HSA Bank Announces Expansion of Investment Option

WATERBURY, Conn., July 22 /PRNewswire-FirstCall/ -- HSA Bank announced today the addition of six new investment options to the Mutual Fund Selection investment account. Through a strategic partnership with Devenir, the national leader in investment options for health benefit plans, HSA Bank accountholders now have the option of investing in even more asset classes and load-waived mutual funds.  

"Accountholders that choose to invest their HSA funds have asked that more mutual fund options be made available in our Mutual Fund Selection investment account," said Itamar Romanini, senior vice president of Business Development at HSA Bank. "By adding six new funds with additional asset classes, accountholders can invest in the funds that fit best to optimize the future savings potential of their Health Savings Account, or HSA."

HSA Bank has seen participation in its investment options grow by nearly 27 percent since the Mutual Fund Selection investment option was introduced in 2007. As balances continue to grow, investment options will become increasingly important to accountholders.

"The expansion of six additional funds to the mutual fund program allows HSA Bank accountholders a broader selection of funds and the ability to further diversify their HSA investment portfolios, still at a cost effective price point," explained Lori Hansen, SVP of Corporate Services at Devenir.

For a list of the mutual funds available in HSA Bank's Mutual Fund Selection investment account, visit www.hsabank.com/funds.

HSA Bank® is a division of Webster Bank, N.A. Member FDIC, the wholly-owned subsidiary of Webster Financial Corporation (NYSE: WBS). Investment accounts are not FDIC insured, may lose value and are not a deposit or other obligation of, or guarantee by the bank. Investment losses which are replaced are subject to the annual contribution limits of the HSA.

Devenir, a full-service broker dealer and registered investment advisor based in Minneapolis is the national leader in providing customized investment solutions to the HSA Custodian marketplace.  As an independent investment firm, Devenir offers a host of investment options to suit the unique needs of employers, banks, third party administrators and plan participants.   Devenir designs and implements convenient, user-friendly and cost-effective investment platforms by integrating quality investment choices with streamlined administrative functions. This approach allows any bank or third party administrator to attach a robust back-end investment process to most health benefit plans. For more information about Devenir, visit the Devenir website at www.devenir.com.

HSA Bank is one of the nation's most experienced HSA administrators and one of the few administrators with an exclusive focus on HSAs. HSA Bank works with individuals and companies of all sizes and complexities. HSA Bank actively listens to the needs of our clients and customers to develop solutions and create flexible HSA programs that include online access for employers and individuals. HSA Bank offers reliable and responsive support to its business partners and accountholders from friendly, knowledgeable service staff.

Discover how easy it can be to have or manage an HSA at www.hsabank.com!

Webster Financial Corporation is the holding company for Webster Bank, National Association. With $17.7 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 500 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, Webster Capital Finance, Inc., an equipment finance company headquartered in Farmington, Conn., and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender.

For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

SOURCE HSA Bank; Webster Financial Corporation