Patelco CU Links Mutual Fund, Health Savings Account Users
Patelcorp, a division of Patelco Credit Union, will offer its InvestDaily mutual fund investing program to members who have health savings accounts.
InvestDaily is offered through SaveDaily Inc., a provider of mutual fund investing platforms used by credit unions and banks.
“Our members are looking for better ways to save and grow their money,” said Mark Hoaglin, vice president of the $3.6 billion Patelco in Pleasanton, Calif.
“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,” Hoaglin said.
According to SaveDaily President Gregory Vacca, an HSA can provide another way for savers to earmark money for future needs.
“Ideally, these funds will grow at a better rate than traditional checking, savings and CDs, which provide only minimal returns, he added.