Winning and Retaining Business Services Clients with HSA Programs

In most cases, a credit union’s members would rather turn to the credit union they know and trust for all of their financial needs instead of establishing a new relationship with another financial organization. It only stands to reason, therefore, that members who are small- business owners would look to their credit unions when it comes time to invest in a Health Savings Account (HSA) or begin an HSA program for their employees.

The recent Community Bank Competitiveness Survey from the American Bankers Association (ABA) and the ABA Banking Journal shows employer and professional groups account for nearly 70% percent of the productive HSA marketplace among community banks. And more than 48% percent of community banks offering HSAs say they help with customer retention efforts. Although these figures relate to community banks and their customers, this data suggests a good reason for credit unions to start paying more attention to the value HSAs can bring in better serving and retaining their business services members.