The $3.6 billion Patelco Credit Union has rolled out a new service that allows members to invest in mutual fund choices for as little as $5 at a time.

Through InvestDaily, members are able to designate the amount and frequency of their investments, which are then deducted from any number of accounts they choose – either accounts within the credit union or elsewhere.

There is no penalty to redeem the shares and the monthly fees are $5.95 per month plus an asset management fee, according to Patelco in Pleasanton, Calif.

Another feature is a registration process that requires the completion of suitability questions to help determine the member's risk tolerance and investment goals.  Patelco said since investments in mutual funds expose members to fluctuations in the stock market, this tool helps them determine how members feel about their ability to withstand these fluctuations.

InvestDaily is a partnership between Patelcorp's investment and insurance subsidiary, Patelcorp Inc., and SaveDaily, a 10-year-old Seal Beach, Calif.-based company founded to provide people of all income levels the information and tools necessary to invest and self-manage their short- and long-term savings goals, according to the CU. Through this partnership, Patelcorp will help promote the SaveDaily platform to other credit unions.

“It is truly a mass market solution and we're excited about delivering it to the credit union industry,” said Scott Waite, senior vice president and chief financial officer for Patelco and chief executive officer of Patelcorp.  “Until now, many members have felt that they were locked out of investing in mutual funds because of perceived high minimums.”