Skip navigation
Support
Branches
    News Releases Signup for News Alerts Media Contacts Executive Bios Corporate Fact Sheet BMO Expert Insights
    Navigation skipped
    About BMO

    News Releases

    BMO Harris Bank and Lively to Modernize HSA Offering with Personalized Experience

    Leading North American bank expands its HSA technology

    SAN FRANCISCO and CHICAGO, June 24, 2021 /CNW/ - Lively, Inc., creators of the modern Health Savings Account (HSA), today announced that it is working with BMO Harris Bank (NYSE: BMO), to bring a modern HSA experience to eligible individual BMO customers and commercial banking clients making HSA arrangements for their employees and commercial customers through a new referral agreement. Beginning this fall, new HSAs will be delivered by Lively, providing BMO customers with a more engaging HSA experience that will help them make real financial progress through more powerful health savings tools.

    According to Devenir, HSA assets doubled in the last three years to $82.2 billion held in over 30 million accounts, despite how unusual 2020 was for consumers and health spending.

    "HSAs are at the forefront of innovation across finance and healthcare. Customer-centric companies like Lively and BMO know how important it is to challenge the legacy HSA experience by providing consumers with the financial tools needed to tackle rising healthcare costs both today and into the future," said Alex Cyriac, CEO and co-founder of Lively. "As Americans struggle to save due to rising healthcare costs and the aftermath of the pandemic, there's never been a more important time to provide a personalized approach to healthcare finance. Working with a best-in-class financial institution like BMO will deliver that customer innovation on an incredible scale."

    Partnership Overview

    BMO went through an evaluation process to decide how to best service and personalize the HSA experience to unlock its full potential. In addition to leveraging Lively's proprietary technology, BMO will realize cost savings in operations, compliance and support while continuing to hold deposits.

    This relationship combines Lively's industry-leading HSA solution with BMO's bold growth strategy. BMO continues to build a digital-first, future-ready bank with solutions that allow customers across the United States to seamlessly bank however, whenever is convenient for them. The new BMO HSA delivered by Lively will offer multiple investment options, expand HSA features for account holders and administrators, and offer a modern HSA experience coupled with Lively's renowned support.

    "BMO is continually innovating to deliver a convenient customer experience when it comes to money management – including health care costs. This means constantly evaluating our suite of customer offerings to ensure we're meeting our customers' needs," said Paul Dilda, Head of Consumer Strategy at BMO Harris Bank. "We have been impressed by Lively's unprecedented growth and commitment to putting customers first. Together, we will continue to help customers make real financial progress."

    In addition to the new referral relationship, BMO will make a strategic investment into Lively. Lively will use this additional infusion of capital to continue building its leading capabilities and increase its growth opportunities in the HSA market.

    About Lively
    Lively is the modern HSA experience built for—and by—those seeking stability in the ever-shifting healthcare landscape. By harnessing modern innovation and deep industry expertise, Lively is committed to bridging today's savings with tomorrow's unknowns. Unlike traditional institutions hindered by bureaucracy, Lively's commitment extends beyond initial set up to providing dedicated, ongoing support and education for every step so each HSA can reach its maximum potential with minimal headache. Lively is headquartered in San Francisco, CA with additional offices in Boise, ID. For more information, please visit livelyme.com or follow us on Twitter (@LivelyHSA).

    About BMO Harris
    BMO Harris Bank provides a broad range of personal banking products and solutions through more than 500 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about BMO Harris Bank, visit the company fact sheet. Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$950 billion as of April. 30, 2021.

    SOURCE BMO Harris Bank

    For further information: Lively Contact: Jennifer Parson, lively@thekeypr.com; BMO Harris Contact: Laura Micheli, Laura.micheli@bmo.com

    Explore our services

    Security Center

    Ways to Bank

    Customer support
    Branch and ATM Locator

    Disclosure

    Privacy
    Legal
    Security
    Site map
    Careers
    About Our Ads
    Accessibility
    Cookie Usage
    About BMO

    App Store is a service mark of Apple Inc. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. 

    Android, Google Play, and the Google Play logo are trademarks of Google Inc. 

    Banking products and services are subject to bank and credit approval and are provided in the United States by BMO Bank N.A. Member FDIC.

    equal housing lender NMLS 401052

    Notice to Customers  

    To help the government fight the funding of terrorism and money laundering activities, federal law (USA Patriot Act (Title III of Pub. L. 107 56 signed into law October 26, 2001) requires all financial organizations to obtain, verify and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask you to provide a copy of your driver's license or other identifying documents. For each business or entity that opens an account, we will ask for your name, address and other information that will allow us to identify the entity. We may also ask you to provide a copy of your certificate of incorporation (or similar document) or other identifying documents. The information you provide in this form may be used to perform a credit check and verify your identity by using internal sources and third party vendors. If the requested information is not provided within 30 calendar days, the account will be subject to closure.  

    Third party web sites may have privacy and security policies different from BMO. Links to other web sites do not imply the endorsement or approval of such web sites.  

    Please review the privacy and security policies of web sites reached through links from BMO web sites. This information is not intended to be tax or legal advice. This information cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. This information is being used to support the promotion or marketing of the planning strategies discussed herein. BMO Bank N.A. and its affiliates do not provide legal or tax advice to clients. You should review your particular circumstances with your independent legal and tax advisors.