An OptumBank Card is a convenient way to spend your money from a flexible spending account. Like a debit card, it electronically accesses the funds loaded on your account. OptumBank members can use their cards to make purchases or make deposits. OptumBank also has a mobile app and a debit card. Learn more about the card and the OptumBank banking account. The Federal Deposit Insurance Corporation (FDIC) insures your account.
Optum Bank is a member of the Federal Deposit Insurance Corporation (FDIC)
Optum Bank is a health savings account administrator, serving 5.6 million HSAs. Founded in 2003, it is part of Optum Financial, a subsidiary of the UnitedHealth Group. Though Optum Bank is not a traditional bank, it is a state-chartered industrial loan corporation. Its primary business is the administration of employer-sponsored health savings accounts, but it also accepts individual HSAs.
The FDIC insures deposits in all participating banks. Optum Bank is a member of the FDIC and has undergone a re-branding to better reflect its affiliation with healthcare providers and other institutions. It also offers investments through Betterment and Schwab. It is part of UnitedHealth Group, a global healthcare company. The bank will continue to be known as Optum Bank for its HSA accounts, despite its new owner.
Optum Bank offers tiered interest rates for HSA accounts. These interest rates may be a bit lower than average unless you’re a member of a health plan’s network. You’ll need to wait until your health insurance company notifies you of the lower rate. You’ll also need to open a separate account to invest your HSA funds. For this, you’ll need a minimum balance of $1,000. Optum Bank has a number of products and services for HSA investors. These include:
It offers HSAs
Optum Bank recently revamped its website to make it easier to access and manage your HSAs. Now, this online bank offers a single password for all your accounts, an integrated HSA, and built-in investments. As a modern personal finance consumer, you’ll find it helpful to combine your financial data in one place. While Mint and Personal Capital are two great options, they don’t combine your data in a single place.
As an HSA administrator, Optum Bank has $12 billion in assets and administers more than 5.6 million accounts. It is a subsidiary of Optum Financial, a healthcare company owned by UnitedHealth Group Inc. Optum Bank is not your traditional bank; rather, it’s a state-chartered industrial loan corporation. While Optum Bank handles a lot of employer-sponsored HSA plans, you can open an individual account if you’d like to invest more money.
It has a mobile app
If you have a HSA, you’ll be happy to know that Optumbank has a mobile app. The mobile app makes it easy to add and remove cards, submit claims, and more. Users can also upload photos of themselves or of their loved ones, and track their financial status. In addition, the app offers a secure online environment and is highly intuitive. You can make regular deposits and one-time contributions, and keep track of account activity.
If you’re unable to login, your Internet connection may be down or your device isn’t compatible with the Optum Bank app. Try logging in again after a few minutes and check your data connection. If you still cannot log in, it’s possible that you’ve entered the wrong login credentials. Another possible cause is that your third-party social network isn’t working, so check that it is available. Finally, read any error messages that are displayed in order to determine whether they are a snag or a technical issue.
It offers a debit card
The Optumbank debit Mastercard is a convenient and quick way to pay for your medical expenses. You can use the debit card at the pharmacy, doctor’s office, or on your provider’s bill. Depending on your financial institution, you may need to validate the transaction before you can use the card. If you don’t have a debit card, you can still use a credit card to pay for your charges. To activate your card, contact the bank’s Customer Service.