HealthEquity vs Lively
2026 side-by-side comparison of fees, investment options, and features.
HealthEquity
HealthEquity is the largest non-bank HSA custodian with over 8 million accounts. They offer a curated lineup of low-cost Vanguard funds and strong employer integrations.
Lively
Lively is a fintech HSA provider with a clean, modern interface and no monthly fees. They offer both self-directed investing through Schwab and guided portfolios through Devenir.
Quick Verdict
Choose HealthEquity if...
Employees with employer-sponsored HSAs who want solid Vanguard funds
Choose Lively if...
Tech-savvy users who want a modern HSA with investing options
Feature Comparison
| Feature | HealthEquity | Lively |
|---|---|---|
| Monthly Fee | $0 (maintenance fee eliminated) | $0 |
| Investment Minimum | $500 | $0 (with $24/year fee) or $3,000 (no fee) |
| Investment Options | 23 low-cost Vanguard mutual funds | Schwab self-directed brokerage or Devenir guided portfolios |
| Interest Rate | 0.05%–0.30% APY (tiered) | 0.01%–0.02% APY |
| Account Type | fintech | fintech |
| FDIC Insured | Yes | Yes |
| Mobile App | Yes | Yes |
| Debit Card | Yes | Yes |
HealthEquity
Pros
- Largest HSA administrator by accounts
- Excellent low-cost Vanguard fund lineup
- No maintenance fees
- Strong employer integration
- Monthly investment fee capped at $10
Cons
- 0.033%/month investment admin fee (capped at $10)
- $500 investment threshold
- $25 fee for partial transfers (as of Nov 2025)
- Fees add up at higher balances
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
- $24/year fee for investing with no minimum, or $3,000 threshold
- Guided portfolios charge 0.50% annual fee
- Lower interest rates on cash
Provider Details
HealthEquity
HealthEquity is the largest non-bank HSA custodian with over 8 million accounts. They offer a curated lineup of low-cost Vanguard funds and strong employer integrations.
Monthly Fee
$0 (maintenance fee eliminated)
Investment Minimum
$500
Investment Options
23 low-cost Vanguard mutual funds
Best For
Employees with employer-sponsored HSAs who want solid Vanguard funds
Lively
Lively is a fintech HSA provider with a clean, modern interface and no monthly fees. They offer both self-directed investing through Schwab and guided portfolios through Devenir.
Monthly Fee
$0
Investment Minimum
$0 (with $24/year fee) or $3,000 (no fee)
Investment Options
Schwab self-directed brokerage or Devenir guided portfolios
Best For
Tech-savvy users who want a modern HSA with investing options
Frequently Asked Questions
Which has lower fees, HealthEquity or Lively?
Lively has no monthly fees ($0), while HealthEquity charges $0 (maintenance fee eliminated). For cost-conscious users, Lively may be the better choice.
Which has better investment options?
HealthEquity offers 23 low-cost Vanguard mutual funds. 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 HealthEquity or Lively?
Both HealthEquity 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 HealthEquity to Lively?
Yes, you can transfer your HSA funds between any HSA providers. Most transfers take 2-4 weeks. Check with both HealthEquity 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 (with $24/year fee) or $3,000 (no fee) investment minimum. HealthEquity is employees with employer-sponsored hsas who want solid vanguard funds. Lively is tech-savvy users who want a modern hsa with investing options. Both can work well for building retirement health savings.
Does HSA Trackr work with HealthEquity and Lively?
Yes, HSA Trackr works with any HSA provider including both HealthEquity 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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