PLEASANTON, Calif. (5/31/11)--Patelco CU's investment and insurance subsidiary, Patelcorp Inc., is launching a new investment savings product in partnership with Save Daily to allow credit unions to make investing easy and affordable to their members. With InvestDaily, members can invest as little as $5 at a time automatically into a select list of mutual funds. Pleasanton, Calif.-based Patelco CU is the first credit union to offer the service. In the program, members can designate the amount and frequency of their investments, which are deducted from any number of accounts they choose, either within the credit union or elsewhere. There is no penalty to redeem the shares and monthly fees are $5.95 per month plus a small asset management fee. InvestDaily's registration process requires completing "suitability" question to determine the member's risk tolerance and investment goals. The tool assists members in determining how they feel about the stock market's fluctuations. According to Scott Waite, senior vice president and chief financial officer at Patelco and CEO of Patelcorp, the service is easy for members to set up and use, and for credit unions to make available. "Until now, many members have felt that they were locked out of investing in mutual funds because of perceived high minimums," said Waite. The solution "opens up the opportunity for everyone to earn a better return on their money and bridge the retirement income gap. It's also a great way for young investors to start building their savings for that first home or auto purchase." SaveDaily is based in Orange County, Calif. Through the partnership, Patelcorp will help promote the SaveDaily platform to other credit unions.