The Lively HSA

General Discussion on the Permanent Portfolio Strategy

Moderator: Global Moderator

User avatar
pugchief
Executive Member
Executive Member
Posts: 2559
Joined: Tue Jun 26, 2012 2:41 pm
Location: suburbs of Chicago, IL

Re: The Lively HSA

Post by pugchief » Tue Dec 11, 2018 8:28 pm

foglifter wrote:
Tue Dec 11, 2018 6:35 pm
pugchief wrote:
Tue Dec 11, 2018 4:12 pm
foglifter wrote:
Tue Dec 11, 2018 2:57 pm
I'm waiting for 1-year anniversary of my Lively account to start the transfer process.
Is there any particular reason for the wait?
Lively charges $25 closing fee if the account was opened less than a year ago.
Interesting, thanks for the heads up. That is not listed in their fee schedule as far as I could tell. I guess I will have to wait until April as well.
User avatar
foglifter
Executive Member
Executive Member
Posts: 573
Joined: Tue Apr 27, 2010 5:37 pm
Location: The Golden State

Re: The Lively HSA

Post by foglifter » Wed Dec 12, 2018 4:23 pm

pugchief wrote:
Tue Dec 11, 2018 8:28 pm
foglifter wrote:
Tue Dec 11, 2018 6:35 pm
pugchief wrote:
Tue Dec 11, 2018 4:12 pm


Is there any particular reason for the wait?
Lively charges $25 closing fee if the account was opened less than a year ago.
Interesting, thanks for the heads up. That is not listed in their fee schedule as far as I could tell. I guess I will have to wait until April as well.
If you go to Documents > Choice Financial Terms & Conditions and hit Download you'll see the following on page 15 of the PDF:
Effect of closing an account
An early closure fee of $25 will be assessed if your account is closed in the first 12 months.
"Let every man divide his money into three parts, and invest a third in land, a third in business, and a third let him keep in reserve."
- Talmud
User avatar
pugchief
Executive Member
Executive Member
Posts: 2559
Joined: Tue Jun 26, 2012 2:41 pm
Location: suburbs of Chicago, IL

Re: The Lively HSA

Post by pugchief » Wed Dec 12, 2018 7:04 pm

foglifter wrote:
Wed Dec 12, 2018 4:23 pm
pugchief wrote:
Tue Dec 11, 2018 8:28 pm
foglifter wrote:
Tue Dec 11, 2018 6:35 pm


Lively charges $25 closing fee if the account was opened less than a year ago.
Interesting, thanks for the heads up. That is not listed in their fee schedule as far as I could tell. I guess I will have to wait until April as well.
If you go to Documents > Choice Financial Terms & Conditions and hit Download you'll see the following on page 15 of the PDF:
Effect of closing an account
An early closure fee of $25 will be assessed if your account is closed in the first 12 months.
Wow, good eye. That was buried pretty deep in the legalese.
User avatar
sophie
Executive Member
Executive Member
Posts: 2896
Joined: Mon Apr 23, 2012 7:15 pm

Re: The Lively HSA

Post by sophie » Thu Dec 13, 2018 8:04 am

Wow, this is important to look into. A quick check of the website reveals two things: 1) there's a fee of $12/quarter and not clear whether this applies to individual accounts, and 2) investments are limited to a list of Fidelity funds that isn't posted yet. About the fees, there's something about the fee being waived if you have >$250K assets at Fidelity.

I think I'll wait and see what happens here before jumping in. I'm curious how Lively will respond. They benefited from giving people a better deal than HSA Bank, and they must have known it was only a matter of time before someone else came along with an even better deal.
User avatar
foglifter
Executive Member
Executive Member
Posts: 573
Joined: Tue Apr 27, 2010 5:37 pm
Location: The Golden State

Re: The Lively HSA

Post by foglifter » Thu Dec 13, 2018 12:04 pm

sophie wrote:
Thu Dec 13, 2018 8:04 am
Wow, this is important to look into. A quick check of the website reveals two things: 1) there's a fee of $12/quarter and not clear whether this applies to individual accounts,
The fee only applies to employer-sponsored accounts:

If you have a Fidelity HSA through your employer, your account may be charged an administrative fee of up to $12 per quarter ($48 annually), unless it’s paid by your employer.

sophie wrote:
Thu Dec 13, 2018 8:04 am
2) investments are limited to a list of Fidelity funds that isn't posted yet. About the fees, there's something about the fee being waived if you have >$250K assets at Fidelity.
There is no account minimums to avoid fees after Fidelity's recent big move when they slashed fees on index funds, removed minimum balance requirements and added 4 zero-fee funds. I spoke to a rep recently and he confirmed you can invest in pretty much anything. In this regard Fidelity HSA is similar to their regular taxable brokerage or IRA account.

