Saturna Capital Upgrades Consumer Direct Health Savings Account (HSA) to Align With Independent, Top Tier Industry Standards

Rhea-AI Summary

Saturna Capital has upgraded its Consumer Direct Health Savings Account (HSA) to align with top industry standards, as outlined in Morningstar's 2023 Health Savings Account Landscape Report. The revamped HSA offers:

• A curated list of highly rated mutual funds with no investment minimum
• An intuitive user platform for easy investment selection and expense management
• Modern account features including receipt record retention
• A Spending Account with enhanced benefits and stability

Saturna has partnered with UMB Financial (NASDAQ:UMBF) for account management and custodial services, providing FDIC-insured bank accounts, debit cards, and $0 monthly maintenance fees. This upgrade aims to provide a simpler, more effective experience for accountholders while maintaining Saturna's commitment to putting investors first.

Positive

• Upgraded HSA aligns with top industry standards from Morningstar's 2023 report
• Partnership with UMB Financial (UMBF) for enhanced account features
• No investment minimum for highly rated mutual funds
• $0 monthly maintenance fees
• Recently recognized as one of the top 12 Best Health Savings Account Providers for 2024 by Investor's Business Daily

Negative

• None.

BELLINGHAM, Wash.--(BUSINESS WIRE)-- Saturna Capital Corporation announced it has revamped its Consumer Direct Health Savings Account (HSA) offering to closely follow guidance from the 2023 Health Savings Account Landscape Report by Morningstar, an independent research firm focused on empowering investors.

The plan provides a simpler, more effective experience for accountholders, with an enhanced emphasis on:

• A curated list of highly rated mutual funds with no investment minimum
• Intuitive user platform that makes selecting investments, paying for qualified medical expenses, and reimbursement of expenses a breeze
• Modern account features and benefits including easy receipt record retention
• A Spending Account that offers the benefits and stability accountholders expect from a top tier plan.

Saturna has been a trusted provider of Health Savings Accounts (HSAs) for decades, and recently earned investing accolades from Investor’s Business Daily as one of the top 12 Best Health Savings Account Providers for 2024. Even with this longstanding success, Saturna significantly enhanced its HSA offerings this year. This initiative was influenced by the latest industry standards provided in Morningstar’s 2023 Health Savings Account Landscape Report.

“Whether we are designing an HSA plan or managing our own fund lineup, our investors always come first,” stated Jane Carten, President of Saturna Capital. “We listened to our customer base and put the focus on two areas: bolstering our Spending Account features and flexibility, and taking a close look at our Investment Account to identify any areas for improvement. Morningstar’s report provided important direction to ensure that our upgraded HSA will put accountholders in an excellent position to save and invest for future healthcare needs.”

Saturna teamed up with banking partner UMB Financial Corporation (NASDAQ:UMBF) for account management and custodial services. The collaboration with UMB allows Saturna to offer features including FDIC-insured bank accounts, associated debit cards, and $0 monthly maintenance fees.

“We’re thrilled to collaborate with Saturna Capital on its HSA product by providing institutional banking support that elevates plan flexibility and security, while allowing Saturna to focus on what it does best: taking care of its investors,” said Brian Hutchin, executive vice president, director, Healthcare Services at UMB. “We’re proud to play a role in expanding access to this important benefit for employers and individuals alike.”

The HSA is a tax-advantaged savings account designed to help accountholders save and pay for qualified medical expenses. Individuals who participate in a Qualified High Deductible Health Plan can enroll in an HSA to benefit from tax-free contributions, tax-free earnings, and tax-free withdrawals, among other advantages (to learn more, visit Saturna’s online guide to HSAs).

About Saturna Capital Corporation

“Active investing to reflect your values”

Saturna Capital Corporation, established in 1989 in Bellingham, Washington, USA, is a private, employee-owned, investment adviser with US$8.9 billion in assets under management as of June 30, 2024, providing investment advisory services to mutual funds, institutions, businesses, individuals, and endowments. Saturna Capital is adviser to the Amana Mutual Funds Trust, the oldest and largest family of funds in the US that follow principles of Islamic finance. Saturna Capital is also adviser to the US-based Sextant Mutual Funds and Saturna Sustainable Funds.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240716964541/en/

Alex DeBlois, Longview Strategies

adeblois@longviewstrategies.com

1.978.225.9253

Source: Saturna Capital Corporation

FAQ

What improvements has Saturna Capital made to its Consumer Direct Health Savings Account (HSA)?

Saturna Capital has upgraded its HSA to include a curated list of highly rated mutual funds with no investment minimum, an intuitive user platform, modern account features like easy receipt record retention, and an enhanced Spending Account. These improvements align with Morningstar's 2023 Health Savings Account Landscape Report.

Who is Saturna Capital's new banking partner for its HSA offering, and what benefits does this partnership bring?

Saturna Capital has partnered with UMB Financial (NASDAQ:UMBF) for account management and custodial services. This partnership allows Saturna to offer FDIC-insured bank accounts, associated debit cards, and $0 monthly maintenance fees for HSA accountholders.

What recent recognition has Saturna Capital received for its HSA offerings?

Saturna Capital was recently recognized by Investor's Business Daily as one of the top 12 Best Health Savings Account Providers for 2024.

What are the tax advantages of Saturna Capital's Health Savings Account (HSA)?

Saturna Capital's HSA offers tax-free contributions, tax-free earnings, and tax-free withdrawals for qualified medical expenses, providing significant tax advantages for accountholders participating in a Qualified High Deductible Health Plan.