A role for HSAs in deposit growth

In a world of rising healthcare deductibles, one Keystone State cooperative is using health savings accounts to help members take control of their finances.

Health savings accounts comprise approximately 9.6% of the deposit portfolio at Everence Federal Credit Union ($182.8M, Lancaster, PA). That’s the fifth-highest percentage of all credit unions in the United States for the first quarter of 2018.

What makes this product such a large part of Everence’s operations? To begin with, it has an innovative design mixed with what credit union CEO Kent Hartzler calls a “new-found legitimization” as a long-term savings vehicle.

Design And Distribution

Everence serves individuals, organizations, and congregations that share a belief in the stewardship of resources, a historical biblical belief held by Mennonite Christians, though the credit union’s field of membership is not limited to the church.

 

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