Maximize your health care savings now and in retirement with self-directed investment options available through Blackhawk Bank.
How does it work?
When your Health Savings Account balance reaches $5,000 or more, you have the opportunity to use myHSAinvestments, a selection of self-directed investment options including stocks, bonds and mutual funds.
$500 (or more) remains on deposit in your HSA Checking Account for your convenience — to accept direct-deposits from payroll and/or employer contributions, make payments for health care expenses and to avoid a monthly maintenance fee. A monthly maintenance fee of $2.50 will be imposed every statement cycle if the balance in your HSA Checking Account falls below $500.00 any day of the statement cycle. Funds in the HSA Checking Account are FDIC Insured.
Because an HSA is a tax-advantaged account, the amount you contribute and any interest you accrue on the balance is not included in your taxable income. The funds in your HSA investment account are self-directed investments, but are still considered part of your HSA for tax purposes.
You are not taxed or penalized if you withdraw the funds at any time to pay for eligible health care expenses. Whether you change jobs, change health plans, or retire, your HSA and your HSA investment account stays with you.
What does it cost to use myHSAinvestments?
When you activate your myHSAinvestments account, you pay a 0.50 percent annual fee invoiced quarterly (0.125 percent per quarter or $1.25 per $1,000 of account value). The minimum quarterly myHSAinvestments account service fee is $5.00. This will be deducted from your myHSAinvestments account each quarter, around the tenth business day of the month following the end of the quarter that your myHSAinvestments account was opened. Standard expense ratios and fees inside the mutual funds may apply based on the funds you choose.
Contact your Employer or Blackhawk Bank to learn more about the basics of HSA Investing.
Call 800.209.2616; ask for a Blackhawk Bank Client Services Representative or
Please; never send personal financial information via unencrypted email.
In the event of a bank failure, any funds that are in the HSA Account at the end of day processing on the day of the failure would be considered an FDIC Insured deposit. If funds have already been transferred to the investment fund as of the end-of-day processing on the day of the failure, the funds are considered non-deposit investments owned by you. Non-deposit investments may be subject to investment risks, including possible loss of the principal amount invested.
Neither your HSA Provider (Blackhawk Bank) nor Devenir Group, LLC, the third party, can provide investment advice to you on this program. Once you transfer funds from your HSA to myHSAinvestments they are non-insured by the FDIC, the Bank or any other agency of the U.S. These investments are not the obligations of Blackhawk Bank nor guaranteed by Blackhawk Bank.
We recommend you speak with a licensed investment advisor or consult the prospectus should you have questions about any investment. Carefully weigh the advantages and disadvantages of investing your HSA funds before doing so.