HSA Bank Increases Interest Rates Monday May 16, 2:19 pm ET
WATERBURY, Conn., May 16 /PRNewswire-FirstCall/ -- HSA Bank(TM), a division of Webster Bank, N.A., a subsidiary of Webster Financial Corporation (NYSE: WBS - News), announced Friday that it had increased interest rates on its FDIC-insured Health Savings Accounts (HSA). The annual percentage yield (APY)* for balances of $15,000 or greater will see an increase from 3.82% to 4.00%#. In addition to offering high interest rates, HSA Bank continues to charge lower than industry average fees. HSA Bank charges $2.25 per month, and waives the fee for balances of $3,000 or more. In comparison, two major competitors charge monthly fees of $3.50 per month and $4.25 per month. HSA Bank has one of the broaThursday, November 04, 2004 9:38:15 PMOur accountholders have excellent earning potential with our competitive interest rates and low fees. A look at the market shows that our interest rates are higher than other major banks and our dedication to customer service sets us apart," said Kirk Hoewisch, president of HSA Bank.
HSA Bank serves customers in every state in the nation and is one of the first financial institutions nationwide to offer health savings accounts. HSA Bank combines convenience, service and savings with low account maintenance fees, high interest rates for investments, 24-hour account access online or through an automated telephone system and outstanding personal service. For more information about HSA Bank, visit the HSA Bank website at http://www.hsabank.com.
* APY effective as of May 6, 2005 and subject to change. Fees could reduce earnings.
# HSA Bank's tiers and APY's are:
$15,000 and greater 4.00% $5,000 up to $15,000 3.04% $500 up to $5,000 1.61% Less than $500 0.00%
Webster Financial Corporation is the holding company for Webster Bank, National Association and Webster Insurance. With $17.4 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 153 banking offices, 291 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corp., Center Capital Corporation, an equipment finance company headquartered in Farmington, Connecticut and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank, Member FDIC.
For more information about Webster, including past press releases and the latest annual report, visit the Webster website at http://www.websteronline.com.
Media Contact: Investor Contact: HSA Bank: Becky Seefeldt 920-803-4215 Terry Mangan 203-578-2318 bseefeldt tmangan Webster: Meghan Thompson 203-578-2287 mthompson