HSA Bank
HSA Bank, a division of Webster Bank, N.A., is a health-focused banking institution that administers tax-advantaged benefit accounts — primarily Health Savings Accounts — for nearly 4 million individual members across 30,000+ employer groups in the United States.
- Company typePrivate
- Founded1997
- HeadquartersSheboygan, United States
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
What HSA Bank does
HSA Bank, a division of Webster Bank, N.A. (itself a subsidiary of publicly-traded Webster Financial Corporation, NYSE:WBS), is a U.S. health-focused banking and benefit account administrator headquartered in Sheboygan, Wisconsin. Founded in 1997 as one of the first HSA administrators in the industry, HSA Bank administers tax-advantaged benefit accounts — primarily Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), Emergency Savings Accounts (ESAs), and ancillary accounts (DC-FSA, RRA, LSA, TRA, Commuter, COBRA, Medicare, Adoption Assistance) — for nearly 4 million individual members across more than 30,000 employer groups nationwide, and self-identifies as the largest HSA custodian in the U.S.
The platform is built on a cloud-based account administration system with integrated digital banking, a member website (account.hsabank.com) and mobile app, a self-service employer portal (employer.hsabank.com), and integrations with payroll, HRIS, enrollment, health plan, and third-party administrator systems, including single sign-on and direct health-plan file feeds. A unified Stacked Benefits Visa card provides auto-substantiated payment across HSA, FSA, HRA, and ESA balances. Investment functionality is delivered through HSA Invest, a three-tier program — Choice (self-directed brokerage at 0.10%), Select (RIA-recommended mutual funds at 0.25%), and Managed (fully RIA-managed at 0.35%) — operated in partnership with DriveWealth, LLC (registered broker-dealer, FINRA/SIPC) and LeafHouse Financial Advisors, LLC (SEC-registered RIA). HSAdvisor+ extends distribution to financial advisors. As of December 31, 2025, the platform held $15.7 billion in total footings ($9.2 billion in deposits, FDIC-insured through Webster Bank, N.A., and $6.5 billion in assets under administration through linked investment accounts).
The business model operates across three revenue streams: (i) net interest income on HSA deposit balances; (ii) asset-based investment management fees on HSA Invest balances, deducted quarterly and waived when average HSA cash balances exceed $7,500; and (iii) account administration fees for HSAs, FSAs, HRAs, ESAs, and other tax-advantaged accounts, quote-based through the Business Relations team. Distribution combines direct-to-consumer digital self-service for individuals, an inside-sales Business Relations team and regional field sales (Regional Vice Presidents) for employer accounts, and a broker/consultant/health-plan channel offering revenue share and partner training. In December 2025, HSA Bank acquired SecureSave, a Milwaukee-based emergency savings account provider, extending its footprint beyond HSAs into broader employee financial wellness.
HSA Bank firmographics
Firmographics- Name
- HSA Bank
- Legal name
- Webster Bank, N.A.
- Website
- https://hsabank.com
- Company type
- Private
- Founded year
- 1997
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- HSA Bank, a division of Webster Bank, N.A., is a health-focused banking institution that administers tax-advantaged benefit accounts — primarily Health Savings Accounts — for nearly 4 million individual members across 30,000+ employer groups in the United States.
- Ownership category
- akta.pro rank
HSA Bank industry classification
Industry- Product category
- Healthcare Banking / Consumer-Directed Benefits Administration
- NAICS
- Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Health and Welfare Funds (525120), Health and Welfare Funds (52512)
- SIC
- Hospital & Medical Service Plans (6324), Accident & Health Insurance (6321)
- akta.pro primary industry
- Flexible Benefits Administration (FSA/HSA/HRA) (HLAEALAK)
- akta.pro secondary industries
- High-Deductible Health Plans (HDHP) with HSA-Eligible Coverage (FSAIAFAM), Individual & Family HSA-Qualified HDHP Plans (HLAEABAG)
Keywords
Where HSA Bank is headquartered
LocationHeadquarters
- HQ city
- Sheboygan
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
HSA Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain
Revenue model
- Deposit Interest Income: HSA Bank generates revenue from interest earned on HSA deposit balances held by accountholders. Deposits are FDIC-insured through Webster Bank, N.A.
- Investment Management Fees: Annual asset-based fees charged on investment account balances through the HSA Invest program. Fees are 0.10% for Choice, 0.25% for Select, and 0.35% for Managed options, deducted quarterly.
