The increasing interest in health savings accounts (HSAs) creates new and profitable opportunities for financial institutions. Whether you are a bank, credit union, or financial services firm, the opportunity for significant growth is there.
Are you ready? We can help.
With more than 30 million HSAs and deposits of $90 billion projected nationwide this year, it’s easy to see that HSAs provide significant value. When you choose the WEX platform for your HSA solution, you can:
Increase revenue from growth in low-cost deposits, increased interchange, and fees.
Enhance client and accountholder relationships.
Offer a private-labeled, scalable solution with industry-leading functionality.
Gain a multi-account offering, including FSAs, HRAs, COBRA and direct billing, wellness, commuter benefits, and more to help you win more business.
More employees are choosing high-deductible health plans and health savings accounts (HSAs) to pay for current and future healthcare costs. Financial institutions see the opportunity, and many are offering accounts and looking for ways to grow in this market.
Credit unions/community banks
Smaller financial institutions are finding value in entering the HSA market. HSAs allow banks and credit unions to reach not only employers, but to also engage their employees which can lead to additional interactions, more business, and more value for the members.
Financial services firms
Like 401(k)s, HSAs can increase assets under management while giving financial institutions another valuable service they can offer to customers. More people are beginning to use their HSAs in conjunction with their 401(k)s to reduce taxable income and save for retirement while receiving a more holistic view of their health and wealth.
Backed with proven success and best-in-class service, our platform helps 400,000 employers and more than 32 million consumers better manage healthcare expenses. We can help you help them – and increase your bottom line.