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Health Savings Account Investment Sweep 

The HSA Investment Sweep1 is designed to offer additional investment options for pre-tax contributions2 made to your HSA by offering Vanguard investment fund options.

Investment fund options:

Vanguard is one of the world’s largest investment management companies, serving individual investors, institutions, employer-sponsored retirement plans, and financial professionals. Should you choose the HSA Investment Sweep1, you will have the opportunity to select from a variety of Vanguard Funds.

How it works:

  • Open a Macatawa Bank Health Savings Account 3 (HSA) online.
  • Enroll in the optional Health Savings Account (HSA) Investment Sweep 1 by calling 616-494-1602. 
  • Investment of your contributions is self-directed from a pre-selected menu of investment fund options.
  • Utilize the five Model Investment Portfolios that we've created to help you diversify your investments and meet your objectives without having to be an investment professional.
  • Your contributions will continue to be deposited directly to your HSA3. Your HSA3will be linked by the Bank to your selected investment fund(s).
  • When the available balance of your HSA3 exceeds $2,500, excess funds will automatically be swept in increments of $100 to your selected investment fund(s).
  • If the available balance of your HSA3  falls below $2,500, any available funds will automatically be swept in increments of $100 from your investment funds(s) back to your HSA3.
  • Should all the funds in the investment piece be needed to cover a medical expense, the investment account will remain open (even if at $0 balance), however you need to contact Retirement Plan Services at 616-494-1602 or TrustRPS@MacatawaBank.com to get your sweep reinstated.
  • You will receive two account statements, a monthly HSA 3 statement and a quarterly HSA Investment Sweep1 statement
  • Your HSA Investment Sweep1 can be viewed online where you have ready access to the following information:
  • Account balances
  • Conform to target
  • Investment elections
  • Investment profiles
  • Investment returns
  • Rate of return
  • Rebalance of portfolio
  • Transfer funds
  • Transaction history
  • Web requests

Have more questions?

We are happy to help.  Give us a call at (877) 820-2265, email us at HSA@macatawabank.com or stop by any of our convenient branch locations.

 

 

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1Your HSA is insured by the FDIC; however, funds in your HSA Investment Sweep are: Not insured by the FDIC. Not a bank deposit, bank obligation, or guaranteed by the bank. May involve investment risk, including loss of principal.

Annual statement and asset based fee apply. 

 


2 Please consult your tax advisor.
3 The Macatawa Bank Health Savings Account is insured by the FDIC. 

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