Customers must have a Mercantile Health Savings Account with at least a $2,500 balance to qualify
Balance in the HSA Certificate of Deposit is combined with the balance in the HSA Checking
Opening Deposit: $500.00
Interest: Interest is paid to the certificate quarterly.
HSA Investment Account
Once your HSA checking account balance reaches $2,500, you are eligible to transfer a portion of your funds into a range of investment options and earn potentially higher, tax-free returns.
Best for HSA account holders who do not plan to spend their HSA checking account funds on eligible medical expenses in the near future and wish to invest for long-term savings.
Health Savings Account - Investment Account Disclosures
Account-holders are urged to carefully weigh the advantages and disadvantages of investing HSA funds in the Investment Options versus holding them in their Mercantile Bank HSA Checking Account. Investors should carefully read the Investment Policy together with the prospectus from each mutual fund selected before investing or sending money. These documents provide information regarding investment objectives and risk, as well as charges and expenses which may be imposed for early liquidation of mutual fund investments, etc. There are no guarantees that the Investment Options will make money. Additional contributions cannot be made to an HSA account to replace any losses that result from investing. Please keep all of these factors in mind when considering which account is right for you.
Mercantile Bank is not a registered investment advisor, nor is Mercantile Bank acting in the capacity of a registered investment advisor with respect to the offering of HSA Investment Account Investment Options. The Bank engages the support of Devenir Investment Advisors, LLC, a registered investment advisor and Devenir, LLC, a Broker Dealer member of NASD / SIPC (Collectively "Devenir") to select the HSA Investment Account Investment Options. Devenir screens the Investment Options offered using a number of criteria which include, but are not limited to total fund performance, Morningstar® ranking relative to other funds with similar investment objectives, and track record. Devenir periodically reviews the Investment Options, and may recommend changes in the Investment Options being offered if a particular fund no longer meets the selection criteria. Participation in the Investment Options is voluntary. Under no circumstances is Mercantile Bank offering any of the HSA Investment Account Investment Options, and the Bank makes no representations with respect to the Investment Options offered. Mercantile Bank disclaims any and all liability, contingent or otherwise, for the performance of the Investment Options. Please see your financial advisor for personal investment advice.
Through a strategic partnership with Devenir, the national leader in HSA investment options, Mercantile Bank of Michigan is offering its HSA account holders the option of investing in several "best in class" mutual funds. The funds cover a variety of nationally recognized fund families and asset classes and are self-managed by the HSA accountholder.*
Features
24-hour online access to both your investment and checking accounts
A variety of nationally recognized mutual funds
Free eStatements
Ability to transfer funds electronically from your transactional account to your investment account
Minimum of $2,500 in your HSA Checking Account
Fees: The monthly fee for the investment account is $4.25. This fee is deducted from your transactional account.
*Investment options are Not FDIC Insured, May Lose Value and are Not Guaranteed by the Bank
