DriveWealth, LLC, a pioneer in fractional investing and embedded finance, today announced their partnership with SavingsOak, a modern HSA for the everyday investor, to power the company’s investment capabilities.
Through this partnership, SavingsOak is leveraging DriveWealth’s comprehensive investing infrastructure, offering a broad array of modern investment options. Participants will be able to invest small amounts on a dollar equivalent basis (i.e. fractional shares) in balanced, diversified portfolios of U.S. equities and ETFs.
SavingsOak’s offering provides an opportunity to invest unused funds in HSAs to better manage health care costs, a feature that is now in demand by the majority of participants. According to PlanSponsor’s 2021 HSA survey, 79% of HSA account holders want access to investments other than cash, and 30% of respondents felt that investment options were an important feature when choosing an HSA provider.
“We’re thrilled that SavingsOak has leveraged the consultative support of DriveHSA, while integrating DriveWealth’s comprehensive brokerage platform,” said Stan Smith, Managing Director of DriveHSA. “We believe SavingsOak will be extremely successful based on their deep expertise and how they’re looking at HSAs through the lens of the participant versus that of the platform provider. They also bring a fresh set of ideas and tools centered around the value of investing within an HSA account, which can help drive a more engaging end-user experience.”
“At SavingsOak, our goal is to build the retirement savings platform for the 99%, guided by the foundational belief that investing in one’s health and finances should be done as a comprehensive strategy,” said Neeraj Mathur, Founder, and CEO of SavingsOak. “As such, having best-in-class investment capabilities and experience is one of our top priorities. As a leader in modern brokerage infrastructure, DriveWealth is playing a critical role in helping us achieve our mission.”
