Global Transaction Services, a business unit of Citigroup Inc.’s corporate and investment banking operation, and CitiStreet announced Thursday that they have allied to market and distribute Citibank’s health savings account product.
CitiStreet, a joint venture for benefit delivery between Citigroup and State Street Corp., is to market the Citibank HSA program to its clients. Global Transaction Services is Citi’s cash management business.
Health savings accounts are a “triple tax-advantaged” product established specifically to pay qualified medical expenses not covered by a high-deductible health plan; the health plan and HSA are sold in conjunction. HSAs can also act as an additional retirement benefit because unused funds can roll over from year to year.
