Optum Bank vs The HSA Authority (UMB)
2026 side-by-side comparison of fees, investment options, and features.
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.
The HSA Authority (UMB)
The HSA Authority (formerly Old National Bank HSA) was acquired by UMB Healthcare Services in 2025. They offer a straightforward HSA with Devenir mutual fund investing and solid banking features.
Quick Verdict
Choose Optum Bank if...
UnitedHealthcare members or employees with UHG-sponsored HSAs
Choose The HSA Authority (UMB) if...
Employer-sponsored HSA users who receive the account through work
Feature Comparison
| Feature | Optum Bank | The HSA Authority (UMB) |
|---|---|---|
| Monthly Fee | $2.50 (waived at $3,000+ balance) | $3/month ($36/year) |
| Investment Minimum | $2,000 | $1,000 |
| Investment Options | 30+ mutual funds, Schwab brokerage, or Betterment | 31 mutual funds via Devenir |
| Interest Rate | 0.01%–0.15% APY (tiered) | 0.01%–0.15% APY (tiered) |
| Account Type | bank | bank |
| FDIC Insured | Yes | Yes |
| Mobile App | Yes | Yes |
| Debit Card | Yes | Yes |
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
The HSA Authority (UMB)
Pros
- Acquired by UMB - improved technology and tools
- Solid mutual fund selection via Devenir
- Free incoming transfers
- FDIC insured deposits
Cons
- $36/year account fee
- $1,000 minimum to invest
- Manual transfers required to investment account
- No automatic investing feature
- $25 outgoing transfer fee
Provider Details
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
The HSA Authority (UMB)
The HSA Authority (formerly Old National Bank HSA) was acquired by UMB Healthcare Services in 2025. They offer a straightforward HSA with Devenir mutual fund investing and solid banking features.
Monthly Fee
$3/month ($36/year)
Investment Minimum
$1,000
Investment Options
31 mutual funds via Devenir
Best For
Employer-sponsored HSA users who receive the account through work
Frequently Asked Questions
Which has lower fees, Optum Bank or The HSA Authority (UMB)?
Optum Bank charges $2.50 (waived at $3,000+ balance) per month, while The HSA Authority (UMB) charges $3/month ($36/year). Compare total costs including investment fees before deciding.
Which has better investment options?
Optum Bank offers 30+ mutual funds, Schwab brokerage, or Betterment. The HSA Authority (UMB) offers 31 mutual funds via Devenir. The best choice depends on your investment style and preferences.
Is my money FDIC insured with Optum Bank or The HSA Authority (UMB)?
Both Optum Bank and The HSA Authority (UMB) 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 Optum Bank to The HSA Authority (UMB)?
Yes, you can transfer your HSA funds between any HSA providers. Most transfers take 2-4 weeks. Check with both Optum Bank and The HSA Authority (UMB) 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 The HSA Authority (UMB) with $1,000 investment minimum. Optum Bank is unitedhealthcare members or employees with uhg-sponsored hsas. The HSA Authority (UMB) is employer-sponsored hsa users who receive the account through work. Both can work well for building retirement health savings.
Does HSA Trackr work with Optum Bank and The HSA Authority (UMB)?
Yes, HSA Trackr works with any HSA provider including both Optum Bank and The HSA Authority (UMB). Track your medical expenses, store receipts, and know exactly how much you can reimburse tax-free - regardless of which HSA you choose.
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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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