The Lively HSA

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ochotona
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The Lively HSA

Post by ochotona » Tue Mar 06, 2018 12:10 pm

I have applied for a new HSA from Lively. Our company is changing to a high investment fee HSA (40 basis pts), so I'm going to transfer cash out of it to Lively every couple months. Looks really nice, broker is TD Ameritrade.
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pugchief
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Re: The Lively HSA

Post by pugchief » Tue Mar 06, 2018 2:24 pm

ochotona wrote:I have applied for a new HSA from Lively. Our company is changing to a high investment fee HSA (40 basis pts), so I'm going to transfer cash out of it to Lively every couple months. Looks really nice, broker is TD Ameritrade.
Link please?
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ochotona
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Re: The Lively HSA

Post by ochotona » Tue Mar 06, 2018 9:40 pm

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Re: The Lively HSA

Post by pugchief » Wed Mar 07, 2018 11:21 am

Thanks, great find. I think I will move my HSA Bank account there. Even with the $25 closing fee, I will be ahead after a few months.
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ochotona
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Re: The Lively HSA

Post by ochotona » Wed Mar 07, 2018 1:25 pm

Yes it's terrible to slowly bleed out cash.
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sophie
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Re: The Lively HSA

Post by sophie » Thu Mar 08, 2018 7:50 am

Looks like only a slight advantage to me - Lively doesn't require you to hold $5,000 in a ridiculously low interest cash account, but they also charge $2.50/month for the TDA account. The win is all about the potential earnings on the $5,000 exceeding the TDA fees.

Pugchief I'd be interested to know what the move from HSA Bank to Lively entails. If it means selling investments, transferring back to HSA Bank, waiting the usual ~2 months for the transfer, getting a new TDA account etc, then I would consider it not worth the bother.
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ochotona
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Re: The Lively HSA

Post by ochotona » Thu Mar 08, 2018 11:59 am

sophie wrote:Looks like only a slight advantage to me - Lively doesn't require you to hold $5,000 in a ridiculously low interest cash account, but they also charge $2.50/month for the TDA account. The win is all about the potential earnings on the $5,000 exceeding the TDA fees.

Pugchief I'd be interested to know what the move from HSA Bank to Lively entails. If it means selling investments, transferring back to HSA Bank, waiting the usual ~2 months for the transfer, getting a new TDA account etc, then I would consider it not worth the bother.
I just downloaded the HSA Bank fee schedule, and they do nickel and dime you to death. Having to maintain a $5,000 balance to avoid investment and HSA fees really amount to about $8 per month equivalent charge. Nein Danke
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Re: The Lively HSA

Post by pugchief » Thu Mar 08, 2018 12:54 pm

ochotona wrote:
sophie wrote:Looks like only a slight advantage to me - Lively doesn't require you to hold $5,000 in a ridiculously low interest cash account, but they also charge $2.50/month for the TDA account. The win is all about the potential earnings on the $5,000 exceeding the TDA fees.

Pugchief I'd be interested to know what the move from HSA Bank to Lively entails. If it means selling investments, transferring back to HSA Bank, waiting the usual ~2 months for the transfer, getting a new TDA account etc, then I would consider it not worth the bother.
I just downloaded the HSA Bank fee schedule, and they do nickel and dime you to death. Having to maintain a $5,000 balance to avoid investment and HSA fees really amount to about $8 per month equivalent charge. Nein Danke
Gesundheit. Rather than keep 5k in the uber-low [speaking German is easy!] interest bank account, I paid a $2.50 month fee, plus another $3/month to use TDA. So it was costing me $66/year, vs. $30/year with Lively+TDA.

I did the transfer in so little time, it was mind boggling. Excellent CS at Lively [so far]. You open the account online in under 5 minutes. The account is confirmed in minutes by email, then you request a TDA account thru Lively. Another < 5 min. Then you email Lively CS that the TDA account is open, and in minutes they email you a trustee-to-trustee transfer form. Print, scan email back, minutes later, another email confirmation. I think start to finish, all electronic in a couple of hours with my actual time involved of maybe 10 minutes. Even the signature is electronic, so there is nothing to mail. I will get charged a $25 closing fee form HSA Bank, but LIvely doesn't charge one, so if it turns out to be bait & switch, I can leave free. But I am confident I will be happy there. Highly recommend.
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Re: The Lively HSA

Post by sophie » Thu Mar 08, 2018 9:09 pm

Thanks pugchief. Still worried about stashing my HSA money with a website startup...are you concerned at all about that?

Meanwhile though...I'd reflexively kept the $5K cash at HSA bank - even more, from back when it was $6000 and they were jacking it up every year to catch you on fees. definitely will rethink that. Their CS and clunky website both leave much to be desired which is more reason to jump ship.
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ochotona
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Re: The Lively HSA

Post by ochotona » Thu Mar 08, 2018 9:31 pm

sophie wrote:Thanks pugchief. Still worried about stashing my HSA money with a website startup...are you concerned at all about that?
The financial institution behind Lively is Choice Financial, a member of FDIC, from what I glean from my transfer form. Then my investments will be at TDAmeritrade.
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Re: The Lively HSA

Post by pugchief » Thu Mar 08, 2018 9:35 pm

ochotona wrote:
sophie wrote:Thanks pugchief. Still worried about stashing my HSA money with a website startup...are you concerned at all about that?
The financial institution behind Lively is Choice Financial, a member of FDIC, from what I glean from my transfer form. Then my investments will be at TDAmeritrade.
Right. Since there is no need to keep more than $30/year in the 'bank' for the monthly investment charge, virtually all of the funds will be at TDA, so even if there was a problem with Lively, I would think TDA would be separate.
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Re: The Lively HSA

Post by ochotona » Thu Mar 08, 2018 9:43 pm

These HSA providers seem to cluster in MN, ND, and WI. Haven't seen any from TX.
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