Image

The DIY option on the right links to the following page:

Image
"Let every man divide his money into three parts, and invest a third in land, a third in business, and a third let him keep in reserve."
- Talmud
User avatar
pugchief
Executive Member
Executive Member
Posts: 2559
Joined: Tue Jun 26, 2012 2:41 pm
Location: suburbs of Chicago, IL

Re: The Lively HSA

Post by pugchief » Thu Dec 13, 2018 12:51 pm

sophie wrote:
Thu Dec 13, 2018 8:04 am
I'm curious how Lively will respond. They benefited from giving people a better deal than HSA Bank, and they must have known it was only a matter of time before someone else came along with an even better deal.
I did an online chat with one of Lively's reps yesterday, asking if they would waive the $2.50/month investment fee to keep my business now that Fido was offering it free (and with a better choice of commission-free offerings, IMO). Their answer was that they have no plans to drop the fee. I imagine they may be paying TDA for the privilege of hosting smaller accounts, or just see it as an easy profit center.
User avatar
sophie
Executive Member
Executive Member
Posts: 2896
Joined: Mon Apr 23, 2012 7:15 pm

Re: The Lively HSA

Post by sophie » Fri Dec 14, 2018 7:51 am

pugchief wrote:
Thu Dec 13, 2018 12:51 pm
sophie wrote:
Thu Dec 13, 2018 8:04 am
I'm curious how Lively will respond. They benefited from giving people a better deal than HSA Bank, and they must have known it was only a matter of time before someone else came along with an even better deal.
I did an online chat with one of Lively's reps yesterday, asking if they would waive the $2.50/month investment fee to keep my business now that Fido was offering it free (and with a better choice of commission-free offerings, IMO). Their answer was that they have no plans to drop the fee. I imagine they may be paying TDA for the privilege of hosting smaller accounts, or just see it as an easy profit center.
For some reason I thought they'd be smarter than that. But, outside of that fee I don't know how they can make money, unless they can convince TDA to pay them for managing the platform. Fidelity entering this space is a game-changer, for sure.

Thanks for the warning about the 1 year fee guys. I get to wait until next April before jumping to Fidelity.
User avatar
ochotona
Executive Member
Executive Member
Posts: 2312
Joined: Fri Jan 30, 2015 5:54 am

Re: The Lively HSA

Post by ochotona » Thu Dec 20, 2018 10:11 am

LIVELY FIGHTS BACK

HSA now no-fee for individuals and families

https://www.businesswire.com/news/home/ ... Fee-Health
User avatar
pugchief
Executive Member
Executive Member
Posts: 2559
Joined: Tue Jun 26, 2012 2:41 pm
Location: suburbs of Chicago, IL

Re: The Lively HSA

Post by pugchief » Thu Dec 20, 2018 10:38 am

ochotona wrote:
Thu Dec 20, 2018 10:11 am
LIVELY FIGHTS BACK

HSA now no-fee for individuals and families

https://www.businesswire.com/news/home/ ... Fee-Health
Yay. Great news. You had to figure they were going to do this or risk losing tons of business to Fido. I'm just shocked they didn't do the usual stupid move of losing all the business first, and then deciding to waive the fees. :o
User avatar
foglifter
Executive Member
Executive Member
Posts: 573
Joined: Tue Apr 27, 2010 5:37 pm
Location: The Golden State

Re: The Lively HSA

Post by foglifter » Thu Dec 20, 2018 11:25 am

ochotona wrote:
Thu Dec 20, 2018 10:11 am
LIVELY FIGHTS BACK

HSA now no-fee for individuals and families

https://www.businesswire.com/news/home/ ... Fee-Health
Yay! Thanks ochotona! I just received an email from Lively. They surely picked the right time go give it a good publicity. I still plan to open a Fidelity HSA to funnel future contributions from my employer-based UMB account, but now I won't touch my Lively TDA account and let it ride. Of course everybody understands that Lively probably will use some of that new round of VC money to pay their expenses, let's hope they will be able to grow their employer-focused business.
"Let every man divide his money into three parts, and invest a third in land, a third in business, and a third let him keep in reserve."
- Talmud
User avatar
Xan
Administrator
Administrator
Posts: 2094
Joined: Tue Mar 13, 2012 1:51 pm

Re: The Lively HSA

Post by Xan » Thu Dec 20, 2018 11:44 am

Not at all scolding here, but it's worth noticing that the Lively exit fee kept many of you with them long enough for them to respond. In retrospect, you may be glad that fee exists, and also by staying you're rewarding them from having the fee, even if you wish they didn't.
User avatar
ochotona
Executive Member
Executive Member
Posts: 2312
Joined: Fri Jan 30, 2015 5:54 am

Re: The Lively HSA

Post by ochotona » Thu Dec 20, 2018 2:18 pm

Xan wrote:
Thu Dec 20, 2018 11:44 am
Not at all scolding here, but it's worth noticing that the Lively exit fee kept many of you with them long enough for them to respond. In retrospect, you may be glad that fee exists, and also by staying you're rewarding them from having the fee, even if you wish they didn't.
Whenever I can delete a task off of my task list, that's worth money too me also.
Post Reply