BMO Harris Bank And Lively To Modernize HSA Offering With Personalized Experience

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...
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Lively, Inc., creators of the modern Health Savings Account (HSA), today announced that it is working with BMO Harris Bank (BMO) - Get Report, 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.

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