American Chartered Bank will begin offering mutual fund investment options to complement its Health Savings Account (HSA) program.

American Chartered Bank has partnered with Devenir, a broker/dealer and registered investment advisor, to offer investments to its HSA clients.  “Offering an investment option as a feature to an HSA account has proven to be an effective value add for customers,” says Eric Remjeske, Partner and Co-Founder of Devenir.

HSAs offer customers a convenient avenue for paying current and future qualified medical expenses.  Qualified individuals can make tax-deductible or pre-tax contributions to their HSA, and funds can be withdrawn tax-free for qualified medical expenses in the current or future years.  Unlike flexible spending accounts, in which contributions must be spent in the current year or forfeited, unused contributions remain in an HSA account and continue to grow tax free.

“HSAs are a nice complement to our business focus, since value is especially important to our privately-held business base, and managing medical expense growth is a shared concern for many of our clients.  Investments add further value, and make our product even more competitive,” added Larry Deegan, Business Development Officer, American Chartered Bank.

“The program provides an opportunity to help our current and prospective business clients address one of their major challenges,” Hunt said.  “It has also enabled us to expand relationships with insurance providers and third party administrators.”