Lively HSA review 2026: fees, investing, pros and cons
The verdict
Lively is our top pick. It has no account fees, you can invest from your first dollar, and you get hands-off or hands-on investing in one app. Fidelity is our #2, and its investing fees are the same or lower. Pick Fidelity if low cost matters most.
Lively is an HSA with no monthly account fee and no minimum balance fee. You can invest from your first dollar. Investing is where the costs show up: 0.50% a year on the Guided Portfolio, or $24 a year for Schwab brokerage access until you reach $3,000. Here is what Lively costs, what it does well, and where Fidelity beats it.
What Lively costs
| Item | Cost |
|---|---|
| Monthly account fee | $0 |
| Minimum balance fee | $0 |
| Minimum to invest | None. Invest from your first dollar. |
| Guided Portfolio (Devenir) | 0.50% a year on invested assets |
| Schwab self-directed brokerage | $24 a year below $3,000, $0 at $3,000 or more. Schwab fees may apply. |
Lively's two pages word the $3,000 rule a little differently. The pricing page ties it to your cash balance. The investing page ties it to the amount you invest. Check with Lively before you count on the waiver.
Pros
- No monthly account fee.
- No minimum to invest.
- Two ways to invest: hands-off Devenir or self-directed Schwab.
Cons
- Investing has a Lively fee. Fidelity has no account fees to save or invest.
- Schwab may add its own trading or fund fees.
Lively pricing and Lively investing, checked Oct 21, 2026
Choosing between Fidelity and Lively? See Fidelity vs Lively, side by side.
Lively HSA
Lively has no monthly account fee or minimum balance fee for individuals and families. You can invest from your first dollar with Devenir or Charles Schwab. Each option has investing fees.
Fidelity HSA
Fidelity has no account fees to save or invest, and no minimum to invest. It is our #2 and the same or lower cost pick for hands-on investors.
| Feature | Lively HSA | Fidelity HSA |
|---|---|---|
| Monthly account fee | $0 for individuals and families.Tie | $0.Tie |
| Investing fees | Guided Portfolio: 0.50% a year on invested assets. Schwab: $24 a year, waived at $3,000. Schwab fees may apply. | No account fee to invest. Fund costs apply.Winner |
| Minimum to invest | None. Invest from your first dollar.Tie | No minimum.Tie |
Our Verdict
Lively is our top pick. It has no account fees, you can invest from your first dollar, and you get hands-off or hands-on investing in one app. Fidelity is our #2, and its investing fees are the same or lower. Pick Fidelity if low cost matters most.
Best for: Lively HSA
- People who want a hands-off Devenir portfolio and accept the 0.50% annual fee.
- People who want Schwab brokerage access and accept its fees.
Best for: Fidelity HSA
- People who want no account fees and no investing fee.
- People who want to invest without a minimum.
Pro Tips
- Check the fees for the investing option you plan to use.
- Ask Lively how the $3,000 waiver works before you count on it. Its pricing page refers to cash balance, while its investing page refers to invested assets.
Frequently Asked Questions
Does Lively charge a monthly fee?
No. Lively's pricing page lists $0 a month and $0 minimum balance fee for individuals and families. Investing has its own fees, below.
What does it cost to invest with Lively?
Two options. The Guided Portfolio, run by Devenir, costs 0.50% a year on what you invest. The self-directed Schwab brokerage costs $24 a year, and Lively waives that at $3,000. Schwab may charge its own fees too.
Is there a minimum to start investing at Lively?
No. Lively says both options let you invest from your first dollar.
Is Lively better than Fidelity?
Not on cost. Fidelity has no account fees to save or invest, and no minimum to invest. Lively wins if you want its app or a hands-off Devenir portfolio and the fee is fine with you.
What are the primary types of fees associated with an HSA?
HSA fees typically fall into a few categories: monthly maintenance fees, which some providers charge to simply hold the account; investment platform fees, which can apply if you choose to invest your HSA funds; and trading commissions for buying and selling specific securities. Some providers might have fees for paper statements, excessive transfers, or expedited distributions.
How do Lively's investment options impact overall fees?
Lively charges 0.50% a year on invested assets for its Guided Portfolio, run by Devenir. Schwab brokerage access costs $24 a year, waived at $3,000. Schwab fees may apply. Both options have no minimum to invest.
Are there ways to avoid or minimize HSA fees?
Absolutely. The best way to minimize HSA fees is to choose a provider that offers a truly fee-free individual account, like both Lively and Fidelity do for monthly maintenance. For investment fees, opt for providers offering commission-free trading for stocks and ETFs, and select low-expense-ratio mutual funds. Consolidating multiple HSAs into one can also reduce fees if you have older, inactive accounts incurring costs.
What happens if I use my HSA for ineligible expenses?
Using your HSA for non-qualified medical expenses before age 65 can result in significant penalties. The distributed amount will be subject to your ordinary income tax rate, plus an additional 20% penalty tax. This is a common fear for account holders. After age 65, distributions for non-qualified expenses are only subject to income tax, similar to a traditional IRA.
How do HSA fees compare to FSA fees?
Unlike HSAs, Flexible Spending Accounts (FSAs) typically do not have direct fees charged to the account holder. The administrative costs for an FSA are usually covered by the employer. However, FSAs come with a 'use-it-or-lose-it' rule (with some limited carryover exceptions), meaning any unused funds at year-end are forfeited. HSAs, on the other hand, are owned by the individual, roll over year after year, and can be invested, but may come with the fees discussed earlier.
Do contribution limits affect my HSA fees?
No, HSA contribution limits themselves do not directly affect the fees you pay. The fees are typically based on the account's balance, investment choices, or administrative services, not the amount you contribute up to the IRS limit. However, maximizing your contributions allows more money to grow tax-free and potentially offset any minor fees through investment gains.
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