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July 14, 2005
HSA Bank declares $200 Million in Deposits
HSA Bank just announced they signed up more new accounts in the first five months of 2005 than they did during all of 2004. This is just another reflection of the growing popularity of Health Savings Accounts (HSAs).
HSA Bank is one of the administrators we recommend at HSA for America. They are the nation's leading administrator, with over 116,000 HSA accounts. They also have over $200 million in deposits, more than three times that of any other administrator.
They got this tremendous lead partly by being in the game much longer than many of their competitors. Before HSAs became available in the beginning of 2004, Medical Savings Accounts were available. They were similar, but not very popular because of limitations on who could open one, and how many people could have one. So the vast majority of HSA Bank's deposits have no doubt accrued over the past year and a half. This therefore represents nearly $200 million in income that depositors did not have to pay taxes on - quite a significant chunk of change, if you ask me.
Posted by Wiley Long at July 14, 2005 10:05 AM