- Account Administration Fees: Revenue generated from administering various benefit accounts including HSAs, FSAs, HRAs, ESAs, and other tax-advantaged accounts for employers and individuals.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Quarterly | HSA Invest Choice: 0.10% annual fee - brokerage experience with stocks, mutual funds, ETFs |
| Subscription | Quarterly | HSA Invest Select: 0.25% annual fee - recommended mutual funds by SEC-registered RIA |
| Subscription | Quarterly | HSA Invest Managed: 0.35% annual fee - fully managed by SEC-registered RIA |
| Unit Pricing | Annual | HSA 2026 contribution limits |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels6 records
HSA Bank product offering
Product offeringCore offering
HSA Bank provides tax-advantaged healthcare and benefit accounts — primarily Health Savings Accounts (HSAs) along with FSAs, HRAs, ESAs, commuter, tuition, adoption, and COBRA accounts — administered for individuals, employer groups, and broker/consultant partners. The offering combines custodial banking, account administration, and investment services through the HSA Invest program, supported by an integrated Stacked Benefits Visa card, member and employer portals, and a mobile app.
Product overview
HSA Bank is a division of Webster Bank, N.A. offering a comprehensive suite of tax-advantaged benefit accounts for individuals, employers, and partners. The product portfolio centers on Health Savings Accounts (HSAs) as the core offering, supplemented by Emergency Savings Accounts (ESAs), Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and additional accounts including DC-FSA, RRA, LSA, TRA, Commuter Benefits, COBRA, Medicare, and Adoption Assistance. The platform includes investment capabilities through HSA Invest (with Choice, Select, and Managed options), partner tools such as HSAdvisor+ for financial advisors, and an Employer Portal for program administration. As of December 31, 2025, HSA Bank served nearly 4 million members with $15.7 billion in total footings ($9.2 billion in deposits and $6.5 billion in assets under administration).
Differentiator
Problem solved
Functional benefit
Brands
- HSA Invest: Investment program offering three options: Choice (brokerage experience), Select (recommended list of mutual funds), and Managed (actively managed investments) for HSA accountholders.
- HSAdvisor+
- SecureSave
- Caring Mill
Products and services
- Health Savings Account (HSA) Tax-advantaged savings account for individuals enrolled in HDHPs, Bronze, or Catastrophic health plans, offering triple tax advantage on contributions, growth, and qualified distributions for current and future medical expenses.
- Emergency Savings Account (ESA) Employer-sponsored liquid emergency savings account for employees to prepare for unexpected expenses, integrated with HSA Bank's broader benefit platform.
- Flexible Spending Account (FSA) Pre-tax benefit account allowing employees to set aside funds for IRS-qualified medical expenses, reducing taxable income.
- Dependent Care Flexible Spending Account (DC-FSA) Pre-tax account for reimbursement of dependent care expenses such as daycare, after-school care, and summer day camp for eligible dependents.
- Health Reimbursement Arrangement (HRA) Employer-funded benefit arrangement that reimburses employees for qualified healthcare expenses, helping organizations reduce healthcare costs.
- Retiree Reimbursement Arrangement (RRA) Post-employment benefit arrangement for reimbursing retirees' qualified healthcare and related expenses.
- Lifestyle Spending Account (LSA) Employer-sponsored account reimbursing employees for lifestyle and wellness expenses such as gym memberships, mental health services, and fitness programs.
- Tuition Reimbursement Account (TRA) Employer benefit account for reimbursing employee education and tuition expenses, up to IRS limits.
- Commuter Benefits Pre-tax benefit accounts allowing employees to pay for workplace mass transit and parking expenses through payroll deductions.
- COBRA Administration
Quantifiable outcome
- Near 4 million members served nationwide
- +3 more outcomes
Companies that use HSA Bank
Customer profileSegments3 records
Ideal customer profiles3 records
HSA Bank technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration13 records
Feature4 records
HSA Bank partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- DriveWealth, LLCcoreDriveWealth, LLC serves as the registered broker-dealer and Member FINRA/SIPC administering the HSA Invest program. Provides brokerage infrastructure for real-time and fractional share trading during market hours.
