Further (formerly SelectAccount) vs Optum Bank
2026 side-by-side comparison of fees, investment options, and features.
Further (formerly SelectAccount)
Further (formerly SelectAccount) was acquired by HealthEquity in 2021. They offer a straightforward HSA with mutual fund investing and Schwab brokerage access at higher balances.
Optum Bank
Optum Bank is owned by UnitedHealth Group and is one of the largest HSA administrators. They offer multiple investment paths including mutual funds, a Schwab brokerage account, and Betterment robo-advisor.
Quick Verdict
Choose Further (formerly SelectAccount) if...
Employees whose employer offers Further as the HSA administrator
Choose Optum Bank if...
UnitedHealthcare members or employees with UHG-sponsored HSAs
Feature Comparison
| Feature | Further (formerly SelectAccount) | Optum Bank |
|---|---|---|
| Monthly Fee | Varies by employer plan | $2.50 (waived at $3,000+ balance) |
| Investment Minimum | $1,000 | $2,000 |
| Investment Options | 30+ mutual funds, Schwab brokerage (at $10K+) | 30+ mutual funds, Schwab brokerage, or Betterment |
| Interest Rate | 0.01%–0.05% APY | 0.01%–0.15% APY (tiered) |
| Account Type | fintech | bank |
| FDIC Insured | Yes | Yes |
| Mobile App | Yes | Yes |
| Debit Card | Yes | Yes |
Further (formerly SelectAccount)
Pros
- No hidden fees (no replacement card fees, etc.)
- Schwab brokerage available at $10,000+
- Acquired by HealthEquity - improved platform
- Good employer-sponsored option
Cons
- $18/year investment account fee
- $1,000 minimum to start investing
- $10,000 needed for Schwab brokerage
- Interest rates are low
Optum Bank
Pros
- Part of UnitedHealth Group - good employer integration
- Multiple investment options including Schwab brokerage
- Betterment robo-advisor option
- Investment fee capped at $10/month
- FDIC insured deposits
Cons
- $2.50/month fee until $3,000 balance
- $2,000 threshold before investing
- $5,000 required in cash to waive investment fees
- Low interest rates on cash
Provider Details
Further (formerly SelectAccount)
Further (formerly SelectAccount) was acquired by HealthEquity in 2021. They offer a straightforward HSA with mutual fund investing and Schwab brokerage access at higher balances.
Monthly Fee
Varies by employer plan
Investment Minimum
$1,000
Investment Options
30+ mutual funds, Schwab brokerage (at $10K+)
Best For
Employees whose employer offers Further as the HSA administrator
Optum Bank
Optum Bank is owned by UnitedHealth Group and is one of the largest HSA administrators. They offer multiple investment paths including mutual funds, a Schwab brokerage account, and Betterment robo-advisor.
Monthly Fee
$2.50 (waived at $3,000+ balance)
Investment Minimum
$2,000
Investment Options
30+ mutual funds, Schwab brokerage, or Betterment
Best For
UnitedHealthcare members or employees with UHG-sponsored HSAs
Frequently Asked Questions
Which has lower fees, Further (formerly SelectAccount) or Optum Bank?
Further (formerly SelectAccount) charges Varies by employer plan per month, while Optum Bank charges $2.50 (waived at $3,000+ balance). Compare total costs including investment fees before deciding.
Which has better investment options?
Further (formerly SelectAccount) offers 30+ mutual funds, Schwab brokerage (at $10K+). Optum Bank offers 30+ mutual funds, Schwab brokerage, or Betterment. The best choice depends on your investment style and preferences.
Is my money FDIC insured with Further (formerly SelectAccount) or Optum Bank?
Both Further (formerly SelectAccount) and Optum Bank offer FDIC insurance on cash deposits, protecting up to $250,000 per depositor. Invested funds are not FDIC insured but may have SIPC protection.
Can I transfer my HSA from Further (formerly SelectAccount) to Optum Bank?
Yes, you can transfer your HSA funds between any HSA providers. Most transfers take 2-4 weeks. Check with both Further (formerly SelectAccount) and Optum Bank for any transfer fees - incoming transfers are usually free, but outgoing transfers may incur a fee.
Which HSA is better for long-term investing?
For long-term investing, consider Optum Bank with $2,000 investment minimum. Further (formerly SelectAccount) is employees whose employer offers further as the hsa administrator. Optum Bank is unitedhealthcare members or employees with uhg-sponsored hsas. Both can work well for building retirement health savings.
Does HSA Trackr work with Further (formerly SelectAccount) and Optum Bank?
Yes, HSA Trackr works with any HSA provider including both Further (formerly SelectAccount) and Optum Bank. Track your medical expenses, store receipts, and know exactly how much you can reimburse tax-free - regardless of which HSA you choose.
Related Comparisons
This comparison is for informational purposes only. HSA provider features and fees may change. Verify current information directly with each provider before opening an account.
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