Consumers Prefer HSAs At Savings Institutions

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While awareness remains somewhat low, banks and savings institutions are widely preferred as providers of health savings accounts, according to a recent research study by Synergistics Research Corp.

In the study, entitled "The Consumer Perspective on Health Savings Accounts," 1,000 consumers age 18 and older were surveyed online during October of 2005 for their perceptions of health savings accounts (HSAs).

In the survey, respondents who expressed an interest in health savings accounts (HSAs) were asked to indicate their preferred provider for HSAs. A bank or savings institution was cited by six in ten, a finding that tends to be wider among younger respondents, according to Synergistics. Of that group, somewhat more than one-third would prefer a credit union. An insurance company is indicated by one-third. One-fourth would want an HSA with a mutual fund company. Stock brokerage firms are cited by one-tenth. In addition, most prospects, eight in ten, would be likely to consider their main financial institution as an HSA provider. One-third would be "very" likely to do so.

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