What is an Emergency Savings Account (ESA)?
An ESA is a consumer-owned bank account that uses dollars specifically set aside for unplanned expenses or financial emergencies. It can be integrated with payroll deductions so employees can make deposits without even thinking about it.
Since an ESA is a non-ERISA plan, it can be added at any time throughout the plan year and can be made available to all employees regardless of number of hours worked or enrollment in other benefits. Additionally, employers can make post-tax contributions to Emergency Savings Accounts providing an incentive for their employees to engage in their account.
Why offer an ESA?
American workers are struggling financially and many employers are looking for a solution to help their employees’ finances in the short and long term.
- Credit card debt has reached $1.05 trillion (NerdWallet)
- Savings rates have plummeted, reaching a low of 3.1% in 2022 (Statista)
- 401(k) hardship withdrawals hit an all-time high (CNBC)
An ESA can go a long way toward relieving stress and improving productivity. According to a recent survey, 45% of employees cite Emergency Savings Accounts as the top choice in the most appealing new benefit category.
Improve employee financial health
How it works
Employers can manage the program using a simple census file you either submit online or via SFTP.
Employees get an invitation and can complete enrollment online in less than two minutes.
Employees can utilize seamless payroll integration providing automated post-tax savings.
Employers can offer optional incentives like signup, matching and/or milestone bonuses.
Get started
Complete the form and we’ll have someone reach out to provide more information on how to add Emergency Savings Accounts to your benefit plan. Or, if you have a dedicated HSA Bank account manager, you can contact them directly.
Additional resources
Employer resource center
Access videos, communications and other tools to easily educate your employees and manage your HSA program.
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Health Savings Account FAQs
Looking for more information? Get your HSA questions answered quickly.
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Health & Wealth Index
The HSA Bank Health and Wealth IndexSM provides analytics and data so we can better understand the behaviors, habits and education level of healthcare consumers.
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