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U.S. Bank HSA Proving to Be Viable Alternative to Bundled HSA Offerings

MINNEAPOLIS--(BUSINESS WIRE)--July 6, 2006--Health Savings Accounts (HSAs), especially bank-owned accounts like the U.S. Bank HSA, are proving to be a popular option for individuals and small businesses. The U.S. Bank HSA offers individuals and small businesses an affordable and convenient alternative to the plans offered by the insurance companies that bundle a high deductible with an HSA.

"The great thing about a U.S. Bank HSA is that it can be paired with any HSA-qualifying high-deductible health plan," said Steve SaLoutos, senior vice president of consumer products and services at U.S. Bank. "This means that small business owners and individuals can make the right health care plan choice without impacting their HSA. Small businesses generally change health insurance plans every couple of years. Individuals also change plans through annual open enrollment, or because of a job change or unemployment. Since an HSA is personally owned and can grow over time, it makes sense to open an HSA with a trusted financial institution."

U.S. Bank began offering the HSA for individuals and small businesses in October 2005 through its retail channels. Consumers can direct tax-deductible money to the account either directly or through their employer, and the funds in the account also roll over from year to year as accumulated tax-free savings. The individual is in control and chooses how much money to put into the account, whether to use the money for current expenses or save it for the future, which expenses to pay and which company will hold the account.

Funds may be withdrawn at any time, before or after retirement, to pay for qualified medical expenses of that individual and his or her dependents. After age 65, funds may be withdrawn as supplemental income and used for other things besides health care, taxed at the normal tax rate. The U.S. Bank HSA also benefits employers (typically small businesses) that offer high deductible health plans to their employees by making high deductible plans more appealing when combined with an HSA.

More than 3.1 million people have opened an HSA as of January 2006, according to America's Health Insurance Plans, and industry analysts estimate that there will be more than 14 million accountholders by the end of 2010.

In addition to providing an HSA product for individuals and small businesses through its branch network, U.S. Bank Institutional Trust & Custody also partners with self-insured businesses, third-party administrators, healthcare providers and business services companies to provide HSAs. For more information, visit www.healthsavings.usbank.com. Visit www.usbank.com/hsa for more information about the U.S. Bank Health Savings Account for individuals and small businesses.

U.S. Bancorp (NYSE:USB), with assets of $210 billion, is the 6th largest financial holding company in the United States. The company operates 2,430 banking offices and 4,941 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT: U.S. Bank Media Relations
Teri Charest, 612-303-0732


"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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