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July 20, 2005
Banks Compete for HSA Business in Washington
As Health Savings Accounts (HSAs) become more popular, more and more local banks are beginning to offer them. The Puget Sound Business Journal (http://www.bizjournals.com/seattle/stories/2005/07/11/story8.html?from_rss=1) reports that two local banks, Evergreen Bank and Wells Fargo, are competing for the Health Savings Account deposits of Washingtonians.
As most readers of this blog know, HSAs allow you to deposit up to $2,650 as an individual, or $5,200 as a family, into a tax-deductible account each year, which can then be used to pay medical expenses. Any money not spent grows tax-deferred like an IRA, and can be used as an additional retirement account.
Wells Fargo has opened about 2,000 HSAs in the state of Washington so far. Evergreen Bank, new to HSAs, has only opened 20 so far. Both banks expect deposits to grow rapidly as more and more people choose HSAs for their healthcare needs.
For a list of nearly 20 HSA administrators, I invite you to visit http://www.health--savings--accounts.com/admins.htm. On this site we list our favorite places to invest your HSA funds, and let you easily compare fees and interest rates.
Posted by Wiley Long at July 20, 2005 09:42 AM