Marcia Peterson, Baylake Bank Senior Vice President of Sales, has announced the availability of a new mutual fund option. “We’re excited about the growing popularity of health savings accounts for customers with high-deductible health insurance plans, and we’re also proud to offer effective financial management tools like certificates of deposit, and now mutual funds as well,” said Peterson. The new mutual fund HSA option is available through Accessor Funds, Inc., a family of specialty mutual funds that are administered by Accessor Capital and made available through Baylake Bank’s Trust Division. An HSA mutual fund can be opened after a customer has a regular HSA account, and can be established with a minimum balance of $2,500. “The appeal of this second account is that it provides customers with more choice and control. Customers can transfer funds from their basic bank Health Savings Account to be invested into their mutual fund. The bank HSA account provides the security of full FDIC insurance, and while the mutual fund option doesn’t come with that guarantee, it does present the possibility of greater growth,” said Peterson.
Peterson added, “All health care expenses are paid out of the bank HSA checking account, but if a customer wishes to use Trust HSA funds to pay health care expenses, they simply request that funds be transferred from the Trust HSA, as long as the minimum balance is maintained, to the bank HSA checking account. Plus, additional contributions can be made directly to the Trust HSA at anytime, and customers receive statements for their Trust HSA directly from Accessor. The convenience and effectiveness of this account is a great financial management option for nearly anyone with a high deductible health insurance plan.”
Baylake Bank, Member FDIC/Equal Housing Lender, employs over 320 individuals throughout northeastern and central Wisconsin and serves its communities from 28 financial centers in Brown, Door, Green Lake, Kewaunee, Manitowoc, Outagamie, Waupaca, and Waushara counties and from its website at http://www.baylake.com. For more information about HSAs, contact a Baylake Bank Financial Center at 920.743.5551 or 800.267.3610.