Zenda HSA Investments FAQ

Please review the following frequently asked questions to help jump start your path to investing your HSA dollars.

Managing your HSA investments

Getting started with investing is easy.  Simply:

  1. Open an account (takes 1-2 days to complete)
  2. Review investment options and set your future investment elections
  3. Transfer funds from HSA spending account to HSA investment account

To open an account, tap on the Investment tile on the dashboard and then tap “Open account” on the next screen.  It’s that simple.  In 1-2 days your account will be open and ready for you to invest.  In the meantime, you can research the investment options available to you so that you can set your elections next.

Future investment elections determine how money is allocated between mutual funds when money is moved into your HSA investment account. It also allows you to send funds to the Charles Schwab HSBA account, if you choose to set one up. Once you set your investment elections, new money transferred to your HSA investment account will be automatically invested based upon the funds and percentages you have pre-selected. If you do not have future investment elections set prior to money being moved to your HSA investment account, money will be placed in the money market fund (Schwab Government Money Inv – SNVXX) and will remain there until you realign your account or transfer that money to another fund.  You may wish to consult with a financial professional for help creating an asset allocation that works for you.

To learn more about setting your future investment elections, visit our investment elections guide.

There are two ways to transfer money into your investments account – a one time transfer and an automated transfer.  An automated transfer makes it easy to set a minimum balance in your spending account and automatically transfer any funds above this minimum.  Note: your actual screens may differ slightly from examples provided here.


To get started, from the Zenda dashboard screen, tap the investments tile. 

Next, tap Fund your investments, (or Transfer to investments if you have already funded your account at least once).

To transfer money one time only, simply enter the amount of money you wish to transfer up to the HSA spending balance, then hit Transfer Funds button.

To enable Zenda to auto transfer money on an ongoing basis, tap the “Enable auto-transfer” toggle button, then enter the minimum amount to KEEP in your HSA spending account.

For example, if you want to make sure all your HSA is kept in investments, set the enable transfer and set the value to 0.00.  If you wish to keep $200 in your spending account to handle some expenses, but invest the rest, then set it to $200.00

Your investment balance is updated once per day around 5:30PM PT on the days that the New York Stock Exchange is open.  You can see the NYSE calendar here.  Note that when you move money from the investment account the money is debited from your investment account immediately and it may take 1-2 days for the money to arrive and update in the spending account.

From the Investment section of the Zenda mobile app:

    • Tap on Invest your HSA funds and tap Manage Portfolio.
    • Tap Transfer between investments option
    • On the Select Transfer Type page, tap whether to Transfer Using Dollars or Transfer Using Percentages. Note: If you wish to transfer more than 90% of the balance out of a fund, it is recommended to use the Transfer Using Percentages option.
    • On the Select Transfer Source(s) page, pick which fund, or funds, to move dollars from (i.e. $150 from Fund A, $200 from Fund B, etc.) or which fund, or funds, to move percentages from (i.e. 100% of your dollars in Fund A, 50% from Fund B, etc.) and click “Continue”.
    • On the Select Transfer Destinations(s) page, pick which fund, or funds, to move dollars to (i.e. $150 to Fund C, $200 to Fund D, etc.) or which fund, or funds, to move percentages from (i.e. 100% of your dollars to Fund C, 50% to Fund B, etc.) and click “Continue”.
    • On the Review Your Transfer Page, review your request and click “Complete Transfer” to complete your request.
  • From the Investment section of the Zenda mobile app:
  • Tap on Move money back to HSA and tap transfer money from HSA investments.
  • Enter the dollar amount you would like to transfer from your HSA investment account back to your HSA spending account.
  • Tap the ‘Submit Request’ button to complete your request.
  • Your HSA investments will be liquidated on a pro-rata basis based upon your balance by fund to generate the cash to complete the request.

Note: Requests resulting in the liquidation of 90% or more of a mutual fund will be processed based upon the number of units calculated using the previous market day’s NAV.

Money can take 1-2 business days to move from your HSA investment account into your HSA spending account.

Researching investment options

You may review the investment options from the Investment Options Guide. The fund options guide provides historical performance information, fund category, and the gross expense ratio for each fund. For more in-depth information concerning the funds offered, you may also view each fund’s prospectus, fact sheet, and Morningstar® page by using the Resource Links in the fund options guide.

