SEAL BEACH, Calif., Aug. 28, 2012 /PRNewswire/ -- SaveDaily, Inc., (OTCBB: SAVY), a leading provider of low cost mutual fund investing platforms used by financial institutions, has announced today that Alliant Credit Union of Chicago, IL will utilize SaveDaily's investing platform to offer its members additional Health Savings Account choices. This addition to Alliant's existing suite of member savings options enhances the organization's offerings of truly affordable self-managed mutual fund investing. The offering began this month.
"Our members are looking for more ways to save and grow their money," said Alliant Vice President Retirement & Investment Services Laura Wallace. "With the high cost of healthcare today, members who have Health Savings Accounts understand how important it is to make their money work for them, and this is a great way to do it."
HSAs were created by a federal law aimed at helping Medicare recipients pay for their prescription drug coverage. According to the U.S. Department of the Treasury, any adult with a high-deductible health insurance plan is eligible to create an HSA and can make tax-deductible contributions to the savings plan throughout their plan year. This is a fast-growing segment of the financial services industry, with estimated balances in excess of $12 billion being held in health savings accounts in the US.
"Health Savings Accounts are a perfect fit for our mutual fund investing platform," stated Greg Vacca, President of SaveDaily." Just like an IRA or 401k, which we also offer, the HSA provides another tax-favored vehicle that daily savers can use to earmark money for future needs. Ideally, these funds offer an investing alternative to traditional checking, savings, and CDs which provide minimal returns. And that's where SaveDaily comes in. With the ability to offer virtually any mutual fund available in the United States, the SaveDaily platform provides just about everyone with a low cost means to self-manage investing."
Credit unions, banks and other financial service providers adopting the SaveDaily platform can offer mutual fund investing to their members at extremely low cost under their own brand. For one low flat monthly charge, investors in mutual funds can have unlimited positions and unlimited transactions without transaction fees.
SaveDaily offers investment and record-keeping services to its intermediary partners, as well as directly to clients through a variety of white-labeled interfaces. SaveDaily owns its proprietary financial services platform which has been in production for about three years, helping financial intermediaries succeed in bringing suitable and affordable investment services to everyday savers and investors. SaveDaily, through its financial services partners, has the capability of making virtually all mutual funds available to its clients. SaveDaily conducts its business through its wholly owned subsidiary, SaveDaily.com, Inc., which is headquartered in Seal Beach, California and is a Registered Investment Advisor with the Securities and Exchange Commission. For more information, visit www.savedaily.com.
About Alliant Credit Union
Alliant Credit Union, founded in 1935, is an independently operated financial cooperative serving over 140 employee groups and organizations with more than 280,000 members and over $8 billion in assets, making it the largest credit union in Illinois, and the sixth largest in the nation, based on assets and deposits. As a member-owned financial institution, Alliant exists to foster members' financial well being and to serve their best interests. For more information, visit www.alliantcreditunion.org.
Forward Looking Statements
This release contains forward-looking statements. Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to the possibility that some or all of the matters and transactions considered by SaveDaily may not proceed as contemplated, and by all other matters specified in SaveDaily's filings with the Securities and Exchange Commission. These statements are made based upon current expectations that are subject to risk and uncertainty. SaveDaily does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in the SaveDaily's filings with the Securities and Exchange Commission, including its recent periodic reports.
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SOURCE SaveDaily, Inc.