Lively vs Optum Bank
2026 side-by-side comparison of fees, investment options, and features.
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 linkOptum Bank
Optum Bank is owned by UnitedHealth Group and is one of the largest HSA administrators. They offer multiple investment paths including mutual funds, a Schwab brokerage account, and Betterment robo-advisor.
Quick Verdict
Choose Lively if...
People who want cash and investing in one app, with no account fees
Choose Optum Bank if...
UnitedHealthcare members or employees with UHG-sponsored HSAs
Feature Comparison
| Feature | Lively | Optum Bank |
|---|---|---|
| Monthly Fee | $0 | $2.50 (waived at $3,000+ balance) |
| Investment Minimum | $0 | $2,000 |
| Investment Options | Schwab self-directed brokerage or Devenir guided portfolios | 30+ mutual funds, Schwab brokerage, or Betterment |
| Interest Rate | 0.01%–0.02% APY | 0.01%–0.15% APY (tiered) |
| Account Type | benefits | bank |
| FDIC Insured | Yes | Yes |
| Mobile App | Yes | Yes |
| Debit Card | Yes | Yes |
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
Optum Bank
Pros
- Part of UnitedHealth Group - good employer integration
- Multiple investment options including Schwab brokerage
- Betterment robo-advisor option
- Investment fee capped at $10/month
- FDIC insured deposits
Cons
- $2.50/month fee until $3,000 balance
- $2,000 threshold before investing
- $5,000 required in cash to waive investment fees
- Low interest rates on cash
Provider Details
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
Optum Bank
Optum Bank is owned by UnitedHealth Group and is one of the largest HSA administrators. They offer multiple investment paths including mutual funds, a Schwab brokerage account, and Betterment robo-advisor.
Monthly Fee
$2.50 (waived at $3,000+ balance)
Investment Minimum
$2,000
Investment Options
30+ mutual funds, Schwab brokerage, or Betterment
Best For
UnitedHealthcare members or employees with UHG-sponsored HSAs
Frequently Asked Questions
Which has lower fees, Lively or Optum Bank?
Lively has no monthly fees, while Optum Bank charges $2.50 (waived at $3,000+ balance). For cost-conscious users, Lively may be the better choice.
Which has better investment options?
Lively offers Schwab self-directed brokerage or Devenir guided portfolios. Optum Bank offers 30+ mutual funds, Schwab brokerage, or Betterment. The best choice depends on your investment style and preferences.
Is my money FDIC insured with Lively or Optum Bank?
Both Lively and Optum Bank 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 Lively to Optum Bank?
Yes, you can transfer your HSA funds between any HSA providers. Most transfers take 2-4 weeks. Check with both Lively and Optum Bank 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 no investment minimum. Lively is people who want cash and investing in one app, with no account fees. Optum Bank is unitedhealthcare members or employees with uhg-sponsored hsas. Both can work well for building retirement health savings.
Does HSA Trackr work with Lively and Optum Bank?
Yes, HSA Trackr works with any HSA provider including both Lively and Optum Bank. 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.
Start your shoebox free