In addition, if you are an experienced investor, you have the option to open a Charles Schwab Health Savings Brokerage Account (HSBA).  This allows you to invest in securities other than what is offered in the main Zenda Investment account.  You can learn more here.

No. Your HSA investment account is self-directed. This means you select the investments that are right for you. To help you make your selections, we provide details on Investment Options  to help understand  each investment option’s performance as well as links to the mutual funds’ prospectuses and fact sheets. You may also obtain a prospectus directly from the mutual fund company through the fund’s website. If you still have questions, you may wish to speak with a personal investment advisor.

No. Investments in the Zenda Investment account, like all mutual funds, are not insured by the FDIC. Mutual funds may lose value. It is your responsibility to understand the risks of investing your HSA dollars. If you still have questions, you may wish to work with a personal investment advisor.

Zenda believes investing HSA funds should be easy to achieve and available to everyone.  With Zenda, you have the freedom to start investing with as little as $5 and invest all the way up to your entire HSA balance.  

The mutual funds available through your HSA investment account are load-waived or no-load funds.  Typically this means there are no transaction fees to conduct buying, selling funds or transferring money to or from your HSA investment account.  However fees are typically built-in to the operation of the investments themselves.  To find these, review the Investment Options  and look for and look for “Prospectus Gross Expense Ratio” for each investment you consider. Also, see here to learn more about fees that Zenda may assess.

To curb market timing practices, certain funds may impose short term redemption fees or trading blocks.  For information on whether a fund assesses short term redemption fees or blocks, as well as the specifics concerning these see Investment Options and each fund’s prospectus.

If you see an alert icon next to a fund when you are realigning your account or transferring between investments, hover over the icon to see the trading policy that applies to that fund. See the example below:

If you are an experienced investor, you have the option to open a Charles Schwab Health Savings Brokerage Account (HSBA).  This account is created in addition to your Zenda Investment account and provides you with a broader array of investments from which to choose.  

To make the process seamless with your Zenda HSA spending account, the Zenda investment account is used to pass funds through to the HSBA you open.

Important note: money from Zenda’s HSA can be moved easily to and from the HSBA.  However, because of the tax-protected nature of the account, funds cannot be commingled with other accounts at Charles Schwab and you can only move money out of the HSBA back into the Zenda HSA investment account.

At a high level, the process is:

  1. You must open a Zenda investment account
  2. Then, open a Charles Schwab HSBA account by tapping the Open Brokerage link in the Zenda app under investments tab. If you already have an Charles Schwab account, you can associate a new HSBA with your existing account.  If not, you will be asked to create a new Schwab login (the Zenda and HSBA investment  accounts will be linked automatically.  To do so, you will need the plan ID and plan password )
  3. Next, using the Zenda app, set future elections to be 100% Charles Schwab HSBA.  This directs newly invested money to the HSBA.
  4. Then, in the Zenda app, move funds from the HSA spending account to the Zenda Investment account.  These funds will automatically be transferred to your linked Charles Schwab HSBA, per your elections, where you may invest at your discretion.
  5. Note: to move money back to the Zenda spending account, you must first sell investments in HSBA and transfer cash back to the Zenda investment account.  From there, funds can be sent back to Zenda spending account.

Note: Zenda will not assess any fees to open the Zenda investment account OR move the money to/from the HSBA.  Any potential fees assessed by Charles Schwab would be disclosed as part of that account and not related to Zenda.

Managing your account

Zenda assesses a fee on a quarterly basis for investing in the pre-selected set of investments. The fee is calculated on a percentage basis and assessed based at the valuation on the last day of each quarter (March 31st, June 30th, September 30th, December 31st) equating to 0.125% or $1.25 per $1,000. The fee is deducted pro rata from the HSA investment account on or about the 10th business day following the end of each quarter. Mutual funds will be sold proportionate to the asset allocation in place on these dates. Accounts opened during the quarter are assessed the full 0.125% for that quarter.


If you open a Health Savings Brokerage Account (HSBA) through Zenda with our partner Charles Schwab, there are no fees assessed by Zenda.  Charles Schwab may assess fees depending on your investment activity in that platform.  Please check the account documentation if you open an HSBA.

If you have questions about your HSA investment account after reviewing these frequently asked questions, please contact Zenda Support, at support@getzenda.com