Optum Bank HSA review

Optum Bank is the HSA attached to many employer health plans, and it covers both spenders and investors. Its site offers a self-directed HSA mutual fund lineup, Schwab Health Savings Brokerage Accounts for people who want to trade, and discretionary advisory services from Betterment for people who want a managed portfolio. Investing starts once your HSA reaches a designated balance, and uninvested money may earn interest. The Optum Bank app tracks balances, helps you contribute the maximum, reimburses you or pays bills, and cancels the payment card if it is lost or stolen; the card can also be added to a phone or watch wallet. Optum also explains how to consolidate multiple HSAs into one account. What it does not do on its public HSA pages is publish an individual monthly fee: it says fees may reduce earnings and refers you to your account agreement. Its fee pages also did not load for our checker, so its value score is conservative and the price is marked pending.

Who it is for

employees whose health plan sets up an Optum Bank HSA

Price

See vendor pricing (USD check pending).

US price check pending. See the vendor pricing page.

Key features

• Self-directed HSA mutual fund lineup
• Schwab Health Savings Brokerage Accounts for self-directed trading
• Discretionary advisory services provided by Betterment
• Optum Bank app to track balances, reimburse yourself and pay bills
• Consolidation help for people with multiple HSAs

Strengths and weaknesses

• Strength: Three ways to invest: mutual funds, Schwab brokerage or Betterment
• Strength: App can cancel a lost card and pay bills
• Strength: Payment card works in digital wallets
• Weakness: Fees are set in your account agreement, not on the public HSA pages
• Weakness: Investing starts only after a designated balance
• Weakness: Optum's pages did not load for our fee checker

Key facts

• Investing: Mutual funds, Schwab brokerage, Betterment
• Investing threshold: A designated balance set by Optum
• App: Balances, reimbursements, bill pay, card lock
• Monthly fee: Per account agreement

Where it ranks

Optum Bank HSA is No. 6 in our Best HSA Providers verdict.