If you are an experienced investor, Zenda offers an HSBA from Charles Schwab to provide you with a powerful and flexible investment account that can be easily tailored to your needs. The HSBA is a full investment account with a full complement of research, analysis and trading capabilities. However, there are a few important points to keep in mind:
- In order to use an HSBA, you must first open a Zenda investment account
- Opening the HSBA can be started in the Zenda app, and completed at Schwab in a few minutes
- Money can only be moved into and out of the HSBA via the Zenda investment account – transfers from other accounts are not permitted
- To move money to the HSBA, set your future elections to Charles Schwab HSBA
- To move money back to Zenda, you must first sell investments in the HSBA to create the cash pool to move. Then, you can move the funds back to Zenda.
You can also review these two documents from Schwab to help understand more:
HSBA Fact Sheet
HSBA Welcome Kit
HSBA Pricing Summary
See the following detailed steps to complete the HSBA account opening process:
- Open your Zenda investment account first. See help here.
- Once you have received email notification that the Zenda investment account is open, navigate to the Invest tab in the Zenda app and tap “Open a brokerage account” at the bottom of the screen to open the section and then scroll down and tap the “Open a brokerage account” link. This will open a new page to begin signup process for the HSBA account.
- If you already have setup a Charles Schwab HSBA account, you press the Log in button here to access your HSBA.
- If this is your first time setting up and HSBA press the Sign Up button – taking careful note of your HSA Plan ID and Plan Password as these will be used later.
- Pressing Sign Up will take you out of Zenda and to Charles Schwab to complete the process for opening the account.
- Follow the instructions at Charles Schwab to complete account opening.
- Important information you will need:
Zenda’s HSA Plan ID = 217743
Zenda’s HSA Plan password = 7113
- You will be notified by Charles Schwab when the account is ready. Once notified, setup your Zenda Future elections to go to the newly created HSBA. This will automatically transfer to the Charles Schwab HSBA any funds you move your HSA spending the HSA investment account. See the elections guide, or FAQ for more information.
- Next, move funds from your Zenda HSA spending account to the Zenda Investment account. If you have set your future elections as described above, the funds will flow automatically to your HSBA.