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 Sweep, 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 HSA 3. Your HSA 3 will be linked by the Bank to your selected investment fund(s).
- When the available balance of your HSA 3 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 HSA 3 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.
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.