HealthEquity vs Optum Bank
2026 side-by-side comparison of fees, investment options, and features.
HealthEquity
HealthEquity is the largest non-bank HSA custodian with over 8 million accounts. They offer a curated lineup of low-cost Vanguard funds and strong employer integrations.
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 HealthEquity if...
Employees with employer-sponsored HSAs who want solid Vanguard funds
Choose Optum Bank if...
UnitedHealthcare members or employees with UHG-sponsored HSAs
Feature Comparison
| Feature | HealthEquity | Optum Bank |
|---|---|---|
| Monthly Fee | $0 (maintenance fee eliminated) | $2.50 (waived at $3,000+ balance) |
| Investment Minimum | $500 | $2,000 |
| Investment Options | 23 low-cost Vanguard mutual funds | 30+ mutual funds, Schwab brokerage, or Betterment |
| Interest Rate | 0.05%–0.30% APY (tiered) | 0.01%–0.15% APY (tiered) |
| Account Type | fintech | bank |
| FDIC Insured | Yes | Yes |
| Mobile App | Yes | Yes |
| Debit Card | Yes | Yes |
HealthEquity
Pros
- Largest HSA administrator by accounts
- Excellent low-cost Vanguard fund lineup
- No maintenance fees
- Strong employer integration
- Monthly investment fee capped at $10
Cons
- 0.033%/month investment admin fee (capped at $10)
- $500 investment threshold
- $25 fee for partial transfers (as of Nov 2025)
- Fees add up at higher balances
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
HealthEquity
HealthEquity is the largest non-bank HSA custodian with over 8 million accounts. They offer a curated lineup of low-cost Vanguard funds and strong employer integrations.
Monthly Fee
$0 (maintenance fee eliminated)
Investment Minimum
$500
Investment Options
23 low-cost Vanguard mutual funds
Best For
Employees with employer-sponsored HSAs who want solid Vanguard funds
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, HealthEquity or Optum Bank?
HealthEquity charges $0 (maintenance fee eliminated) 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?
HealthEquity offers 23 low-cost Vanguard mutual funds. 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 HealthEquity or Optum Bank?
Both HealthEquity 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 HealthEquity to Optum Bank?
Yes, you can transfer your HSA funds between any HSA providers. Most transfers take 2-4 weeks. Check with both HealthEquity 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. HealthEquity is employees with employer-sponsored hsas who want solid vanguard funds. 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 HealthEquity and Optum Bank?
Yes, HSA Trackr works with any HSA provider including both HealthEquity 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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