In surpassing $500 million in HSA deposits, HSA Bank®, also indicated that average balances past the $2,500 mark.
The bank, a pioneer in the HSA sector, reflected the growth pattern indicated in surveys by Information Strategies, Inc. (ISI) that predicted average balances for institutions would grow to this level in the third and fourth years of their markeing efforts.
A spokesperson for the bank said there were 200,000 accounts which computes out to $2,500 per account.
To put the account balance total in perspective, Exante Bank, the second largest in terms of deposits averages a little over $500 per account.
In announcing the milestone, HSA Bank®, a division of Webster Bank, N.A., a subsidiary of Webster Financial Corporation said that it was the first health savings account (HSA) administrator in the nation to surpass $500 million in HSA deposits.
"Reaching a half billion dollars in overall HSA deposits is not only a remarkable milestone for HSA Bank, but for the HSA industry as a whole," said Kirk Hoewisch, president of HSA Bank.
"This milestone confirms the viability and acceptance of the consumer-directed health care model as part of the solution to the country's health care crisis."
HSA Bank has been ranked as the nation's leading HSA administrator in terms of HSA deposits by ISI and other pundits since it first began reporting HSA administrator data in 2005.
HSA Bank serves customers in every state in the nation and has more than 10 years of experience with health care savings accounts. Last year, the bank even launched a Spanish-language website for HSAs.
For more information about HSA Bank, visit the HSA Bank website at http://www.hsabank.com.