- LeafHouse Financial Advisors, LLCcoreSEC-registered investment advisor (RIA) providing investment advisory services for the HSA Invest program. Offers the Select option with recommended mutual funds and Managed option with actively managed portfolios.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
HSA Bank competitors and assessment
Company assessmentDirect peers
- WEX (Health & Benefits): Provides HSA, FSA, HRA, and commuter benefit accounts through its WEX Health division, with employer-focused distribution. Direct competitor in the consumer-directed health account market.
- Further (formerly WageWorks): A national benefits administrator offering HSAs, FSAs, HRAs, commuter benefits, and COBRA, with strong employer relationships. Direct competitor in the same multi-product benefit account space.
- Optum Bank (Optum Financial): A major HSA custodian and benefit account administrator owned by UnitedHealth Group, leveraging Optum's health plan relationships for distribution. Directly competes in employer-sponsored HSA and consumer-directed benefit accounts.
- HealthEquity: The largest pure-play HSA custodian in the U.S. by accounts and assets, offering HSA, FSA, HRA, and COBRA administration. Direct competitor across the same employer and individual segments served by HSA Bank.
- UMB Bank (HSA Services): One of the longest-standing HSA custodians offering HSA, FSA, and HRA administration to employers and financial institutions. Directly comparable bank-led HSA custodian competing in the same product categories.
Broad incumbents
- Fidelity Investments (HSA): Offers a no-fee HSA with deep investment capabilities, leveraging Fidelity's broader 401(k) and retail brokerage relationships. A direct HSA competitor that also bundles HSAs into employer benefits packages.
- ADP (Benefits/WageWorks integration): Through its benefits administration platform (including WageWorks/Further), ADP offers HSA-adjacent benefit accounts bundled with payroll and HRIS services. A broad incumbent competing for the same employer benefits wallet.
- Bank of America (HSA): A major bank offering HSAs to its retail and employer clients, leveraging scale and distribution advantages. Competes as an incumbent bank-led HSA provider with broader consumer banking relationships.
Emerging players
- Lively: A digital-first HSA provider targeting employers and individuals with a modern UX and fee-light model. Represents the fintech disruption wave pressuring traditional HSA custodians on price and experience.
Regional players
- Bank of New York Mellon (HSA custodian): Provides HSA custody and administration services primarily through partner banks and employers. A specialized HSA custodian competing for institutional partner relationships.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
HSA Bank social profiles
Digital presenceHSA Bank compliance and trust
Trust signalCompliance3 records
HSA Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
HSA Bank leadership team
Management profileNumber of profiles
Profiles3 records
HSA Bank subsidiaries and ownership
Company hierarchySubsidiaries1 record
HSA Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HSA Bank M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HSA Bank
What does HSA Bank do?
HSA Bank provides tax-advantaged healthcare and benefit accounts — primarily Health Savings Accounts (HSAs) along with FSAs, HRAs, ESAs, commuter, tuition, adoption, and COBRA accounts — administered for individuals, employer groups, and broker/consultant partners. The offering combines custodial banking, account administration, and investment services through the HSA Invest program, supported by an integrated Stacked Benefits Visa card, member and employer portals, and a mobile app.
Is HSA Bank a public or private company?
HSA Bank is a private company. It is classified as corporate owned and is currently operating.
When was HSA Bank founded?
HSA Bank was founded in 1997. It employs 251 to 500 people.
Where is HSA Bank based?
HSA Bank is headquartered in Sheboygan, United States, in the North America region.
How does HSA Bank make money?
Three revenue lines are on record. Deposit Interest Income is the primary driver. The others are investment Management Fees and account Administration Fees.
Who are HSA Bank's main competitors?
Direct peers on record are WEX (Health & Benefits), Further (formerly WageWorks), Optum Bank (Optum Financial), HealthEquity and UMB Bank (HSA Services). Broad incumbents are Fidelity Investments (HSA), ADP (Benefits/WageWorks integration) and Bank of America (HSA). Lively is listed as an emerging player. Bank of New York Mellon (HSA custodian) is listed as a regional player.
Does HSA Bank have an API?
No public API is recorded for HSA Bank.
What industry is HSA Bank in?
HSA Bank's product category is Healthcare Banking / Consumer-Directed Benefits Administration. Its primary akta.pro industry code is HLAEALAK, Flexible Benefits Administration (FSA/HSA/HRA), with a secondary code of FSAIAFAM, High-Deductible Health Plans (HDHP) with HSA-Eligible Coverage. Its NAICS code is 524292 and its SIC code is 6324.