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Opening and Managing a Charles Schwab Self-Directed Investment Account (HSA only)

This page provides information about Charles Schwab Self-Directed Brokerage Accounts and provides information about opening and managing a Charles Schwab Self-Directed Brokerage Account with funds from your HSA.

The Charles Schwab Self-directed Brokerage account

The Charles Schwab Self-directed Brokerage account is an online investment account through Charles Schwab & Company.  With this account you are eligible to invest your HSA balances of $10,000 or more into investments available on the Charles Schwab platform.  

Eligible investments include stocks, bonds, mutual funds, ETFs, and a variety of other investments on the Schwab trading platform. 

The balance must be at $10,000 to open the account, but the balance is allowed to fall below $10,000.  

Skip to Step Two: Enroll if you already have a basic investment 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 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.

Step 2: Enroll

  1. Sign in to your account at www.SelectAccount.com.
  2. Click on the Investments menu.
  3. Click View Investment Partner Website. The investment partner website will load.
  4. Follow the prompts under Enroll Now.
  5. Complete all enrollment steps.
  6. Click Enroll Now

Allow 24 hours for the enrollment setup to be completed.

Step 3: Complete the application process

  1. Sign in to your account at www.SelectAccount.com.
  2. Click on the Investments menu.
  3. Click View Investment Partner Website. The investment partner website will load.
  4. Click the Planning & Advice menu.
  5. Choose Schwab Self-directed Brokerage Electronic Account Opening from the menu.
  6. Accept the terms and conditions. The account application will be displayed. It will already have the basic account information pre-populated. 
  7. Fill in the remaining information.
  8. Submit the application.  Your Charles Schwab Self-Directed Brokerage Account number will be displayed.
  9. Make note of your account number.  You will need to provide it when registering for a new user account on Schwab.com in Step 5 of this process.

Allow one full business day after completing the application process. After a full business day, your account will be available for you to transfer funds into it.

Step 4: Transfer funds into the Charles Schwab Self-Directed Brokerage Account

  1. Sign in to your account at www.SelectAccount.com.
  2. Click on the Investments menu.
  3. Click View Investment Partner Website. The investment partner website will load.
  4. Click the Plan Services menu. 
  5. Choose Transfer Investments from the menu.
  6. Reallocate 100% of current funds to the Charles Schwab Self-Directed Brokerage Account.
  7. Update your future investment elections to contribute 100% to the Charles Schwab Self-Directed Brokerage Account.  This ensures all future deposits go to the new account.

Allow two to three business days for the money to be transferred to the Charles Schwab Self-Directed Brokerage Account.  Once this process has been completed, your account can be accessed by logging into schwab.com.

Step 5: Create a user account at Schwab.com

Members who already have a user account registered at Schwab.com should skip this step.  

Schwab may change the design and functionality of their website at any time, so we aren't able to provide specific instructions for registering a new user account.  

Visit schwab.com and register for a new user account.  You'll need to provide some personal information as well as the account number that you received in Step 3 after opening the Charles Schwab Self-Directed Brokerage Account.

Transferring money

Transferring from HSA to Schwab self-directed brokerage account

  1. Sign into www.SelectAccount.com. 
  2. Click on the Investments menu.
  3. Choose your HSA from the Account drop-down menu.
  4. Click View Investment Partner Website. The investment partner website will load.
  5. Enter the frequency and amount of the transfer that you wish to make.  

Transferring from Schwab self-directed brokerage account to HSA

1. Liquidate Funds on Schwab.com

Before funds can be transferred, you need to sell a portion of the holdings of your investment account. These funds then becomes available to transfer into your HSA.  

 2. Transfer funds on www.SelectAccount.com 

  1. Sign into www.SelectAccount.com.
  2. Click on the Investments menu.
  3. Choose your HSA from the Account drop-down menu.
  4. Click View Investment Partner Website. The investment partner website will load.
  5. Click the Plan Services menu.
  6. Choose Transfer to Base Balance from the menu.
  7. Enter the amount to transfer to your HSA.
  8. Click Submit.

The process of transferring funds begins on the same day the transaction is entered if completed before 3:00 p.m. CT and the next business day if entered after 3:00pm CT. 

This process can take up to 3-4 business days to complete. 

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