HSA Bank vs Optum Bank
2026 side-by-side comparison of fees, investment options, and features.
HSA Bank
HSA Bank is a division of Webster Bank and one of the largest HSA administrators. They're known for their TD Ameritrade (now Schwab) brokerage integration, giving investors access to stocks, ETFs, and thousands of mutual 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.
Quick Verdict
Choose HSA Bank if...
Investors who want TD Ameritrade/Schwab brokerage access through their employer
Choose Optum Bank if...
UnitedHealthcare members or employees with UHG-sponsored HSAs
Feature Comparison
| Feature | HSA Bank | Optum Bank |
|---|---|---|
| Monthly Fee | $2.50 (waived at $5,000+ balance) | $2.50 (waived at $3,000+ balance) |
| Investment Minimum | $1,000 | $2,000 |
| Investment Options | TD Ameritrade self-directed brokerage, Devenir mutual funds | 30+ mutual funds, Schwab brokerage, or Betterment |
| Interest Rate | 0.01%–0.08% APY (tiered) | 0.01%–0.15% APY (tiered) |
| Account Type | bank | bank |
| FDIC Insured | Yes | Yes |
| Mobile App | Yes | Yes |
| Debit Card | Yes | Yes |
HSA Bank
Pros
- TD Ameritrade brokerage with $0 stock/ETF trades
- Access to 13,000+ mutual funds
- Low-cost Devenir option (0.30% annual fee, capped at $50K)
- 2nd lowest cost among top HSA providers
- Strong employer partnerships
Cons
- $2.50/month fee below $5,000
- $1,000 minimum before investing
- TD Ameritrade now part of Schwab (transition ongoing)
- Low interest on cash deposits
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
HSA Bank
HSA Bank is a division of Webster Bank and one of the largest HSA administrators. They're known for their TD Ameritrade (now Schwab) brokerage integration, giving investors access to stocks, ETFs, and thousands of mutual funds.
Monthly Fee
$2.50 (waived at $5,000+ balance)
Investment Minimum
$1,000
Investment Options
TD Ameritrade self-directed brokerage, Devenir mutual funds
Best For
Investors who want TD Ameritrade/Schwab brokerage access through their employer
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, HSA Bank or Optum Bank?
HSA Bank charges $2.50 (waived at $5,000+ balance) 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?
HSA Bank offers TD Ameritrade self-directed brokerage, Devenir 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 HSA Bank or Optum Bank?
Both HSA Bank 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 HSA Bank to Optum Bank?
Yes, you can transfer your HSA funds between any HSA providers. Most transfers take 2-4 weeks. Check with both HSA Bank 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. HSA Bank is investors who want td ameritrade/schwab brokerage access through their employer. 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 HSA Bank and Optum Bank?
Yes, HSA Trackr works with any HSA provider including both HSA Bank 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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