PLEASANTON, Calif. – Patelco CU said its Patelcorp CUSO signed with InvestDaily to allow credit union members to invest their Health Savings Accounts in mutual funds on the company’s SaveDaily platform.
Health Savings Accounts are tax-deductible savings accounts that recipients may invest until the funds are needed for a medical cost or another health-related event.
“Our members are looking for better ways to save and grow their money,” said Mark Hoaglin, vice president of the $3.6-billion credit union. “With the high cost of healthcare today, members who have Health Savings Accounts understand how important it is to make their money work for them, and this is a great way to earn a higher return versus the rates offered on traditional HSAs.”
Credit unions, banks and other financial service providers adopting the SaveDaily platform can offer mutual fund investing to their members at low cost under their own brand, Patelcorp said. For one flat monthly charge, investors in mutual funds can have unlimited positions and unlimited transactions without transaction fees.
