HSA investment help

Your HSA can play an important role in your overall wealth and retirement strategy. Once it reaches a certain designated balance, you may invest a portion of your HSA dollars in mutual funds. You have access to a series of Charles Schwab target date fund options in addition to the existing diversified lineup.

Learn how to invest with your HSA

Review the frequently asked questions below, and be sure to read our tips for how to invest with HSAs.

Frequently asked questions (FAQs) about investing

Scroll through our list of FAQs to find answers to common questions about investing with your Optum Bank HSA. Use the links below to jump to a specific topic:

Investment options

What are my mutual fund options?

See our general list of mutual funds options here. Or, access your personal fund list by logging into your account.  

How are the funds selected?

A Registered Investment Advisor (RIA) has chosen the fund selection used by Optum Bank. The selected funds span the risk spectrum from conservative to aggressive. Funds are reviewed quarterly and adjustments are made based on investment policy criteria. Professional management fees are also considered and the fees for the selected funds typically rank average or below average within their fund group.

Can funds be added to my plan?

Periodically, based on the review of the performance of the fund selection by the RIA, new funds may be added to the fund lineup according to the RIA’s investment policy.

What is a prospectus?

A prospectus is a formal legal document that is required by and filed with the Securities and Exchange Commission. A prospectus provides details about an investment offering for sale to the public. A prospectus should contain the facts that an investor needs to make an informed investment decision. A fund prospectus contains details on its objectives, investment strategies, risks, performance, distribution policy, fees and expenses and fund management. You can use a prospectus to make better decisions about selecting funds.

How can I obtain a prospectus?

Log in to your account, and navigate to your fund list. Click on the fund you want the prospectus for.

Where can I get help deciding what funds to choose?

Optum does not provide any investment advice, as this is a self-directed investment account. You can use the information in each fund’s prospectus to help you decide which funds are right for you.

It is always important to discuss with your financial planner if investing your HSA is right for you. Your financial advisor will also be able to provide you with information on how much is right for you to keep in your cash account and how much to place in investments.

Tax implications

What are the tax implications of investing my HSA funds?

Earnings from your HSA, whether they are from interest or investment dividends are tax-free earnings. Distributions from the HSA should be for qualified medical expenses only.

Setting up your investments

How do I choose my investment funds?

During the initial setup of your HSA investment account, you will choose your mutual fund investment funds and place a number that represents the percentage allocation next to each fund of your choice. The total percentage should add up to 100 percent.

What are the Electronic Consent Agreement and Trade Confirmation Waiver?

These agreements are the agreements that govern your investment account with us. You need to agree to these documents in order to enroll in our investment account.

How often can I change my investment elections?

You can update your investment options once per trading day.

How long before I can see my transfers in my investment account?

Transfers that are entered before 4 p.m. ET on a trading day will be traded the same day and settled/posted on the next trading day.

What is a trading day?

A trading day is the time span that a particular stock exchange is open. Trading days never take place on weekends. There are several other special circumstances which would lead to a shortened trading day, or no trading day at all, such as on holidays.

Can I check pending transactions?

To view pending investment transactions, log in to your account.

Minimum balances

What is the minimum investment balance?

It is the minimum balance in your HSA that must be reached and maintained before you can begin investing or make additional investment purchases.

What happens if I drop below the minimum?

You can continue to use the money in your HSA however; you won’t be able to transfer any new funds into your investments until your HSA balance exceeds the investment minimum balance again.

Recurring transfers

What are recurring transfers and their benefits?

Recurring transfers are transfers that you can set up by setting the desired minimum that you want to keep in your HSA.

How do I set up recurring transfers?

To set up a recurring transfer, log in to your account and enter the threshold dollar amount you want to be applied to your recurring threshold. When your HSA balance exceeds that threshold, money will be swept out in $100 increments to your investment account and be allocated per the elections you have set up for investments.

Can I turn off recurring transfers?

Yes. To turn off or inactivate your recurring transfers, log in to your account and edit your recurring transfers.

Rebalancing transfers

How do I sell back to my HSA?

Log in to your account to do a one-time transfer from your investment balance back into your HSA.

How often can I sell back to my HSA?

One transfer (or sell) is allowed from each mutual fund for any given trading day. This limit includes transfer between funds.

How often can I transfer from one investment to another?

One transfer is allowed from each mutual fund for any given trading day. This limit includes transferring money back into your HSA.

Investment fund fees

What are the fees charged for my transactions?

There are no trading fees charged for investments associated with your HSA. Other fees and expenses applicable to continued investments are described in each mutual fund’s current prospectus.

When does a monthly investment fee get charged?

The monthly investment fee is assessed on the last business day of the month and is only applicable if you have had an investment transaction or an investment balance during that month. Monthly investment fees are only applicable to certain account types. You should refer to your HSA Schedule of Fees to see if this fee applies.

Are all funds available without a trading fee?

All funds are available without a trading fee. Other fees and expenses applicable to continued investment are described in the fund’s current prospectus.

What about fees from the mutual funds I invest in?

Fee structures among mutual funds can vary. While mutual funds may charge “load” fees according to the prospectus, such fees may not be charged to HSA owners. Some mutual funds impose “surrender” or “redemption” fees for withdrawals made within a certain period of time following an investment. Please refer to the mutual fund’s current prospectus for other fees and expenses.



Log in to your account to see your investment balance, make a transfer or set up an automatic investment sweep.
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So is saving the money needed to pay for qualified medical expenses. We’ve identified 5 stages account holders go through when contributing to their health savings account: Decide, Open, Use, Manage, Optimize.
 Learn about the 5 stages of health saving and spending

Investments are not FDIC-insured, are not guaranteed by Optum Bank and may lose value.


Investors should read the Prospectus carefully and consider the fund's investment objectives, risks, charges and expenses before investing.   Prospectuses are available on the investment web site, or by contacting the fund directly.

Investing in certain funds involves special risks, such as those related to investments in foreign securities, small- and mid-capitalization stocks, and high-yield securities.

Mutual fund performance data and ratings represent past performance and are not a guarantee of future results. Investment returns and principal value will fluctuate and investor's shares, when sold, may be worth more or less than their original cost.  All funds may be purchased at net asset value (NAV) without a front end load.  Redemption fees may apply.

Mutual fund investment options are made available through the services of an independent investment advisor and shares are offered through Devenir, LLC, a registered broker-dealer.

Optum Bank and its affiliates receive compensation for providing various services to the funds, including distribution (12b-1) and sub-transfer agent fees.