UMB Bank
Quick Summary
- Morningstar Above Average spending
- Digital wallet support
- Eliminated maintenance fee
- Diverse investments
The Verdict
UMB Bank offers a solid foundation with a monthly fee of $2.95 and mutual fund investing, CD options, earning a 3.3/5.0 rating from HSA Orbit.
MB Healthcare Services, a division of UMB Bank, n.a., delivers healthcare payment solutions including custodial services for health savings accounts (HSAs) and private label, multipurpose debit cards to insurance carriers, third-party administrators, software companies, employers and financial institutions.
UMB gained a leadership position when it became one of the first banks to market Archer Medical Spending Accounts in 1996. It has since received national recognition as one of the leading custodians in the country. This experience, combined with powerful processing capabilities, differentiates UMB’s HSA from the competition. UMB Healthcare Services is one of the top 5 custodians in the country with account holders throughout the nation.
Today, UMB Healthcare Services provides solutions for 5.7 million healthcare spending account cards, including more than 1.4 million HSAs, with more than $3.3 billion in HSA assets and deposits.
Key Features
Banking & Access
Includes debit card and online banking.
Investment Options
Offers mutual fund investing and CDs.
Security & Insurance
Deposits are FDIC/NCUA insured for your protection.
Account Details
No minimum balance to open. no account opening fees.
Fee Analysis
| Fee Type | This Provider | Industry Average | Verdict |
|---|---|---|---|
| Monthly Maintenance* | $2.95 | $0.69 | ABOVE AVG |
| Account Opening | $0.00 | $1.88 | EXCELLENT |
| Account Closing | $25.00 | $1.95 | ABOVE AVG |
* $2.95/month; waived at $3,000+. $3/month investment fee.
Industry averages calculated from 853 providers in the HSA Orbit database.
Investment Options
Mutual Fund Investing
Access mutual fund investments through your HSA with UMB Bank.
- Minimum Threshold$1,000
- Fees$3.00/month investment fee ($36/year)
Certificates of Deposit
CD options are available for a fixed-rate, low-risk approach to growing your HSA funds.
Interest Rates
Interest rates are not currently available for this provider.
Contact Information
Website
https://hsa.umb.com/Address
1010 Grand Boulevard, Kansas City, MO 64106
Customer Service
866.520.4HSA (4472)
1010 Grand Boulevard Kansas City, MO 64106 Customer Service Mailing Address UMB Bank, n.a. UMB Healthcare Services P.O. Box 419226 Kansas City, MO 64141
At a Glance
Pros & Cons
The Good
- •FDIC/NCUA insured deposits
The Bad
- •Monthly fee of $2.95
- •$1,000 minimum to invest
- •Interest rates not published
User Sentiment
Based on community feedback
Sentiment data coming soon
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