MINNEAPOLIS — A recent Wolters Kluwer Financial Services survey finds that for financial institutions offering Health Savings Accounts represent a growing business opportunity.
Sixty-two percent of the survey's respondents, a majority of which were community banks and credit unions, said they are offering HSAs while more than one in three of the respondents who said they weren't, are planning to do so in the next three months.
The top four reasons cited for offering HSAs are customer and member demand (80%); ability to generate new accounts (58%); increasing cross-sell opportunities (51%); and growing revenue (51%).
The majority of institutions responding to the survey reported a small number of HSA accounts. Sixty-nine percent of respondents reported 100 or less HSA accounts, 18% reported 101 to 500 accounts and 7% listed more than 500.
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