Bank of America has announced the launch of a digital platform for health savings accounts to make the tax-advantaged savings vehicle more accessible and easier to use.
The new digital platform offers integration between online and mobile channels, as well as a bar code scanner to validate qualified medical expenses via mobile devices. The new platform also features a customized participant experience through targeted messaging, banners and articles, and a new online learning hub for better understanding of health accounts, featuring calculators and helpful content.
“As health care costs persist as one of the greatest financial concerns facing both individuals and companies, making HSAs more accessible and convenient for them is paramount,” said Lorna Sabbia, head of Retirement and Personal Wealth Solutions at Bank of America, in a statement. “Unlike other ‘use it or lose it’ vehicles, HSAs can be used to fund qualified health care expenses in retirement, which is why it is so important for individuals to start saving and growing balances now.”
Bank of America also introduced a number of other enhancements to its Health Benefit Solutions program, including:
- Increased fraud monitoring and prevention measures. Additional enhancements include multi-factor authentication, chip-enabled debit cards, and risk-based transaction reviews through a dedicated team of security and privacy experts.
- Full integration with the Chief Investment Office.
- Simplified transactions and expanded investment menu.
- Increased interest rates for participants who have an HSA cash balance of more than $7,500.
- Expanded advisor distribution. To broaden reach to employers, the HSA plan sourcing model has been expanded to include Merrill’s more than 4,100 advisors who hold an Institutional Retirement designation and are now supported by new resources and educational tools.
SoFi Fills Out Insurance Offerings Together With Lemonade and Root
SoFi announced two new partnerships in the insurance space, expanding its portfolio of offerings to its members to include homeowners and renters insurance through Lemonade and auto insurance through Root.
These partnerships round out the company’s insurance offerings.
SoFi members will now have access to insurance products across renters, auto and life insurance through Lemonade, Root and Ladder.
Additionally, SoFi is also adding a new incentive to its partnership with Ladder following initial integration last year. After conducting research that indicated millennials are surprised (and misinformed) about the affordability of life insurance, SoFi will be offering $25 to invest in stocks, ETFs, or with robo-advising through SoFi Invest for eligible individuals who apply for life insurance through the SoFi and Ladder partnership.
Cornerstone Capital Introduces Sustainable Investment Measurement Framework
Cornerstone Capital Group announced the launch of The Cornerstone Access Impact Framework.
The framework represents a new approach to investing in alignment with the United Nations’ 2030 Agenda for Sustainable Development and the 17 Sustainable Development Goals.
The Cornerstone Access Impact Framework uses a proprietary methodology to measure and report on how investments facilitate access to the systems and resources required to achieve the SDGs.