Citigroup and CitiStreet Partner in Offering HSA

April 27, 2006 ( - CitiStreet is partnering with Global Transaction Services, a business unit of Citigroup Corporate and Investment Banking, to market and distribute the Citibank health savings account (HSA).

According to the announcement, CitiStreet will market this HSA program to its clients. “Having a trusted name like Citigroup behind the product has great significance in the marketplace,” said Jim Murphy, CitiStreet president and head of its Total Benefits Outsourcing division, in the announcement.

Citibank has developed a turnkey marketing program for the HSA that will make it easy for corporations to educate their employees about the benefits of the product and enroll them in it.

Employers can give employees the option to deduct funds from payroll pre-tax and route it into the HSA. The funds can then be used by the employee to pay for approved medical expenses or to offset a health insurance deductible. 

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