HSA Bank
| Company type | Division |
|---|---|
| Industry | Financial services |
| Predecessor | State Bank of Howards Grove |
| Founded | January 1913 |
| Headquarters | Milwaukee and Sheboygan, Wisconsin , United States |
Area served | United States |
| Products | Health Savings Accounts, Flexible Spending Accounts, Health Reimbursement Arrangements, Commuter Benefits |
| Parent | Webster Bank, N.A. |
HSA Bank is a health savings account (HSA) administrator based in the United States, with headquarters located in Milwaukee and Sheboygan, Wisconsin. The firm focuses on managing Health Savings Accounts, Flexible Spending Accounts, Health Reimbursement Arrangements, and Commuter Benefits. It supports a membership exceeding 2 million individuals and oversees assets totaling more than $5 billion.
HSA Bank entered the consumer-directed healthcare arena in 1997 by offering medical savings accounts (MSAs) primarily to small businesses and self-employed professionals. After the enactment of the Medicare Prescription Drug, Improvement and Modernization Act in 2003 and the subsequent introduction of HSAs in 2004, the company expanded its services to accommodate both large corporations and individual customers.
Operating as a division of Webster Bank, N.A., HSA Bank is part of a Member FDIC institution and a subsidiary of Webster Financial Corporation.
Founding of HSA Bank
Originally established in January 1913 as State Bank of Howards Grove in northern Sheboygan County, Wisconsin, the entity gradually transformed into what is now known as HSA Bank.
The institution ventured into consumer-driven healthcare in 1997 by providing MSAs. In May 2002, during a retail business merger with Mellon Bank, it acquired roughly 7,000 accounts along with $20 million in balances from Citizens Bank. That year, it adopted the brand name MSA Bank.
With the rollout of health savings accounts in 2004, MSA Bank redirected its focus exclusively toward HSAs and subsequently rebranded itself as HSA Bank.
Expansion of HSA Bank
In March 2005, HSA Bank was incorporated as a division under Webster Bank, N.A., which operates as a subsidiary of Webster Financial Corporation.
Following the introduction of HSAs, HSA Bank broadened its product range to include various enrollment methods such as tailored online enrollment platforms, real-time web services, Internet Banking Single Sign-On (SSO), and debit card offerings.
In 2006, Kiplinger's Personal Finance recognized HSA Bank as "the best place to go" for an HSA due to its competitive fees, knowledgeable customer support center, and wide array of investment options.
By 2008, HSA Bank became the first administrator to exceed $500 million in HSA deposits.
In 2013, it earned a spot in Kiplinger's "Best of Everything." The subsequent year saw HSA Bank collaborate with Evolution1 to extend its range beyond HSAs to encompass additional Consumer Driven Healthcare Solutions.