A suite of self-directed mutual funds available to you through Blackhawk Bank.
Here are answers to the questions most frequently asked by investors:
How does the account work?
myHSAinvestments are self-directed investments, but are still considered part of your HSA for tax purposes. This means you choose from the available list of funds in which to invest a portion of your HSA dollars. Any earnings from your HSA investments grow tax free.
Do I need to understand investing to use myHSAinvestments?
You do not need to be experienced at investing to use myHSAinvestments. Start by visiting myHSAinvestments.com. Select the Learn More button on the Home page; open and read the linked informational content under ‘The Basics’.
How do I enroll in myHSAinvestments?
When your Blackhawk Bank 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. Maximize your health care savings now and in retirement!
1. Visit myHSAinvestments.com and click on 'Sign Up Today' to complete HSA Investments Enrollment.
2. You will need to enter your HSA account number and the Bank’s ABA Routing Number 275971854 as well as a few pieces of identifying information, and select your initial investment elections.
3. Once you enroll, your HSA account number and requested balance information will be verified.
4. When the account has been verified, an ACH transfer will move the money from your Blackhawk HSA to your myHSAinvestments account and invest the money into your initial investment elections.
5. You will receive a confirmation email from myHSAinvestments notifying you when the account has been set up. At this point, you can view your account.
What research tools are available to me in myHSAinvestments?
Mutual fund prospectuses and Morningstar® reports can be found on the myHSAinvestments.com website . Under 'Tools and Education,' you will find the “HSA Guided Portfolio” to help you select investments that fit your objectives, and a variety of other resources to help you get the most out of your HSA.
What is HSA Guided Portfolio?
HSA Guided Portfolio is a planning tool that helps you make the most appropriate investments for your objectives and risk tolerance. Think of it as: “We Guide, You Choose.”
After completing a few simple questions about your risk tolerance, how you intend to use your HSA investment account, and your need to access the money in your myHSAinvestments account, a potential allocation mix is provided.
This allows you to choose your investment options, select the rebalancing timing that meets your needs, and enroll in the auto-rebalance option which automatically rebalances your investment assets on a monthly, quarterly, or yearly cycle.
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.
What are my mutual fund options?
The current lineup of myHSAinvestments mutual fund options can be found at myHSAinvestments.com under 'Features > The Basics > What Funds are Available?'
How do I obtain a prospectus for the available mutual funds?
You can find links to each fund’s prospectus under the 'Features' section of the myHSAinvestments website. Simply click 'What funds are available?'
How often can I make changes to the mutual funds in myHSAinvestments?
You can make changes to your investment holdings once a day. Keep in mind, mutual funds are considered long-term investments and some funds may charge short-term redemption fees to discourage market timing practices. Please review the fund’s prospectus for fees related to the fund’s short-term trading policies.
How do I pull money from my HSA investments back to my base Blackhawk HSA account to pay a bill?
After logging into your individual HSA investment portal, you can move money back to your Blackhawk HSA by using the 'Invest' tab on the dashboard, and selecting 'Move Money.' Your mutual funds will be liquidated according to your current fund percentage allocations and dollars will typically be transferred to your base HSA account within two to three business days.
How often are my balance and activity information in myHSAinvestments updated?
Your balance and activity status are updated on a nightly basis in accordance with New York Stock Exchange trading days.
What minimum investments apply?
No minimum investment amounts apply to the mutual funds through myHSAinvestments.
What commissions or loads apply?
The mutual funds in this program are either no-load, load-waived, or (where available) institutional share class funds, which means any retail loads or commissions do not apply.
How often should I re-balance my asset allocation in myHSAinvestments?
myHSAinvestments is self-directed, which means you’re in charge of important decisions like when to rebalance your portfolio so your investments stay in line with your original asset allocations.
Rebalancing is important because it requires you to review your goals, objectives, health care needs and risk tolerance on a regular basis (the frequency is up to you). With HSA Guided Portfolio, you can automatically schedule rebalancing and easily maintain your asset allocation strategy. Be sure to consult your personal investment advisor before making any investment decisions.
What is the expense ratio of the mutual funds?
The expense ratio will vary by fund. You can find this information in the fund’s prospectus or the current Morningstar® report by clicking on the fund name in your myHSAinvestments investment account. We make every effort to provide the share class with the lowest possible expense ratio available.
How will I know if the funds I choose are subject to redemption or exchange fees?
Redemption and exchange fees will vary by fund and fund family, so you should consult the fund’s prospectus for redemption or exchange fee information. You may also find redemption fee information on the fund’s website under the “Realignments” link.
What happens to the dividends or interest I earn on my mutual fund investments?
Dividend or interest income earned on your mutual fund investments is automatically reinvested back into the fund based on your investment selections.
If a new fund is added to the group of available mutual funds within the same asset class, can I invest in both funds?
From time to time, we may make changes or additions to the group of available funds. As a self-directed offering, you may invest in any or as many funds as you choose.
If I own any of the mutual funds in the myHSAinvestments outside of the myHSAinvestments, will I be eligible for breakpoints?
The mutual funds in myHSAinvestments are traded without a “load” commonly known as “load-waived.” These shares typically would not apply when purchasing load funds of the same family outside of myHSAinvestments. Contact the fund company directly to review their individual policies on breakpoints.
Is the money I invest in myHSAinvestments FDIC insured?
For additional assistance, please contact a Blackhawk Bank Client Services Representative by calling 800.209.2616.
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.
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