MILWAUKEE--(BUSINESS WIRE)--HSA Bank, a division of Webster Bank, N.A., announced today that it will offer an Emergency Savings Account (ESA) solution, an employer-sponsored benefit to help employees save for unexpected expenses.
According to a recent survey from Webster Bank, a majority of Americans (57%) say saving for emergencies is a top financial priority, however, nearly one-third (31%) do not have an emergency fund. Additional research from PwC found that financially stressed employees are twice as likely to be looking for a new job.
These new consumer-owned bank accounts use automation and behavioral science to create incentive employer programs that encourage employees to build emergency savings. Funds are accessible whenever they are needed and have no restrictions to what they can be spent on. As an after-tax funded account, employers can offer optional incentives like signup, matching and milestone bonuses.
“Financial wellness is one of the fastest growing areas of focus for employers and ESAs are a critical part of financial planning alongside retirement and healthcare spending,” said Chad Wilkins, President of HSA Bank. “This new offering continues to expand HSA Bank’s product suite to ensure we’re helping employers retain and attract new talent.”
More information on ESAs is available here.
About HSA Bank:
At HSA Bank, we’re working toward a world where everyone is confidently engaged with their health and wealth. By delivering personalized insights, experiences and solutions, we make it simple for our over 3 million members nationwide to drive value and tangible outcomes. As a leader in health accounts for over two decades, we have the depth and breadth of expertise that matters most. We are devoted to delivering an outstanding user experience and our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for individuals, employers and partners. As of December 31, 2023, HSA Bank had $12.9 billion in total footings comprising $8.3 billion in deposit balances and $4.6 billion in assets under administration through linked investment accounts and is a division of Webster Bank, N.A., Member FDIC Plan Administrative Services and Benefit Services are administered by Webster Servicing LLC. To learn more, visit hsabank.com.
