UnitedHealth Group's Optum has its own bank, but it has no branches and is dedicated solely to healthcare services.
10 things to know about Optum Bank:
1. Launched in 2003 in Salt Lake City, Optum Bank started as an industrial loan corporation originally named Exante Bank. The bank changed its name to OptumHealth Bank in 2008 and to Optum Bank in 2012. It is a subsidiary of Optum Health Financial Services and has around 100 full time employees.
2. Optum Bank is chartered by the State of Utah and is headquartered in Draper. The federal government rated it "outstanding" for its "record of helping to meet the credit needs of its
assessment area, including low- and moderate-income neighborhoods, in a manner consistent with its resources and capabilities."
3. Dhivya Suryadevara was named CEO of Optum Financial Services in February. She previously was CFO at global technology company Stripe and was CFO at General Motors before that.
4. Optum Bank offers health savings accounts (HSA), flexible spending accounts (FSA), health reimbursement accounts (HRAs), Medicare Advantage medical savings accounts (MSA), and transportation benefits solutions. The company also offers wealth management accounts for some beneficiaries of life insurance products, electronic payment processing between payers and providers, commercial lending to providers, and some indirect medical equipment leasing.
5. Optum Bank has about 5 million customers, according to reporting from The Capitol Forum.
6. Optum Bank is FDIC-insured. At the end of 2022, its assets totaled $15.7 billion, deposits totaled $13.4 billion, and loans totaled $4 billion. As of Sept. 30, 2022, HSAs accounted for 98.6% of total deposits.
7. In 2023, the bank recorded more than $400 million in brokered deposits, according to The Capitol Forum.
8. In 2023, Optum Bank recorded almost $600 million in interest income and paid out $12 million in interest to customers, a 28% return on equity, according to The Capitol Forum.
9. Optum Bank processes claims payments on behalf of affiliates and third parties to more than 434,000 providers.
10. Optum Bank customers can shop for HSA/FSA eligible products directly through the Optum Store. The company also offers a product eligibility calculator and an Optum-branded payment card.