BB&T to offer health savings accounts

WINSTON-SALEM, N.C., Oct. 10 ( -- BB&T Corporation (NYSE: BBT - News) today said it will begin offering health savings accounts (HSAs) to qualified clients.

HSAs offer clients a convenient, tax-advantaged way to help pay for current and future qualified medical expenses. Eligible individuals can make tax-deductible contributions to their HSA, and funds can be withdrawn tax-free when used for qualified medical expenses.

And, unlike flexible spending accounts, participants don't lose unspent money at the end of the year. It grows tax-free for the life of the account.

"Many companies are re-evaluating health care coverage as a way to improve their bottom line," said BB&T Institutional Services Division Manager Ray McCulloch. "They are turning to consumer-driven health care plans and options to shift money so that employees can manage their own health care dollars.

"As we bundle HSAs, 401(k) plans, flex spending, group health and payroll services together, BB&T will have a very attractive employee benefits package for small and large businesses."

BB&T will offer HSAs to institutional and commercial clients as an added employee benefit through subsidiary Stanley, Hunt, Dupree & Rhine. BB&T also will offer the accounts to interested retail clients who are covered by a high-deductible health plan.

"The rollout of this service is an excellent way for BB&T to gather deposits and for clients to accumulate funds on a tax-preferred basis long term," said Deposits Services Manager Donna Goodrich. "Beyond gathering new deposit accounts, it provides us with an opportunity for increased cross- sells, enhanced commercial relationships and additional fee income."

Winston-Salem, N.C.-based BB&T Corporation and its subsidiaries offer full-service commercial and retail banking and additional financial services such as insurance, investments, retail brokerage, corporate finance, payment services, international banking, leasing and trust.

BB&T operates more than 1,400 financial centers in the Carolinas, Kentucky, Virginia, Maryland, West Virginia, Tennessee, Georgia, Florida, Alabama, Indiana and Washington, D.C.

With $116.3 billion in assets, BB&T Corporation is the nation's ninth largest financial holding company. More information about the company is available at

Source: BB&T Corporation