First American Bank vs Lively
2026 side-by-side comparison of fees, investment options, and features.
First American Bank
First American Bank offers a fee-free HSA for individuals with access to Vanguard mutual funds and a Schwab brokerage option. They've been recognized by Investor's Business Daily as one of the best HSA providers.
Disclosure: We earn a commission if you open a Lively account through our links. It doesn't change what you pay.
Lively
Lively is a benefits platform with a clean, modern HSA and no monthly fees. They offer both self-directed investing through Schwab and guided portfolios through Devenir.
Open a Lively HSA through our link and complete account verification, and Lively waives the $24 a year fee for its Schwab Self-Directed Brokerage Account. There's nothing extra to enter.
The $24 fee is only for the Schwab self-directed option, and it is already $0 at $3,000 or more. The Guided Portfolio still costs 0.50% a year on invested assets. Schwab fees may apply.
Save $24 a year with our linkQuick Verdict
Choose First American Bank if...
Individual HSA holders who want a solid bank-based HSA with Vanguard funds
Choose Lively if...
People who want cash and investing in one app, with no account fees
Feature Comparison
| Feature | First American Bank | Lively |
|---|---|---|
| Monthly Fee | $0 (individual accounts) | $0 |
| Investment Minimum | $1,000 | $0 |
| Investment Options | 28 Vanguard mutual funds, Schwab brokerage | Schwab self-directed brokerage or Devenir guided portfolios |
| Interest Rate | 0.01%–0.35% APY (tiered) | 0.01%–0.02% APY |
| Account Type | bank | benefits |
| FDIC Insured | Yes | Yes |
| Mobile App | Yes | Yes |
| Debit Card | Yes | Yes |
First American Bank
Pros
- No monthly maintenance fee for individuals
- Strong Vanguard fund lineup including target-date funds
- Schwab brokerage option (8,500+ investments)
- Named to IBD Best HSAs list
- FDIC insured
Cons
- $2.95/month fee for investment account (HSA PLUS)
- $1,000 threshold before investing
- 0.30% annual investment custodial fee
- Limited branch network (IL, FL, WI)
Lively
Pros
- No monthly maintenance fees
- Modern, user-friendly interface
- FDIC insured cash
- Schwab brokerage option for self-directed investing
- Good for individuals and employers
Cons
- Schwab self-directed: $24 a year, or $0 at $3,000 and up. Schwab fees may apply.
- Guided Portfolio (Devenir): 0.50% a year on invested assets
- Lower interest rates on cash
Provider Details
First American Bank
First American Bank offers a fee-free HSA for individuals with access to Vanguard mutual funds and a Schwab brokerage option. They've been recognized by Investor's Business Daily as one of the best HSA providers.
Monthly Fee
$0 (individual accounts)
Investment Minimum
$1,000
Investment Options
28 Vanguard mutual funds, Schwab brokerage
Best For
Individual HSA holders who want a solid bank-based HSA with Vanguard funds
Lively
Lively is a benefits platform with a clean, modern HSA and no monthly fees. They offer both self-directed investing through Schwab and guided portfolios through Devenir.
Monthly Fee
$0
Investment Minimum
$0
Investment Options
Schwab self-directed brokerage or Devenir guided portfolios
Best For
People who want cash and investing in one app, with no account fees
Frequently Asked Questions
Which has lower fees, First American Bank or Lively?
Lively has no monthly fees, while First American Bank charges $0 (individual accounts). For cost-conscious users, Lively may be the better choice.
Which has better investment options?
First American Bank offers 28 Vanguard mutual funds, Schwab brokerage. Lively offers Schwab self-directed brokerage or Devenir guided portfolios. The best choice depends on your investment style and preferences.
Is my money FDIC insured with First American Bank or Lively?
Both First American Bank and Lively 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 First American Bank to Lively?
Yes, you can transfer your HSA funds between any HSA providers. Most transfers take 2-4 weeks. Check with both First American Bank and Lively 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 Lively with $0 investment minimum. First American Bank is individual hsa holders who want a solid bank-based hsa with vanguard funds. Lively is people who want cash and investing in one app, with no account fees. Both can work well for building retirement health savings.
Does HSA Trackr work with First American Bank and Lively?
Yes, HSA Trackr works with any HSA provider including both First American Bank and Lively. Track your medical expenses, store receipts, and know exactly how much you can reimburse tax-free - regardless of which HSA you choose.
Related Comparisons
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.
Works with any HSA provider
Whether you choose Fidelity, Lively, or any other HSA, HSA Trackr helps you organize receipts and maximize your tax-free reimbursements.
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