SelectAccount has acquired the health savings account business of American Chartered Bank, a privately held bank headquartered in Schaumburg, Ill. SelectAccount, a Minnesota-licensed insurance company, is an affiliated business of Blue Cross and Blue Shield of Minnesota.
The SelectAccount acquisition includes more than 52,000 HSAs with total deposits of nearly $120 million, bringing the total amount of assets in consumer medical savings accounts under SelectAccount's management to approximately $400 million.
The HSA portfolio developed by American Chartered Bank is a mix of individual account holders and businesses that offer medical spending accounts to employees. SelectAccount will directly manage the individual HSAs, and will support employers by offering tools that allow employees to manage their personal HSAs, including payroll contributions.
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