. 
  4. In the Amount to Transfer to Your Basic Investment Account field, enter the desired amount.
  5. Click Next
  6. Confirm the terms and conditions.
  7. Click Submit. A confirmation page will be displayed.

Please allow three business days for your transfer of funds to be reflected in your investment account. 

Cancel a pending transfer

  1. Sign in to www.SelectAccount.com.
  2. Click on Pending Activity in the upper left corner of the page.
  3. Locate the pending transfer in the list of activity. The pending transfer will be have a transaction type description of Paperless Hardship withdrawals request
  4. Click on the transaction type description.
  5. Click Cancel. This immediately cancels the request. A confirmation page will be displayed.