JPMorgan HSA Business Goes to HSA Bank

September 23, 2014 (PLANSPONSOR.com) - Webster Financial Corporation has signed a definitive agreement to acquire the health savings account (HSA) business from JPMorgan Chase Bank.

Under the agreement, approximately 700,000 accounts, including an estimated $1.3 billion in deposits and $175 million in investments, will migrate from JPMorgan Chase Bank to HSA Bank, a division of Webster Bank and administrator and depository of HSAs. 

“This acquisition will solidify HSA Bank’s position as a leading provider of health savings accounts with nearly $4 billion in assets under administration in more than 1.4 million accounts and will accelerate HSA Bank’s strategy to increase penetration of the carrier and large employer markets,” says James C. Smith, chairman and chief executive officer of Webster. 

HSA Bank had $2.4 billion in assets under administration ($1.75 billion in deposits and nearly $700 million in investment accounts) as of June 30; 700,000 accounts; 30,000 employer relationships; and integrations with 15 health plans and third party administrators. HSA Bank offers clients:

  • Investment options including the ability to select from thousands of mutual funds, exchange-traded funds (ETFs), stocks, and fixed income products through integrations with leading investment providers;
  • Online investment tools, education, and guidance to help HSA customers manage their funds and health care decision-making;
  • myHealth Portfolio, an online dashboard that gives individuals a consolidated view of their health care finances along with the ability to pay health care bills online with billpay, debit card, or check; and
  • A dedicated call center.

More information about HSA Bank is at www.hsabank.com.

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