Mutual-Fund-For-Shopping Deal Is Full of Beenz

SaveDaily.com Inc., a Web-based savings and investment solutions provider that allows its members to invest in mutual funds with no minimums or transactions fees, has formed a new subsidiary, eSolis, a Registered Investment Adviser. eSolis will launch a suite of products featuring micro-investing applications for e-business. It will enable Internet currency conversions, allowing aggregators of points, miles and other units to convert their respective currencies into mutual funds for their members. eSolis offers conversion, tools, electronic payments, access, technology and support. The first Internet businesses that will use the by-invitation-only suite of eSolis products are beenz.com, a Web currency provider, and milesource.com, an e-commerce portal that rewards customers with free airline miles, gift certificates and more for shopping at participating premier retailers, spas, restaurants and Internet companies. Irvine, Calif.-based SaveDaily.com allows members to save and invest while shopping online. Each purchase earns a rebate that is invested in the member's fund account. Available funds include PIMCO, Berger and ING. SaveDaily charges a $9.95 annual membership fee, with no signup or transaction fees, and with no minimum investment to open an account. SaveDaily has contract with DST Systems, a provider of software and services for the mutual fund industry, to provide the enabling technology that allows customers to open, maintain and establish savings and investment accounts online.