What is Mellon Bank HSA?


Quick Answer

A Mellon Bank HSA is a health savings account with Mellon Bank, or Bank of New York Mellon. Bankrate notes that banks, credit unions and insurance companies offer HSAs as a way for individuals to save tax-free money for medical expenses.

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Full Answer

BenefitWallet explains that it used to be known as The ACS/BNY Mellon HSA Solution. BNY Mellon is the custodian for people with a HSA. As the custodian, Mellon holds contributions in an individual's HSA account, provides account statements and tax forms, and performs distributions of the funds in the account, Bankrate reports. The type of health insurance and other health-related accounts that an individual has determines his eligibility for an HSA.

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