Home | Contact Us | Sitemap

Mutual Fund Sweep Program Overview

First Horizon Bank makes it easy for you to invest with an option that automatically sweeps funds from your HSA deposit account to purchase shares of mutual funds.

Be sure to read the Money Market Mutual Fund Prospectus before enrolling.

Download Application Click here to Login

Mutual Fund Frequently Asked Questions

Q. What are the three choices and how are they different?

• Mutual Fund Sweep Program - an account holder who prefers a more automatic approach may have their excess funds systematically swept from the interest bearing checking account into mutual fund shares.
• Self-Directed Brokerage via Online Trading - self-manage a portfolio of publicly traded stocks and mutual funds through an online account with First Tennessee Brokerage.
• Self-Directed brokerage via a Trading Desk - self build and manage a portfolio of publicly traded stocks, bonds or mutual funds with help from First Tennessee Brokerage's trading desk.

Q. When can I begin to invest funds from my HSA?

• With the Mutual Fund Sweep Program, when the funds in the interest bearing HSA checking account exceed $1,000 you may begin to have funds over that amount systematically "swept" to invest in the mutual funds you have chosen.
• If you prefer one of the brokerage account options you will need a total of $3,000 in the HSA checking account. Then you have the option to invest a minimum of $2,000 through a Brokerage Account with First Tennessee Brokerage, Inc.

Q. What is the cost for each option?

• There is a $2.50/month administration fee for the Mutual Fund Sweep Program, but no transaction fees. This administration fee is for the systematic sweep of funds from the interest bearing HSA checking account into the mutual funds you have selected whenever the account balance exceeds $1,000. Please note this $2.50 monthly fee begins the month you apply for the Mutual Fund Account even if the HSA checking account does not have the minimum balance of $1,000 to begin utilizing the Sweep.
• Standard and customary brokerage fees apply to the Brokerage Accounts. These fees are described in the brokerage account opening information.

Q. What if there is not enough money in the HSA checking to cover a medical expense?

• If you choose the Mutual Fund Sweep Program your available balance includes any funds within your HSA checking account and the value of any money market mutual fund shares held in the Mutual Fund Investment Account. Funds invested in other mutual funds shares will need to be exchanged for money market shares in order for those funds to be available to pay First Horizon debit card transactions. You can exchange shares of the mutual funds by logging on to your account through the www.firsthorizonmsaver.com website and providing these instructions.
• If you maintain a Brokerage Account through First Tennessee Brokerage, Inc, you will need to sell a sufficient amount of securities from your account and instruct that the proceeds be transferred to your HSA checking account where they can be accessed by using your First Horizon HSA debit card.

Q. How do I open an Investment Account?

• To signup for the Mutual Fund Sweep Program call First Horizon Msaver Customer Support at 866-889-8583 to have an information packet mailed out to you.
• To open a Brokerage Account, please call 800-238-1111 for information on opening a brokerage account with First Tennessee Brokerage, Inc.

Download Application Click here to Login

---