Just like Bank of America, JP Morgan Chase says they have added a record number of health savings accounts they manage for workers. As of this month, JP Morgan administers more than 900,000 HSAs with over $1.5 billion in HSA deposits.
The average balance in 2011 for new HSA accounts rose to its highest level in seven years, the firm says. The average HSA balance in 2011 was $1,547—up 4 percent from 2010, and the average account contribution in 2011 was $1,912 versus $1,884 in 2010, an increase of 1.5 percent.
That equates to an annual average tax savings of $500 for each accountholder, JP Morgan says. Additionally, they say, 74 percent of accountholders contributed more than they spent during each month.
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