The HSA Report Card

Optum Bank S

Optum Bank


Optum Bank started operating on July 21, 2003, in Salt Lake City, Utah, as a Utah state-chartered industrial loan corporation. Optum Bank is part of the financial services unit of Optum, a health and wellness company serving more than 115 million people. Optum is part of the United Health Group (NYSE:UNH) family of companies. Optum Bank has more than 4 million HSAs and more than $8 billion in assets, making it one of the largest administrators in the industry.


Report Card for Optum Bank as a Spending Vehicle




Optum Bank's fees are fair, save the $2.75 monthly maintenance fee. The monthly maintenance fee can be avoided if one holds more than $2,500 in the HSA checking account. To avoid this fee, max out your HSA as soon as possible. Front-loading an HSA at the beginning of the year is a good habit anyway. Fortunately, the list of avoidable fees is short compared to other HSA administrators.

Monthly Recurring Fees

Maintenance / Administrative $2.75
Paper Statements $0

Behavioral Fees

Excess Contribution $0
Overdraft / NSF $0
Stop Payment Request $0

Transaction / Reimbursement Fees

Point of Sale $0
ATM Withdrawal Native $2
Check Distribution $0

Termination Fees

Outbound Transfer (entire HSA or or portion) $20

Miscellaneous Fees

Debit Card Issuance $0

In the chart below you can compare Optum Bank's fees to those of its competitors.

Highcharts Tutorial



Payment Direct to Provider

After you have received an invoice from your provider and matched it with an EOB from your health plan, you are ready to make a payment. You can use the Optum Bank member portal to set up a direct payment using their online payment tool. Optum Bank will send the payment to the provider and include all of the information necessary to apply the payment to your bill.

Debit Card

You can also use your Optum Bank debit card to make payments to your providers. This is especially convenient at the pharmacy. Most providers will also accept the card over the phone, online or written-in on the statement for payment.

  • You can spend up to the available balance in your HSA; no overdraft is available.
  • The card will not work at ATMs and will typically only work at appropriate medical facilities.
  • The card should always be run as "credit" and no PIN is required.
  • Daily card spending limit can be up to $5000, but is subject to change based on transaction criteria




Account Transfers

Optum Bank connects your HSA account to your bank, making reimbursements for expenses easy and straightforward. This makes it easy to reimburse yourself for medical expenses paid out-of-pocket.


Optum Bank can also send you a check in the amount you authorize to reimburse yourself. $2 reimbursement check fee.



Intuitive Website

The Optum Bank member portal provides a user-friendly interface for easy, self-service account management. Using the Optum Bank member portal, you can check your balance, review transactions, view insurance claims, invest in mutual funds, pay providers and submit for reimbursement. 

Customer Service Team

Access to a team of HSA expert customer service representatives. Live service 24/7/365—get the same service at 2 am or 2 pm from knowledgeable, US-based HealthEquity Member Services specialists.

Mobile App

The Optum Bank mobile app provides easy, on-the-go access to all of your health accounts. The free app provides comprehensive tools to help you manage transactions and maximize your health savings. The Optum Bank mobile app features include:

  • Photo Documentation - Simply take a photo with your device to initiate claims and payments.
  • Payments & Reimbursements -You can send payments to providers or reimburse yourself for out-of-pocket expenses from your HSA.
  • Manage Debit Card Transactions - Link your debit card transactions to claims and documentation.
  • View Claims Status - View the status of claims as well as link payments and documentation to claims 

Schedule Your Contributions

Check to see if your employer offers payroll deduction. Or arrange to make regular deposits yourself. When you sign in to your account, you can set up one-time or recurring contributions.

Documentation Library

  •  Archive and manage receipts, explanations of benefits (EOBs), invoices, and more in one central location
  •  Intuitive, step-by-step process
  •  Documents archived on safe, secure servers
  •  No need to keep originals that can get lost or damaged

  • Long history of administering HSAs
  • Feature rich mobile app
  • Receipt storage tool
  • Multiple reimbursement methods

  • Long history of administering HSAs
  • Feature rich mobile app
  • Receipt storage tool
  • Multiple reimbursement methods



Which participants are best suited for a HealthEquity HSA?

  • Those who plan on having at least $2,500 in base HSA account. No monthly maintenance fee would be incurred under these circumstances.
  • Participants looking for a feature rich HSA offering. Optum Bank HSA is a premium offering with a ton of bells and whistles.
  • Dual-purpose use (spender/investor). Optum bank is a top 10 investment HSA.  

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